Let’s start with HRTech market overview
ecruitment software platforms, applicant management systems and other HRTech products have been around for more than a decade already. For the past several years, with the rise of cloud technologies, a new era began for the mid-market segment, which started to gradually emerge to take a tangible market share. In this new era of cloud technologies, companies with as small as 50 people, started to use applicant tracking and recruitment management software to automate manual tasks, to have a more structured and documented approach in human capital management (HCM).
Global HRTech market is quite established, well developed but not yet saturated. It is calculated at the level of $16.7B in 2019 and is predicted to grow to $26.5B in 2024. Some statistics for you to have a better idea how HRTech market spending has grown for the past several years, with geography breakdown.