(PharmaNewsWire.Com, September 28, 2024 ) According to the latest research by InsightAce Analytic, the Global AI in Human Resources Market is valued at US$ 4.3 Bn in 2023, and it is expected to reach US$ 25.0 Bn by 2031, with a CAGR of 24.8% during the forecast period of 2024-2031.
AI in human resources describes the usage of AI tools to improve and automate HR operations. Artificial intelligence has several applications in the HR field, including the screening of resumes, the scheduling of interviews, and the completion of preliminary evaluations. An ever-increasing need for HR processes to be more automated, digital, and agile is fueling the artificial intelligence in the HR market. AI has the potential to automate various business processes, including hiring, talent acquisition, performance evaluation, employee involvement, better performance management, and workforce planning decisions made possible by access to real-time data in AI human resources. Additionally, AI in human resources can help HR professionals make better decisions by analyzing employee data. However, the high cost of AI technology and insufficient faith in AI assessment technology have hindered market growth. Additionally, AI in human resources helps manage a remote workforce and facilitate teamwork in hybrid workplaces, which will expand the market in the coming years. List of Prominent Players in the AI in Human Resources Market: IBM Corporation Oracle Corporation SAP SE ADP, LLC Workday, Inc. Ultimate Software Group, Inc. Cornerstone OnDemand, Inc. Kronos Incorporated Ceridian HCM, Inc. Talentsoft PeopleStrong HR Services Pvt. Ltd. Phenom People, Inc. Visier, Inc. Entelo HireVue Inc. Textio Brazen Technologies AllyO Pymetrics Eightfold AI ClearCompany Jobvite, Inc. Greenhouse Software, Inc. Talview Avature
Market Dynamics: Drivers- Companies fuel the growing demand for AI in human resources to automate routine tasks like screening resumes and setting up interviews so they can be more efficient and save money. This frees up HR professionals to work on more strategic tasks. Additionally, AI improves hiring by giving data-driven insights and lowering biases in the hiring process. Additionally, AI increases employee involvement and retention by providing customized chances to learn and grow. AI in human resources ability to look at huge amounts of data also helps people make better decisions about planning their work and managing employees performance, which supports its widespread use. Moreover, supportive government policies, along with technological advances that make things more efficient and cost-effective, also help to sustain the growing market demand. Challenges: A number of issues, such as high initial implementation costs, worries about data security, and the rising need for expertise, limit the market for AI in human resources. AI systems handle sensitive employee information, which raises worries about data security and privacy and ensures compliance with rules. Additionally, cyberattacks are a real possibility, and the delicate nature of energy data is another challenge. Further investment and management of change are necessary tasks when integrating AI technologies, which can be complicated and expensive. Human resources experts are wary of relying too much on automated systems due to concerns about the reliability of AI choices and the necessity of human supervision. Furthermore, uncertainty about regulations and the need to make big investments in infrastructure are also big challenges that slow market growth. Regional Trends: The North American AI in the human resources market is anticipated to register a major revenue share. It is projected to grow at a high CAGR in the near future because of the regions emphasis on improving worker efficiency and innovation through data-driven HR practices, its excellent technology infrastructure, and considerable investment in AI solutions. Besides, Europe had a considerable share of the market due to the regions stringent regulations, its focus on the ethical use of AI, and the growing usage of AI to boost workforce efficiency and decision-making.
Recent Developments: In July 2024, HireVue, the worlds first and biggest company in Human Potential Intelligence, announced the results of a new AI survey. The survey asked 3,100 workers and 1,000 HR professionals in the U.S. and U.K. to share their thoughts on how AI is used in hiring. Segmentation of AI in the Human Resources Market- By Type- Recruitment and Selection Employee Onboarding Performance Management Talent Management Workforce Planning and Analytics Employee Engagement Learning and Development By Application- Resume Screening Candidate Matching Predictive Analytics for Employee Success Skill Gap Analysis Personalized Learning Paths Employee Feedback and Sentiment Analysis Succession Planning Compensation and Benefits Optimization By Deployment Mode- Cloud-based On-premises By Organization Size- Small and Medium-sized Enterprises (SMEs) Large Enterprises By Region- North America- The US Canada Mexico Europe- Germany The UK France Italy Spain Rest of Europe Asia-Pacific- China Japan India South Korea South East Asia Rest of Asia Pacific Latin America- Brazil Argentina Rest of Latin America Middle East & Africa- GCC Countries South Africa Rest of the Middle East and Africa
About Us: InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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