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Industry Landscape
The HR Tech industry is experiencing robust growth, driven by digital transformation, remote work trends, and the need for streamlined HR operations. Cloud-based HRMS solutions offering comprehensive features like payroll, talent management, and analytics are in high demand. Automation and AI integration are key drivers, enhancing efficiency and employee experience, making it a highly competitive and innovative sector globally and in India.
Total Assets Under Management (AUM)
HR Software Market Size in India
~US$ 1.5 Billion (2023 estimate)
(13-15% CAGR)
- Digitalization of HR processes and increased adoption by SMBs.
- Focus on employee experience and engagement platforms.
- Rise of cloud-based and mobile-first HR solutions.
Total Addressable Market
1.5 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, training materials, and offer intelligent chatbot support for HR queries, drastically improving efficiency and employee experience.
Blockchain for HR
Blockchain can secure employee records, verify credentials, streamline payroll processes, and manage contracts with unprecedented transparency and immutability, enhancing trust and reducing fraud in HR operations.
Experiential AI/VR for Training
AI-powered virtual and augmented reality can create immersive training environments for skill development, onboarding simulations, and soft skills training, leading to more engaging and effective learning outcomes.
Impactful Policy Frameworks
Code on Social Security, 2020
The Code on Social Security, 2020, consolidates and amends laws relating to social security with the aim to extend social security benefits to all employees and workers, including gig and platform workers, by merging nine existing social security laws.
This policy requires HRMS providers like Qandle to update their payroll and compliance modules to accurately calculate and manage contributions for a broader spectrum of workers, including gig and platform workers, ensuring businesses remain compliant.
Digital Personal Data Protection Act, 2023 (DPDP Act)
The Digital Personal Data Protection Act, 2023, is a comprehensive data privacy law in India that mandates how organizations collect, store, process, and protect personal digital data, emphasizing consent and data minimization.
The DPDP Act necessitates that Qandle and its clients implement robust data privacy features, consent management, and data breach notification protocols within their HRMS, increasing the focus on data security and compliance for sensitive employee data.
Draft Labour Codes (various dates of release)
While the four labour codes (Code on Wages, Industrial Relations Code, Code on Social Security, and Occupational Safety, Health and Working Conditions Code) were passed in 2019 and 2020, their implementation status varies, with rules being finalized. These codes aim to simplify and rationalize the complex labour laws in India.
The ongoing implementation of the Draft Labour Codes requires Qandle to continuously update its compliance and payroll modules to reflect the new regulations, ensuring businesses can seamlessly adhere to the evolving labour law framework.
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