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Industry Landscape
The HR Tech industry is currently experiencing rapid growth, driven by digital transformation, the rise of remote work, and increased focus on data-driven HR. Companies are investing in solutions for recruitment automation, talent assessment, and employee experience. AI and psychometrics are increasingly integrated to enhance hiring efficiency and reduce bias, making it a highly innovative and competitive market.
Total Assets Under Management (AUM)
HR Software Market Size in United States
~30.41 Billion USD
(10.1% CAGR)
- Driven by increased adoption of cloud-based HR solutions.
- Focus on talent management and acquisition technologies.
- Growing demand for integrated HR platforms.
Total Addressable Market
30.41 Billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI for Personalized Assessments
Generative AI can create highly personalized and adaptive psychometric assessment questions and scenarios, moving beyond static tests to dynamic, real-time evaluations.
Blockchain for Credential Verification
Blockchain technology can secure and decentralize candidate credential and assessment score verification, enhancing trust and reducing fraud in hiring.
Wearable Technology & Biometric Data
Integration of wearable technology and biometric data (e.g., eye-tracking, voice analysis) can provide deeper, more objective insights into candidate cognitive and emotional states during assessments.
Impactful Policy Frameworks
New York City Local Law 144 (2023)
This law, effective July 5, 2023, requires employers using automated employment decision tools (AEDT) to conduct independent bias audits and publish the results, along with providing notice to candidates.
Gyfted must ensure its AI-powered assessment tools comply with bias audit and transparency requirements for NYC-based clients, potentially setting a precedent for other regions.
Illinois Artificial Intelligence Video Interview Act (2020)
This act regulates the use of AI in video interviews, requiring employers to notify applicants, explain the AI's use, obtain consent, and destroy data upon request.
While not directly video interviewing, Gyfted's AI-powered competency matching and assessment tools would need to adhere to similar consent and transparency principles if video components are integrated in the future.
California Consumer Privacy Act (CCPA) and CPRA (2020, 2023)
The CCPA (2020) and its amendment, the CPRA (2023), grant California consumers broad rights over their personal information, including the right to know, delete, and opt-out of sales or sharing of their data.
Gyfted must maintain robust data privacy protocols, ensure transparency in data collection and usage, and facilitate consumer rights requests regarding psychometric assessment data and profiles for US users.
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