Market Analysis
The global core
HR software market will touch USD 11 billion at a 9% CAGR in the
forecast period 2020- 2030, states the latest Market Research Future (MRFR)
analysis. Core HR software is software which includes information of employees
and can be easily accessed through the centralized database. Such systems are
crucial for organizations for keeping track of the information of their workers
and all other details that are work-related.
Various factors are fuelling the global core HR
software market demand. As per the recent MRFR market estimates, such factors
include the rapid growth in cloud technology and technological advancements,
increase in mobile deployment, increase in cloud technology, modern
technological advances, increase in mobile deployment, rise in automation in HR
processes, increase in the implementation of cloud, increasing use of
smartphones, the acceptance of such software in small and medium scale firms,
growing preference for human resource analytics in data mining and other
businesses, and increasing use during the COVID-19 pandemic to manage the
information of employees regarding working hours, leaves, salary, and more
during work from home trends globally.
On the contrary, the data theft threat,
unauthorized access, reluctance to the adoption of such software, regional
difference in labor laws, and lack of awareness of capabilities and new
technologies in core HR software may limit the global core HR software market
growth over the forecast period.
Market Segmentation
The MRFR report throws light on an inclusive
segmental analysis of the core HR software market on the basis of vertical,
deployment, and component.
By component, the global core HR software market
is segmented into service and software. The software segment is again segmented
into compliance management, learning management, pension management, payroll
and compensation management, personnel management, benefits and claim
management, and others. The service segment is again segmented into maintenance
and support, consulting services, and integration services. Of these, the
service component segment will lead the market over the forecast period.
By deployment, the global core HR software market
is segmented into on-premise and cloud. Of these, the cloud deployment segment
will dominate the market over the forecast period.
By vertical, the global core HR software market
is segmented into retail, healthcare, IT and telecommunication, government,
BFSI, and others.
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Regional Analysis
Based on region, the global core HR software
market covers the recent trends and growth opportunity across Europe, North
America, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, North
America will precede the market over the forecast period. Increased adoption of
technological advancements, rising use of HR software, growing adoption of
cloud platforms, smartphones, and newer technologies, new market players
acquiring a remarkable market share through differentiated, flexible, and
customized products to help the HR process go hassle-free, increasing focus on
optimizing human resource operations, increasing focus to improve the firms HR
functions, large-scale use of iPhone, and increasing use of cloud technologies
in Canada and the US are adding to the global core HR software market growth in
the region.
In the APAC region, the global core HR software
market is predicted to have healthy growth over the forecast period. The
adoption and digitalization of new technologies, expanding small and medium
enterprises, and rising interest in cloud-based business solutions, are adding
to the global core HR software market growth in the region.
Key Players
The leading players profiled in the global core HR software
market report include Workday, Inc. (U.S.), Paychex, Inc. (U.S.), Paycom
Software, Inc. (U.S.), CoreHR (Ireland), Sap SE (Germany), Automatic Data
Processing (U.S.), Ceridian HCM, Inc. (U.S.), Oracle Corporation (U.S.), IBM
Corporation (U.S.), and Employwise (India), among others.
The global core
HR software market is fragmented along with being competitive owing to
the presence of an array of international as well as domestic key players.
These players have encompassed multiple strategies to remain at the forefront
and also suffice to the burgeoning needs of the consumers, including
partnerships, collaborations, geographic expansions, contracts, joint ventures,
and new product launches, and more. Additionally, these players are also
incurring heavy investments in the R&D activities for strengthening their
portfolios and also creating a foothold in the market.
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