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Industry Landscape
The HR Technology industry is rapidly evolving, driven by advancements in AI and automation. It's focused on streamlining recruitment, improving employee experience, and leveraging data for strategic decision-making. Companies are increasingly investing in solutions that enhance efficiency, foster diversity, and adapt to hybrid work models, making it a dynamic and competitive landscape.
Total Assets Under Management (AUM)
HR Software Market Size in United States
~Approximately 12.3 billion USD (2023)
(8-10% CAGR)
- Cloud-based solutions driving adoption.
- Increased demand for integrated HR platforms.
- Focus on employee experience and analytics.
Total Addressable Market
12.3 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI for HR
Generative AI can automate content creation for job descriptions, candidate communications, and even initial interview questions, streamlining workflow and personalizing interactions.
Ethical AI in HR
Focus on developing and deploying AI systems that are transparent, fair, and free from bias, ensuring equitable hiring practices and building trust.
Skills-Based Hiring Platforms
Platforms leveraging AI to assess candidates based on skills and competencies rather than traditional credentials, broadening talent pools and promoting diversity.
Impactful Policy Frameworks
New York City's Local Law 144 (2023)
This law, effective July 5, 2023, requires employers in NYC using automated employment decision tools (AEDTs) to conduct annual bias audits and publish the results, and provide notice to candidates about the use of such tools.
This directly impacts MojoHire by mandating bias audits and transparency requirements for their AI-powered screening tools in the NYC market.
California Privacy Rights Act (CPRA) (2023)
Effective January 1, 2023, CPRA expands upon the CCPA, strengthening consumer data privacy rights, including the right to correct personal information and opt-out of sharing sensitive personal information.
MojoHire must ensure robust data privacy protections and compliance with data subject access requests for California-based candidate and employer data.
Colorado AI Act (Proposed, 2024)
While not yet a law, Colorado is considering legislation (SB 205) aimed at regulating high-risk artificial intelligence systems, including those used in employment decisions, to mitigate algorithmic discrimination.
This proposed legislation could set a precedent for broader federal or state-level AI regulation, requiring MojoHire to proactively design and implement AI systems with explainability and fairness at their core.
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