Core HR Software Market Driven By Advanced & Cost Effective Technologies | Industry Forecast By Component, Deployment, Verticals

The global Core HR Software market is expected to grow at approx. USD 11 Billion by 2023, at 9% of CAGR between 2017 and 2023.

Ceridian HCM, Inc. (US), Automatic Data Processing (US), CoreHR (Ireland), IBM Corporation (US), Employwise (India), Oracle Corporation (US), Paycom Software, Inc. (US), Paychex, Inc. (US), Workday, Inc. (US) and Sap SE (Germany) are some of the prominent players profiled in MRFR Analysis and are at the forefront, competing in the Global Core HR Software Market.

 

Global Core HR Software Market – Overview

Core HR Software, as the name suggests manages the HR database for the employees typically comprising of employee personal information, benefits enrolment and income tax withholding, etc. In addition, maintaining and tracking the training and certifications, and performance evaluations of employees, the Core HR Software, also provides Software-as-a-Service (SaaS) model, offering various benefits like document control and security.

 

Over the recent years, this Software has started to pick up, gaining exponential market traction; mainly owing to the globalization & increasing industrialization worldwide that has led to the increasing automation in the field of HR.  This has also encouraged small and medium enterprises to automate the HR processes by rapidly adopting the software. Resultantly escalating the market of Core HR Software on the global platform.

 

Acknowledging the prominence and the value this market is garnering currently and the growth prospect the market is demonstrating worldwide, Market Research Future (MRFR), has recently published a brilliant study report giving out the complete market insights up till 2023. According to MRFR, the Global Core HR Software market is expected to worth USD 11 Billion by 2023, registering a CAGR of 9% during the review period (2017-2023).

 

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The Core HR Software Market is predominantly driven by the rapid growth in the cloud and mobile deployment. Other factors propelling the market growth include the increasing pollution, growing urbanization & industrialization coupled with the growing economic conditions. The Emergence of the new tools in the Core HR software like candidate searching, advertisement management, along with the linking-up with social networking sites like Facebook and LinkedIn etc., in turn,  contribute to the growth of HR software market to an extent. 

 

On the other hand, rapidly increasing incidents of cybercrime which may harm data security are restricting the market growth. Besides, the complexity of software increases as the size of organization increase, this is another factor that might present challenges to the Core HR software market growth during the anticipated period. However, the technological advancement that would take place in this span of next six years would certainly offer solutions/update/ enhancement required to rule out the shortfalls the software is having currently.

 

Industry News:

April 09, 2018 – iCIMS, Inc. (US) a leading provider of cloud-based talent acquisition solutions, announced the release of product enhancements to streamline the user experience for candidates, hiring managers and recruiters. The company plans to roll out further usability updates throughout 2018.

 

April 02, 2018 – Lufthansa Airways (Germany) one of the largest
Aviation groups announced that it has restarted a project to replace more than 50 outdated human resources (HR) IT systems with a cloud-based service, after several failed efforts.

 

March 30, 2018 – Telefonica (UK) a multinational telecoms group announced that it has completely replaced 175 incompatible HR IT systems with a cloud-based Core HR Software for more than 40 countries. The company deployed new HR modules, like performance and recruitment, while rolling out Success Factors’ core HR technology as a parallel project. The company rolled out the core HR technology, Employee Central, country by country.

 

March 26, 2018 – Namely All-in-One HR Software (US) announced that it; expansion plans its Atlanta office footprint.

 

March 20, 2018 – Slack Technologies, Inc. (US), a leading global software company for a cloud-based set of proprietary team collaboration tools and services, announced its partnership with the Workday, Inc. (US), an on‑demand financial management and human capital management software vendor to bring HR tools into the Slack platform. The integration would allow employees to access a range of HR services by Workday without having to leave the Slack platform.

 

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Core HR Software Market – Segments

By Components: Comprises Software (Benefits and Claim Management, Payroll and Compensation Management, Personnel Management, Learning Management, Pension Management, & Compliance Management among others.) Service (Maintenance and Support, Integration Services, & Consulting Services among others.)

By Deployment: On Cloud & On-Premise

By Verticals: BFSI, Healthcare, IT & Telecommunication, Retail, & Government among others.

By Regions: North America, Europe, APAC and Rest of the World.

 

Core HR Software Market – Regional Analysis

Globally, North America is the largest market for the Core HR Software attributing to the technical advancements coupled with the augmented uptake of HR software in the region.  

On the other hand, Asia Pacific market for the core HR software is expected to register the highest CAGR due to the rapidly boosting industries in the region. Developing countries like India and China are expected to witness catalyze industry growth over the forecast period.

While the Europe market is also expected to perceive a substantial growth because of increasing number of corporate offices.

 

Core HR Software Market – Competitive Analysis

The Core HR Software Market is fiercely competitive with the presence of several large and small players operating in the market. Growth in terms of product innovations and technologies in the market are also expected to create strong investment opportunities for the global players.

 

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