Global Core HR Software Market size was valued at USD 10.12 billion in 2021, and is projected to reach USD 17.51 billion by 2028, growing at a CAGR of 8.15% from 2022 to 2028.
The human capital management software, often known as central HR software or core HR software, is used to store employee data in the central system of record. Several HR department tasks, including scheduling employee recruitment, benefits administration, payroll processing, internal relations, employee training, compliance, and safety, are efficiently carried out by this software. This program is designed to help a range of enterprises finish their HR department chores and increase productivity in the process. The organization’s employees’ data is gathered, organized, and managed by the main HR software. Employee addresses, social security numbers, national identity numbers, birth dates, and other personal data are all included in the employee data.
Numerous industries, including manufacturing, consumer products, retail, government, transportation and logistics, IT, healthcare, and BFSI, have shown a need for the core HR software. As a result, in the next years, the market for core HR software is expected to develop due to their increasing demand.
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Leading players involved in the Core HR Software Market include:
- Automatic Data Processing (US)
- Ceridian HCM Inc. (Minneapolis)
- CoreHR (Ireland)
- EmployWise (India)
- International Business Machine (IBM) Corporation (US)
- Oracle Corporation (US)
- PaychexInc. (Rochester)
- Paycom Software Inc. (Oklahoma)
- SAP SE (Germany)
- SumTotal Systems LLC. (Gainesville)
- Ultimate Software (Weston)
- Workday Inc. (Pleasanton) and other major players.
Possibility of Using Advanced Technologies
The market for core HR software is expected to witness significant growth due to the increasing utilisation of sophisticated technology. Employees of any firm may work from any location, at any time, and on any device thanks to technology, which also helps to increase productivity. Due to their increased flexibility, cloud-based and mobile deployment services are becoming more and more popular. This increases employee data security and streamlines the HR process. For example, in 2020, 81% of businesses will be using cloud applications, according to Statista. Moreover, market participants are investing more in developing new technologies and complex data management systems are becoming more widely used. These all offer the market for core HR software with a lucrative opportunity in the analysis period..
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Segmentation of Core HR Software Market:
By Type
- Succession Planning
- Pension Management
- Learning Management
- Personnel Management
- Compliance Management
- Benefits & Claims Management
- Payroll & Compensation Management
By Industry Vertical
- Government
- Manufacturing
- Energy & Utilities
- Consumer Goods & Retail
- Healthcare & Life Sciences
- Transportation & Logistics
- BFSI
An in-depth study of the Core HR Software industry for the years 2024–2032 is provided in the latest research. North America, Europe, Asia-Pacific, South America, the Middle East, and Africa are only some of the regions included in the report’s segmented and regional analyses. The research also includes key insights including market trends and potential opportunities based on these major insights. All these quantitative data, such as market size and revenue forecasts, and qualitative data, such as customers’ values, needs, and buying inclinations, are integral parts of any thorough market analysis.
By Regions: –
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Overview of the Global Core HR Software Market
Core HR software, also referred to as human resource information systems (HRIS), consists of a central record system that can include employee data, including payroll and benefit information. HR managers use this software to monitor personnel information and report on important organizational trends. Using the self-service features of the core HR software, employees can update their corporate information without interfering with the HR department’s workflow. Businesses implementing the software might combine it with other HR apps and integrate it into an integrated HR management suite to increase its value across a range of HR tasks.
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The rise in the trend of software process automation and the growth and expansion of diverse end users
The market for core HR software is expanding due in large part to growing knowledge of the advantages of the product combined with increased automation of HR procedures. the development and growth of numerous end-users, including telecom, media and entertainment, BFSI, retail and eCommerce, government, transportation and logistics, IT, travel, and hospitality. Furthermore, the development of different end-user verticals is a result of expanding urbanization, industrialization, cloud computing, and mobile deployment. For example, according to Statista, there will be 332.99 million SME businesses worldwide in 2021. In addition, the increasing use of workforce management systems and the growing need for data storage facilities. For effective human resource management, the HR function must be automated. As a result, it is expected to raise demand for the essential HR software that drives the market’s expansion.
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