Core HR software is used to manage employee information which can be easily accessible through a centralized HR database. The HR database typically comprises of employee personal information, benefits enrollment and income tax withholding. Core HR Software Market includes employee self-portal which allows them to edit and access their personal details and it can also be used for absence tracking of employees.
Rapid growth in the cloud and mobile deployment is one major factor leading to the growth of core HR software market. Another factor is the increasing automation in the field of HR driving the market share. This had led small and medium enterprises to automate the HR processes by rapidly adopting core HR software.
The core HR software market has been segmented on the basis of component, deployment and vertical. The vertical segment is further bifurcated in to BFSI, healthcare, transportation, manufacturing, retail and government. Core HR software is gaining major traction owing to increasing adoption by all these verticals.
The global Core HR Software market is expected to grow at approx. USD 11 Billion by 2023, at 9% of CAGR between 2017 and 2023.
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The prominent players in 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.
Core HR software market can be segmented on the basis of following:
- Benefits and Claim Management
- Payroll and Compensation Management
- Personnel Management
- Learning Management
- Pension Management
- Compliance Management
- Integration Services
- Maintenance and Support
- Consulting Services
- IT & Telecommunication
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The regional analysis of core HR software market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in core HR software market in North America attributes to the technical advancements and rapid growth of use of HR software in that region.
- Technology investors
- Research/Consultancy firms
- Commercial users
- Enterprise users
- Industrial users
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Study Objectives of Core HR Software Market:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the core HR software market.
- To provide insights about factors affecting the market growth.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).
- To provide country level analysis of the market with respect to the current market size and future perspective.
- To provide country level analysis of the market for segmentation on the basis of component, deployment and vertical.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for core HR software
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the core HR software
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