Core HR Software Market size was estimated at $18.59 billion in 2021 and is expected to reach $33.58 billion by 2031, growing at a CAGR of 10.08% during the forecast period of 2022 to 2031.
Core HR Software Market
Core human resource software generally refers to the application which supports the HR department to focus on employee lifecycle management processes. This software computerizes all the repetitive human resources-related activities like performance management, recruitment, onboarding, and access to core HR analytics to manage a company’s manpower. Core HR software is a specialized program that is built to offer a centralized HR solution to create a positive company culture. The objective of this software is to automate HR management workflow and save the time of the HR manager.
Core HR Software Market Growth and Trend
The high adoption of automation systems in the HR management process is expected to influence the growth of the global core HR software market over the forecast period. Also, the widespread acceptance of the software among end-users such as government, manufacturing, healthcare, BFSI, and telecom and IT is anticipated to flourish the growth of the core HR software market. In addition, massive demand for cloud-based and mobile deployed software to enhance the user interface, accessibility, accountability, security, and improved HR manager and employee relation will prompt the business growth. The core HR software is replacing the traditional ways of human resource management. Moreover, the software is becoming comparatively popular as it allows the HR manager to perform various management functions efficiently. Further, the rising inclination of organizations toward HR analytics to facilitate HR teams to set goals, measure success, and optimize processes for driving revenue is a major driver boosting the growth of the market. However, the reluctance to adopt core HR software and lack of awareness about new technology and its capabilities may limit the core HR software market globally in the years ahead.
Core HR Software Market Segmentation
The core HR software market is segmented based on components, deployment type, organization size, and verticals. By component, the market includes services and software. The software segment is expected to witness robust growth during the forecast period. Based on deployment type, the market is classified into cloud-based and on-premises software. Cloud-based software holds a significant share in the global core HR software market as it allows access from a remote location and saves the cost of setting up a server and other equipment for computing. By organization size, the market is divided into large enterprises and small and medium enterprises. The adoption of core HR software by small and medium enterprises is anticipated to rise during the forecasted period. The vertical segment of the market includes Government, Energy & Utilities, Manufacturing, Consumer Goods & Retail, Transportation & Logistics, Healthcare, Telecom & Information Component, And Banking, Financial Services, & Insurance.
Core HR Software Market Country Analysis
North America holds a significant share in the global core HR software market. The regional growth can be attributed to the growing focus of the organization on improving the HR functions. However, with massive awareness about the benefits of the core HR software in countries like China, Japan, and India, the market in the Asia Pacific is predicted to gain traction in the years ahead.
Core HR Software Market Share and Competition
The key companies working in the core HR software market are Workday, Inc., Automatic Data Processing, Ultimate Software, Ceridian HCM, Inc., Paycom Software, Inc., SAP SE, International Business Machine (IBM) Corporation, CoreHR, Oracle Corporation, EmployWise, Paychex, Inc., and SumTotal Systems, LLC.
Report Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2022 – 2031)
• Data breakdown for every market segment (2022 – 2031)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Component Analysis (Revenue, USD Million, 2022 - 2031)
• Services
• Software
Deployment Analysis (Revenue, USD Million, 2022 - 2031)
• Cloud
• On-Premises
Organization Size Analysis (Revenue, USD Million, 2022 - 2031)
• Large Enterprises
• Small and Middle Enterprises
Verticals Analysis (Revenue, USD Million, 2022 - 2031)
• Government
• Energy and Utilities
• Manufacturing
• Consumer Goods and Retail
• Transportation and Logistics
• Healthcare
• Telecom and Information Component
• Banking, Financial Services, and Insurance
Region Analysis (Revenue, USD Million, 2022 – 2031)
• United States
• Canada
• Mexico
• France
• Germany
• Italy
• Spain
• United Kingdom
• Russia
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• Middle East
• Japan
• Africa
• Rest of World
Core HR Software Market Companies
• Workday, Inc.
• Automatic Data Processing
• Ultimate Software
• Ceridian HCM, Inc.
• Paycom Software, Inc.
• SAP SE
• International Business Machine (IBM) Corporation
• CoreHR
• Oracle Corporation
• EmployWise
• Paychex, Inc.
• SumTotal Systems, LLC.
Available Versions:-
• United States Core HR Software Industry Research Report
• Europe Core HR Software Industry Research Report
• Asia Pacific Core HR Software Industry Research Report
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