Overview and Scope
Artificial intelligence (AI) in HR refers to using machine learning algorithms and advanced technologies to automate and enhance human resource processes and tasks. It involves leveraging AI capabilities to analyze data, make predictions, and assist in decision-making related to HR functions.
Sizing and Forecast
The artificial intelligence in hr market size has grown rapidly in recent years. It will grow from $5.28 billion in 2023 to $6.18 billion in 2024 at a compound annual growth rate (CAGR) of 17.1%. The growth in the historic period can be attributed to rise in talent acquisition and management costs, data explosion and analytics capabilities, increased demand for personalized career development and employee experience, compliance and risk management challenges, competitive pressure and early adopter success.
The artificial intelligence in hr market size is expected to see rapid growth in the next few years. It will grow to $11.63 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to increased focus on employee wellbeing and engagement, hyper-personalization and skill development, enhanced recruitment and retention strategies, ethical considerations and responsible ai implementation, talent analytics and future of work preparedness. Major trends in the forecast period include innovative solutions, conversational ai chatbots, predictive performance analysis, data anonymization and encryption, mentorship and career development, strategic collaborations.
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Segmentation & Regional Insights
The artificial intelligence in hr market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Technology: Virtual Assistants, Metaverse, AI Chatbot, People Analytics, Machine Learning, Computer Vision, Natural Language Processing, Other Technologies
3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
4) By Application: Workforce Management, Talent Management, Payroll Management, Performance Management, Recruitment, Hiring, Other Applications
5) By Industry: Academic, Banking, Financial Services and Insurance (BFSI), Government, Healthcare, Information Technology(IT) And Telecom, Manufacturing, Retail, Other Industries
North America was the largest region in the artificial intelligence in HR market in 2023. The regions covered in the artificial intelligence in hr market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising demand for automation in HR operations is expected to propel the growth of artificial intelligence in the HR market going forward. Automation in HR operations refers to using technology, specifically software and systems, to streamline and automate various administrative and repetitive tasks within the human resources function. AI can be a powerful tool in automating HR operations by leveraging AI capabilities, HR processes can be enhanced and automated in the aspects of candidate screening and recruitment, data entry, workflow, and data processing. For instance, in February 2022, SHRM (Society for Human Resource Management), a US-based professional human resources membership association, surveyed 1,688 HR professionals on using automation and AI in HR. According to the survey, 16% of corporations use automation or AI, and 85% of employers that use automation or AI say it saves them time and increases their efficiency. Additionally, 1 in 5 organizations plan to start using or expand their use of those tools for performance management over the next five years, and 1 in 4 organizations aims to start using automation or AI in recruitment and hiring in the next five years. Therefore, the rising demand for automation in HR operations drives the growth of artificial intelligence in the HR market.
Key Industry Players
Major companies operating in the artificial intelligence in hr market report are IBM Corporation, Oracle Corporation, SAP SE, Automatic Data Processing Inc., Workday Inc., Infor, Ceridian HCM Inc., Cegid Group, Cornerstone OnDemand Inc., JobTeaser, Phenom People Inc., Eightfold AI, Simpplr, Beamery Inc., HireVue Inc., Jobvite Inc., EdCast Inc., Harver B.V., SmartRecruiters, Gloat, Aisera, PageUp People Pty, JobAdder Operations Pty Ltd., Entelo Inc., Textio, Cezanne HR Limited, Brazen Technologies Inc., Pymetrics Inc.
The artificial intelligence in hr market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence in HR Market Characteristics
3. Artificial Intelligence in HR Market Trends And Strategies
4. Artificial Intelligence in HR Market – Macro Economic Scenario
5. Global Artificial Intelligence in HR Market Size and Growth
…
32. Global Artificial Intelligence in HR Market Competitive Benchmarking
33. Global Artificial Intelligence in HR Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Artificial Intelligence in HR Market
35. Artificial Intelligence in HR Market Future Outlook and Potential Analysis
36. Appendix
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