Market Research Report
Global Core HR Software Market Research Report Insights, Opportunity Analysis, Market Shares and Forecast, 2017 - 2023
|Published by||Occams Business Research & Consulting Pvt. Ltd.||Product code||558542|
|Published||Content info||190 Pages
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|Global Core HR Software Market Research Report Insights, Opportunity Analysis, Market Shares and Forecast, 2017 - 2023|
|Published: September 8, 2017||Content info: 190 Pages||
In an organization, the information of employees is kept recorded through a software known as core HR software. The HR database typically comprises of employee personal information and benefits enrollment. The core human resource (HR) software market is expected to grow at a CAGR of approximately 8%, over the period of forecast. Increase in automation in HR processes, rise of the cloud deployment and increase in mobile penetration are the major factors are responsible for the growth of core HR software market.
The market of core HR software has been segmented broadly into component, deployment type, organization size and verticals. Again, the first segment component is further bifurcated into software and services. Here the software segment has the major role as it is comprised of various sub segments like benefits and claims management, payroll and compensation management, pension management and so on. The deployment type segment has cloud and on-premises as its sub segments. According to the organization size, the market is divided into small and medium-sized enterprises and large enterprises. The last segment which is the verticals has been sub divided into government, manufacturing, energy and utilities, consumer goods and retail, healthcare, transportation and logistics etc. The Government sector is expected to grow at the highest CAGR during the forecast period.
The major restraint faced by Core HR Software market is reluctance to the adoption of Core HR Software. However, considering the deployment segmentation, the cloud deployment sector is expected to grow at the highest CAGR during the forecast period. Reduction in overall cost and at the same time high flexibility and scalable access to the clients are offered by cloud deployment Small and Medium-Sized Enterprises (SMEs) segment is anticipated to rise at a considerable CAGR over the forecast period (2016-2023). Go-to-market strategies are adopted by the SMEs and subsequent investments are done in this market that will help in making efficient decisions for triggering the business growth.
Various growth strategies including acquisitions and mergers, collaborations and partnerships, and new product launches are being adopted by many companies in order to extend their offerings in the worldwide core HR software market. Automatic Data Processing, LLC, Ceridian HCM, Inc., Employwise, Inc., Oracle Corporation, SAP SE etc. are the key players of this market. International Business Machines Corporation (IBM) is expected to lead the market as favorable government regulations and technological advancements are the parameters helping it to grow significantly in this market.