Market Overview:
The global Core HR Software market was valued at USD 10.12 billion in 2021 and is expected to reach USD 17.51 billion by the year 2028, at a CAGR of 8.15%.
Core HR software is made for organizations to perform various functions of the HR department effectively. This software helps to collect, arrange, and manage data of employees working in the organization at each department, based on the collected information software creates valuable reports. HR software automates different functions and processes of an organization such as administration, payroll, performance reports, training, recruitment, appraisals, analysis, and many others. This software is developed to complete all the tasks of the HR department, and improve efficiency in the process. It performs the entire small task from morning in time, attendance to appraisals. The core HR software is being utilized by various companies, and different end-user industries like manufacturing, government, consumer goods and retail, transportation and logistics, healthcare, IT, and BFSI these industries are boosting the growth Core HR Software Market.
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Major Key Players for Core HR Software Market:
- Automatic Data Processing
- Ceridian HCM Inc.
- CoreHR
- EmployWise
- International Business Machine
- (IBM) Corporation
- Oracle Corporation
- Paychex Inc.
- Paycom Software Inc.
- SAP SE
- SumTotal Systems LLC.
- Ultimate Software
- Workday Inc. and so on.
Market Dynamics and Factors:
The core HR software market is growing due to the increasing demand for advanced technology like cloud technology. Technology helps to increase productivity and it gives access to the employee to work from anywhere, at any time, and from any device. It also doesn’t require maintenance and expensive upgrades. Advancement in software technology has increased the demand for automation in the human resource process, thus increasing the demand for the core human resource software market. It helps human resource workers, to carry out the tasks efficiently and effectively. Automating the HR process helps in increasing profit and productivity. These factors help to raise the core HR software market in the projected period.
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Core HR Software Market Report Highlight:
- By Type, the Compliance Management segment is expected to have the maximum share of the Core HR Software Market during the projected period. There are fixed regulations, and laws, assigned by a wide range of entities, like governments, employee unions, and industry bodies to check on these laws are followed by the employee, the organization put a record, and compliance management software helps to maintain it easily.
- By on industry verticals, the BFSI sector is anticipated to lead the growth of the core HR software market over the analysis timespan. The BFSI sector has a large contribution to the core HR software market.
- North America is expected to dominate the Core HR Software Market, during the projection period. The North-American region is the leader in the adaption of new technology, digital market, and cloud platforms thus, giving a boost to the Core HR Software Market.
Key Industry Development:
- In October 2021, Paychex acquired Flock, to boost its current benefits functionality. Flock is a benefits administration software company. Later this month the Paychex Flex platform company added vaccination status tracking. Paychex also announced a partnership with Hire Right.
- In December 2021, Ceridian a global leader in HCM technology announced the acquisition of ADAM HCM, a leading payroll and HCM company having customers in 33 countries across Central America, South America, and the Caribbean. This acquisition gives Ceridian a leading position as an HCM provider in Latin America, Mexico, and Brazil.
Core HR Software Market Segmentation:
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
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For this report, Introspective Market Research has segmented the Core HR Software Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Turkey
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Vietnam
- Thailand
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of LATAM
Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Core HR Software Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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