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Industry Landscape
The HR Tech industry is rapidly evolving, driven by digital transformation and the need for efficient talent management. Cloud-based HRIS solutions, AI, and automation are key trends, focusing on integrated platforms that enhance employee experience and operational efficiency. The market is competitive, with a growing emphasis on data security and compliance.
Total Assets Under Management (AUM)
HR Software Market Size in India
~Approx. 1.2 billion USD (2023)
(10-15% CAGR)
- Driven by increased adoption by SMEs.
- Focus on cloud-based solutions.
- Growing demand for integrated platforms.
Total Addressable Market
1.2 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI in HR
Generative AI can automate content creation for job descriptions, personalized employee communications, and training materials, significantly reducing HR workload and enhancing employee engagement.
Skills-Based HR Platforms
Focusing on skills rather than roles, these platforms use AI to map employee capabilities, identify skill gaps, and recommend personalized learning paths and internal mobility opportunities.
Blockchain for HR
Blockchain can secure employee credentials, automate verification of employment history and qualifications, and streamline payroll and benefits administration with enhanced transparency and immutability.
Impactful Policy Frameworks
Digital Personal Data Protection Act, 2023 (India)
This act governs the processing of digital personal data in India, establishing data fiduciaries' obligations, data principals' rights, and a Data Protection Board of India for enforcement.
HR Tech providers like HappierWork must implement robust data privacy measures, secure consent mechanisms, and ensure transparent data handling practices to comply with stricter data protection norms, impacting data storage, processing, and transfer within their platforms.
Code on Social Security, 2020 (India)
This code aims to consolidate and amend laws relating to social security with a wider coverage for organized and unorganized sector workers, including provisions for gig and platform workers.
HRIS and payroll systems must adapt to new definitions of wages, expanded social security contributions, and reporting requirements for diverse worker categories, necessitating updates to compensation and payroll modules for compliance.
The Occupational Safety, Health and Working Conditions Code, 2020 (India)
This code consolidates and amends laws regulating the occupational safety, health, and working conditions of workers, introducing new compliance requirements for employers.
HR Tech platforms may need to incorporate features for tracking compliance with safety standards, managing health records, and facilitating reporting related to working conditions, impacting modules like employee data and time & attendance.
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