The rise of Artificial Intelligence (AI) with its human-like capabilities has triggered a significant transformation across many industries. Growing at an impressive 20% annual rate over the past five years, according to a survey by BBC Research, AI, which uses software to mimic human intelligence, is revolutionizing various sectors. However, it is important to recognize that AI is not poised to replace the core of human-centric roles such as recruiting or the essential aspects of empathy and human connection. The field of HR thrives on personal interaction, making it resistant to complete automation. The use of technology, like chatbots for automating routine tasks and cloud-based collaborative tools, effectively supports HR functions, allowing professionals to focus on higher-value tasks.
The global human resource (HR) technology market size was valued at USD 37.66 billion in 2023 and is projected to grow from USD 40.45 billion in 2024 to USD 81.84 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.2% during the forecast period (2024–2032). With rapidly evolving work patterns, HR teams have had to adopt innovative strategies to meet shifting workforce expectations. A notable trend in HR technology is the emphasis on AI-driven recruitment solutions. These advanced systems utilize machine learning algorithms to analyze vast data sets, helping recruiters identify the best candidates more efficiently while reducing biases and enhancing candidate engagement.
As AI transforms recruitment through personalized communication, streamlined onboarding, and enhanced workforce analytics, the HR tech landscape is evolving at a rapid pace. Companies that integrate AI in recruitment, training, performance management, and workforce planning are better positioned to attract, retain, and develop top talent. The startups at the forefront of this revolution are redefining how HR departments operate, helping businesses succeed in a competitive global market.
We have narrowed down the list of 4 HR tech startup that clout the technology to revolutionize HR industry globally in 2024:
iXceed Solutions: iXceed Solutions is a leading Talent and Workforce Solutions service provider to Fortune 500 companies globally focussing on Technology, IT Consulting, Engineering Consulting domains. iXceed has been functioning as one of the leading end-to-end recruitment solutions Internationally(UK), now operational in the Indian market.
It uses an efficient and robust process to develop solutions in the recruitment space. The facilities are primarily tech-skill-based, and customer satisfaction is always based on the best fit for the industry. The company uses Artificial Intelligence-based recruitment solutions to create a best-in-class experience for both the clients and candidates. Some of their clients are- Infosys, HCL, Oracle, Mindtree, NIIT, etc. It is co-founded by Yogita Tulsian, who is also its Director.
Freshworks: Freshworks makes it fast and easy for businesses to delight their customers and employees.Taking by a fresh approach to building and delivering software-as-a-service that’s affordable, quick to implement, and designed for the end-user. Unlike legacy software, Freshworks builds tech that works for everyone, making it easy for IT, customer service, sales, marketers and HR to do their job and delight their customers.They provide services in Australia, Germany and UK.
Keka: Founded in 2015 by Vijay Yalamanchilli, Keka has swiftly become India’s premier HR tech platform for small to medium-sized enterprises. With a team that has grown to over 550 professionals, Keka offers a complete solution, automating HR processes, and streamlining payroll, recruitment, leave management, and performance evaluation. Serving over 6500 customers globally, across sectors like IT services, pharmaceuticals, manufacturing, and more, Keka manages payroll for 1.5 million employees worldwide, leaving a significant mark on the HR tech landscape.
Instahyre: AI-enabled Instahyre is helping Fortune 100 companies and unicorn startups to up their recruitment game. Instead of having to waste hours on applying filters to search for the right candidates and then checking if they are interested, Instahyre provides the recruiter with a curated list of candidates ready for hire from its premium database through their technology Instamatch.