Core HR Software Market Projected to Hit USD 35.13 billion at a 11.1% CAGR by 2030 – Report by Market Research Future (MRFR)
Research Reports
Mar 28, 2023
Market Research Future Highlights
The Core HR software market refers to the market for software solutions that enable organizations to manage their human resources functions such as payroll, benefits administration, employee data management, and compliance with labor laws and regulations.
The global Core HR software market has been growing rapidly in recent years, driven by the increasing adoption of cloud-based software solutions and the need for organizations to automate and streamline their HR processes. The global Core HR software market is projected to grow from USD 35.13 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 11.1% during the forecast period.
Key Players
Key players in the Core HR software market include Oracle Corporation, SAP SE, Workday, Inc., Ultimate Software Group, Inc., ADP, LLC, IBM Corporation, Ceridian HCM, Inc., Kronos Incorporated, and SumTotal Systems, LLC. These companies are constantly innovating and expanding their offerings to meet the evolving needs of their customers.
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Market Report Scope:
|
Parameter |
Details |
|
Revenue Forecast in 2030: |
USD 35.13 Billion |
|
Growth Rate: |
CAGR of 11.1% from 2022 to 2030 |
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Forecast Period: |
2022 -2030 |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Market Segmentation
The Core HR software market can be segmented based on deployment type, organization size, industry vertical, and region.
Deployment type: On-premises: This refers to software solutions that are installed and run on the organization’s own servers and infrastructure., Cloud-based: This refers to software solutions that are hosted on the vendor’s servers and accessed over the internet.
Organization size: Small and Medium Enterprises (SMEs), Large Enterprises
Industry vertical: Healthcare, BFSI (Banking, Financial Services, and Insurance), IT and Telecommunications, Retail and E-commerce, Government and Public Sector, Manufacturing, Others
Region: North America, Europe, Asia Pacific, Middle East and Africa, Latin America
The segmentation based on deployment type is particularly important, as it determines the delivery model of the software solution and affects factors such as cost, scalability, and maintenance requirements. The segmentation based on organization size is important because the needs and requirements of small and medium enterprises differ from those of large enterprises. The segmentation based on industry vertical is important because different industries have different HR requirements and compliance regulations. Finally, the segmentation based on region is important because the market dynamics and competitive landscape can vary significantly across different regions.
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Regional Analysis
The Core HR software market is analyzed regionally by dividing the market into major geographical regions, including North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
North America is expected to dominate the Core HR software market due to the presence of several key players in the region and the high adoption rate of cloud-based software solutions. The United States is the largest market for Core HR software in North America, with Canada following close behind.
Europe is also a significant market for Core HR software, with countries such as the United Kingdom, Germany, France, and the Netherlands being major contributors to the market. The adoption of cloud-based software solutions is increasing rapidly in Europe, which is expected to drive the growth of the Core HR software market in the region.
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The Asia Pacific region is expected to experience significant growth in the Core HR software market due to the increasing adoption of cloud-based solutions and the growing emphasis on digital transformation. Countries such as India and China are expected to be major contributors to the growth of the market in the region.
The Middle East and Africa region is also expected to experience growth in the Core HR software market due to the increasing adoption of technology and the need to automate HR processes in the region. The United Arab Emirates and Saudi Arabia are expected to be major contributors to the growth of the market in the region.
Latin America is expected to experience moderate growth in the Core HR software market due to the increasing adoption of cloud-based solutions and the need to comply with labor laws and regulations. Brazil and Mexico are expected to be major contributors to the growth of the market in the region.
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