New Delhi, 21 Sep 2023: A new report by Fortune Business Insights reveals that the global HRTech market is expected to grow from $24 billion in 2022 to $39.90 billion by 2029, with a CAGR of 7.5%. This growth is fueled by the increasing demand for technology-driven employment solutions and the integration of AI, machine learning, and RPA in HR processes.

The report, titled “Human Resource Technology Market Forecast, 2023-2029”, highlights the key trends and drivers shaping the HRTech landscape, which has undergone revolutionary changes in the past decade. The report also analyzes the impact of these changes on HR’s role and function in modern organizations.

According to the report, HR functions have expanded, playing a pivotal role in navigating today’s dynamic workplace. HR leaders have gained more authority and decision-making power, marking a shift towards an autonomous HR function. HR’s focus has also evolved from people management to emphasizing employee development, engagement, retention, and welfare.

The report also states that AI, VR/AR, and automation technologies have disrupted traditional HR practices, introducing virtual assistants, workflow automation, and talent upskilling. These technologies have also enabled HR management solutions to digitally revolutionize employee data management, enhancing productivity and enabling data-driven decisions.

The report further notes that new ways of working, such as hybrid work policies, compressed workweeks, and a focus on ESG and DEI, are creating fresh opportunities and challenges for HR professionals.

The report concludes that the HRTech market stands on the brink of significant expansion and innovation, driven by technology’s relentless evolution. Strategic acquisitions and innovation promise a future of dynamic transformation in HR Tech.

About Taggd
Taggd, India's largest Recruitment Process Outsourcing (RPO) platform, is revolutionizing talent acquisition with its leading digital recruitment solution. With a 37% market share, Taggd combines data and human knowledge to provide businesses with ready-to-hire talent. Led by CEO Devahsish Sharma, Taggd has over 15 years of experience managing the recruitment process for 100,000 positions annually. Offering comprehensive solutions across 14 sectors, including technology, engineering, and automotive, Taggd delivers tangible business gains for clients. Trusted by prominent brands like Wipro, Mahindra & Mahindra, and Oyo, Taggd's expertise in recruitment strategies, talent network access, and data intelligence has solidified its position as a leader in the industry. Recognized by global analyst firm Nelson Hall, Taggd seamlessly blends human expertise with data-driven insights, empowering businesses to make successful hires and drive growth.