Core HR Software Market - By Component (Services and Software), By Deployment Type (Cloud and On-Premises), By Organization Size (Large Enterprises and Small & Middle Enterprises), By Vertical (Government, Energy & Utilities, Manufacturing, Consumer Goods & Retail, Transportation & Logistics, Healthcare, Telecom & Information Component, and Banking, Financial Services, & Insurance), and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 - 2026.
The global core HR software market is slated to accrue revenue worth nearly 10.33 (USD Billion) by 2026 and record the CAGR of about 8.6% over the period from 2020 to 2026. The report offers assessment and analysis of the core HR software market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Details of the Report:
- Earnings provided in terms of USD Billion and CAGR estimated from 2020 to 2026
- By Component, By Deployment Type, By Vertical, By Organization Size, and By Region
- North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa
- Core HR software includes key processes and data pertaining to staff in a firm. The software provides information pertaining to birth date, social security number, and employee address. Furthermore, core HR software also offers information about government norms, employee portal, organization regulations, information about number of leaves, job-titles of staff, compensation benefits, payroll, and self-service. Precisely, the software is also referred as HRM systems used effectively handling backend HR tasks and routine administrative operations of the firm’s business.
- Market Growth Factors
- Surge in the cloud implementation and growing use of smartphones will steer the market expansion during the forecast timeline. In addition to this, growing automation in HR procedures are few of the major factors driving the market expansion. Apparently, the large-scale usage of core HR software in myriad end-use sectors including healthcare, energy & utilities, transport & logistics, retail & consumer goods, IT & telecom, and manufacturing will spearhead the growth of the core HR software industry in the forthcoming years.
- Moreover, humongous acceptance of core HR software services in small as well as medium scale firms will create huge growth prospects for the industry over the ensuing years. Apparently, growing preference for human resource analytics in data mining & various businesses will impel the market elevation in the near future.
- North American Market To Acquire Number One Position Over 2020-2026
- The growth of the industry in the region over the forecast timespan is owing to growing focus on improving the HR functions in the firms. In addition to this, large-scale sue of smartphones and iPhone coupled with large-scale acceptance of cloud technologies in the countries like the U.S. and Canada will spur the regional market trends.
- Key players influencing the market growth include 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.
The global core HR software market is segmented as follows:
- Benefits & Claims Management
- Personnel Management
- Payroll & Compensation Management
- Pension Management
- Learning Management
- Compliance Management
- Succession Planning
- Maintenance & Support
- Integration Services
By deployment type:
By organization size:
- Large Enterprises
- Small & Middle Enterprises
- Energy & Utilities
- Transportation & Logistics
- Telecom & IT (Information Component)
- Consumer Goods & Retail
- BFSI (banking, financial services, and insurance)
- By Region
- North America
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa