Core HR Software Market Size to Grow at USD 35.13 Billion at a CAGR of 11.1% by 2030 – Report by Market Research Future (MRFR)
Research Reports
Aug 22, 2023
Core HR Software Market Overview:
Core HR software, also known as human capital management (HCM) software, is a system that organizations use to manage employee information and processes. It typically includes modules for recruiting and hiring, onboarding, payroll, benefits, performance management, and time and attendance. Core HR Software Market The reports further predict the market to flourish at a robust CAGR of over 11.1% with USD 35.13 Billion by 2030.
Core HR Software Market Key Players:
Eminent market players profiled in the global core HR software market report include-
- Ceridian HCM, Inc. (U.S.)
- Workday, Inc. (U.S.)
- Automatic Data Processing (U.S.)
- Sap SE (Germany)
- CoreHR (Ireland)
- Paycom Software, Inc. (U.S.)
- Employwise (India)
- Paychex, Inc. (U.S.)
- Oracle Corporation (U.S.)
- IBM Corporation (U.S.).
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Core HR Software Market Report Scope:
|
Report Metrics |
Details |
|
Core HR Software Market Size by 2030 |
USD 35.13 Billion (2030) |
|
Core HR Software Market CAGR during 2022-2030 |
11.1% |
|
Base Year |
2021 |
|
Forecast |
2022-2030 |
Core HR Software Market Segmentation:
The global core HR software market is bifurcated based on vertical, deployment, and component.
Based on component, software will lead the market in the forecast period.
Based on deployment, cloud will dominate the market over the forecast period.
By vertical, BFSI will spearhead the market over the forecast period.
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Drivers:
Growing Need for Cloud Technology to Boost Market Growth:
The increasing need of cloud technology & mobile deployment will boost market growth over the forecast period. Because the data is not physically stored, it encourages the elimination of paper clutters and increases employee productivity because employees have access to cloud at any time, from any device.
Opportunities:
Increasing Adoption by SMEs to offer Robust Opportunities:
The increasing adoption of core HR software by SMEs will offer robust opportunities for the market over the forecast period. Small & medium-sized businesses are taking perks of the market and incorporating it into their daily official functions. Reduced labour costs, increased employee productivity, and improved user accessibility are just a few of the factors driving the adoption of this software in small & medium-sized businesses.
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Regional Analysis:
North America to Precede Core HR Software Market:
Increased cloud adoption especially in enterprises for various core business functions indeed is predicted to be a factor driving growth in the North American core HR software market. As a result, the region will domineer the market during the assessment period, with the largest market share. Because of the adoption of cloud-based HR solutions especially in enterprises for conducting efficient HR practices, the United States, Canada, & Mexico are the region’s leading countries. Leading core HR software providers in the United States include Ceridian HCM Inc., Automatic Data Processing, and Oracle Corporation, and IBM Corporation. This advancement in IT infrastructure results in a larger market share.
Because of the increased emphasis on optimizing human resource operations, North America domineers the market. The North American region is a leader in the adoption of latest technology, digital markets, and cloud platforms, which is fueling the Core HR Software Market. North America is predicted to grab the largest market share and to lead the market during the assessment period as a result of the increased use of smartphones and cloud platforms. To meet the needs of HR professionals, the region’s startups and emerging players offer customized, differentiated, and flexible products.
Increased use of technological advances, growing usage of HR software, increasing use of smartphones, cloud platforms, and newer technologies, novel market players obtaining a significant market share through differentiated, flexible, and customized products to help the HR process go smoothly, increased focus on optimizing human resource operations, increased focus on improving the firm’s HR functions, widespread use of iPhone, and widespread use of cloud technology.
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APAC to Have Favorable Growth in Core HR Software Market:
Due to increased mobile phone deployment and the shift of small, medium, and large enterprises to the cloud, APAC is predicted to be the quickest developing region in the market. Because of their large customer bases, China, India, and Japan are the region’s leaders. The expansion of the SMEs as well as rising interest in cloud-based business solutions, is expected to drive significant growth in Asia-Pacific during the forecast period. The adoption and digitalization of new technologies, the expansion of small and medium-sized businesses, and growing interest in various cloud-based business solutions are all contributing to the region’s global core HR software market growth.
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