Core HR Software Market Opportunities, Future Plans, Competitive Landscape and Growth by Forecast 2027
Core HR Software Market, By Component (Software, Service), Deployment (Cloud, On-Premise), Vertical - Forecast 2027
(firmenpresse) - According to Market Research Future (MRFR), the global core HR software market is expected to grow at USD 11 billion with a CAGR of 9% from 2017 to 2023 (forecast period). The report identifies the strengths, opportunities, threats, and future business risks and offers an informative overview of the global market environment with the results of COVID-19.
Core HR software is used to manage employee information that can be easily accessed via a centralized HR database. The HR database generally consists of employee’s personal information, benefits enrolment, and income tax withholding. Core HR software includes employee self-portal, which enables them to edit and view their personal details, which can also be used for lack of tracking of employees.
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Market Dynamics
A surge in cloud implementation and the increasing smartphone usage will drive market expansion during the forecast timeline. In addition, the increasing automation in HR procedures is a few of the main factors driving the expansion of the industry. The large-scale use of core HR software in a wide range of end-use industries, including healthcare, energy & utilities, transport & logistics, retail & consumer goods, IT & telecom, and manufacturing, will drive the growth of the core HR software industry in the coming years.
Moreover, the massive adoption of core HR software services in small and medium-sized enterprises will generate significant growth opportunities for the industry over the ensuing years. Rising preference for human resource analytics in data mining and various businesses will help raise the market in the near future.
Regional Analysis
The regional analysis of the Core HR Software Market Research Report is being studied for regions such as Asia Pacific, North America, Europe, and the Rest of the World.
It has been reported that North America is expected to have the largest market share, while Asia Pacific is projected to rise at the fastest pace during the forecast period. The significant growth in North America's core HR software market is due to technological advances and rapid growth in the use of HR software in that region.
Key Players
The industry giants in the core HR software market are Automatic Data Processing (U.S.), Ceridian HCM, Inc. (U.S.), CoreHR (Ireland), Employwise (India), IBM Corporation (U.S.), Oracle Corporation (U.S.), Paychex, Inc. (U.S.), Paycom Software, Inc. (U.S.), Sap SE (Germany), and Workday, Inc. (U.S.) among others.
Market Segmentation
The global core HR software market has been segmented on the basis of component, deployment, and vertical.
By component, the global core HR software market has been segmented into software and service. The software segment is further divided into benefits and claim management, payroll and compensation management, personnel management, learning management, pension management, compliance management, and others. The service segment is further divided into integration services, maintenance and support, and consulting services.
By deployment, the global core HR software market has been segmented into the cloud and on-premise.
By vertical, the global core HR software market has been segmented into BFSI, healthcare, transportation, manufacturing, retail, and government. Core HR software is gaining significant traction owing to increasing adoption by all these verticals.
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