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The HR software industry is experiencing robust growth driven by digital transformation, remote work trends, and a focus on employee experience. AI and automation are rapidly integrating into solutions, enhancing efficiency and personalization. Emphasis on data analytics, DEI, and comprehensive talent management suites marks a shift towards strategic HR functions.
Total Assets Under Management (AUM)
Human Capital Management (HCM) Software Market Size in United States
~25.7 billion USD (2023)
(10.2% CAGR)
- Cloud-based solutions dominate.
- Increased demand for integrated platforms.
- Focus on analytics and AI for decision-making.
32 billion USD
Generative AI will revolutionize content creation for job descriptions, candidate communications, and personalized learning paths within HR software, enhancing efficiency and candidate experience.
XAI will become crucial for ensuring transparency and fairness in AI-driven hiring decisions, particularly in candidate shortlisting and DEI initiatives, addressing ethical concerns.
These platforms leverage AI to identify and match candidates based on specific skills rather than traditional qualifications, expanding talent pools and promoting internal mobility.
This law requires employers using automated employment decision tools (AEDTs) in NYC to conduct annual bias audits and publish the results, as well as provide notice to candidates and employees.
This directly impacts iCIMS by requiring their AI-powered tools to undergo bias audits and for iCIMS to support their clients in meeting disclosure requirements, potentially influencing product development for explainability.
Building on CCPA, CPRA expands consumer data privacy rights, including the right to correct personal information and opt-out of sharing, and establishes the California Privacy Protection Agency (CPPA).
iCIMS and its clients must ensure robust data handling practices for candidate and employee data, potentially impacting data retention, consent mechanisms, and data access/deletion features within their platform.
While an EU regulation, its extraterritorial reach means it will impact companies processing data of EU citizens; it categorizes AI systems by risk level, with 'high-risk' systems (like those in HR) facing stringent requirements.
Although not a US policy, its global influence means iCIMS may need to align its AI development with these comprehensive standards for transparency, data governance, and human oversight to serve international clients.
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