In our “New Technology Shaping the Future of Work” report, the new Work Tech category is forecasted to approach $1 Trillion by 2026. Work Tech has emerged as a new category from the foundation of traditional enterprise technology categories, most notably HR technology. Not replacing HR tech but taking it into the flow of work with new employee-first design principles that drive inclusion and promise agility in anticipation of the next unknown challenge to confront the workplace. Like the rapid growth in HR technology’s adoption and market size from 2000 to 2020, we expect similar growth in a more compressed timeframe.
Global Work Tech’s total addressable market (TAM) size is calculated based on more than a decade of vetting annual contract values (ACV) in all major work tech categories, modeled across global economic data, and factored against realistic adoption rates by region or country.
The growth in market size is based on Work Tech’s introduction of new tech categories, accelerated Work Tech adoption in the SMB and middle market segments, and rapid growth in emerging markets.
Not Just a New Name for HR Tech
As companies scramble to address the new realities of the labor markets with new innovative approaches to everything across the employee experience, they are doing so while demanding new tech to enable the shift.
Work Tech is more inclusive, more integrated, and better adopted across an enterprise of any size.
This research has identified six core themes that exemplify the differentiation between Work Tech and traditional HR tech, and Work Tech’s definition.
Long-standing workforce trends met several new market accelerants identified in detail in the report, contributing to making the emergence of Work Tech a reality.
Zooming In on Hiring Work Tech
Hiring Work Tech includes all the tech categories involved in finding, selecting, and hiring a company’s workforce. This includes full-time employment and the extended workforce. Hiring Work Tech is forecasted to grow to $244 Billion by 2026, representing more than 25% of the global Hiring Work Tech TAM.
We asked more than 1,000 international Heads of HR and Talent Acquisition about their firms’ current use of Hiring Work Tech, what Hiring Work Tech they plan to add to their tech stacks, their existing tech spending, and planned 2023 budgets, across twenty-five Hiring Work Tech categories.
Underwritten by Greenhouse Software, WorkTech set out on its most ambitious research. Perhaps the most ambitious ever in this category. WorkTech set out to better define and understand this new, fast-growing category. What are the market forces driving it? What is its immediate and long-term future? Join us as we define the future of Work Tech and, in turn, get a glimpse at the future of work.
