This research report categorizes the core HR software market to forecast revenue, analyze trends, component, software, services, deployment type, vertical, and region.
Northbrook, IL 60062 -- (SBWIRE) -- 08/28/2023 -- The global Core HR Software Market size is expected to grow from USD 10.7 billion in 2023 to USD 15.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period, according to research report by MarketsandMarkets™. The need for a centralized repository for employee information to access and manage employee records in real time drives the growth of the core HR software market.
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252 - Tables
49 - Figures
234 – Pages
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By software, the personnel management segment is expected to grow at the highest CAGR during the forecast period.
Personnel management, encompassed within core HR software, constitutes a comprehensive suite of tools and functionalities aimed at efficiently managing the entire employee lifecycle within an organization. This multifaceted solution streamlines HR processes, from recruitment and onboarding to performance management, career development, and offboarding. Personnel management enables HR professionals to effectively track, organize, and analyze employee information through a unified platform, thereby enhancing workforce productivity, engagement, and strategic decision-making. The software facilitates job posting, candidate screening, interview scheduling, and offers acceptance. It centralizes candidate data, allowing HR teams to assess applicant suitability and seamlessly transition successful candidates into the onboarding phase. During onboarding, personnel management software automates paperwork, training schedules, and introductory materials, expediting the integration of new employees and contributing to a positive first impression.
By deployment type, the cloud segment holds a larger market size during the forecast period.
Adoption of cloud-based core HR software adoption has experienced remarkable growth in recent years, transforming how organizations manage their human resources. According to a study by Gartner, cloud-based HCM applications represented 60% of all HCM deployments in 2020, which is expected to increase further in the coming years. The flexibility and scalability offered by cloud solutions have driven this trend, allowing businesses to adapt quickly to changing workforce needs and scale operations seamlessly. Additionally, as per the PwC HR Tech Survey 2022, 91% of organizations stated that more employees are using core HR software on the cloud. Small and medium-sized enterprises (SMEs) have particularly embraced cloud-based HR software due to its affordability and ease of implementation. With integrated cloud HR suites gaining popularity, businesses are reaping the benefits of streamlined HR processes, data consolidation, and real-time analytics, empowering them to make data-driven decisions for talent management and strategic planning. As cloud technology continues to evolve and more organizations recognize its advantages, adopting cloud-based core HR software is poised to thrive during the study period.
By Region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.
Asia Pacific countries' core HR software market is experiencing rapid growth and expansion. The region's diverse and dynamic business landscape and increasing technology adoption drive the demand for advanced HR solutions to streamline workforce management and improve overall HR efficiency. Asia Pacific comprises China, Japan, India, and the Rest of Asia Pacific. Being an emerging economy, Businesses of all sizes, ranging from small and medium-sized enterprises (SMEs) to large corporations, have recognized the value of these solutions in optimizing HR processes and supporting organizational growth. Integration with other business systems, such as payroll, accounting, and talent management, is a top focus for core HR software providers in the region.
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Some of the key players operating in the core HR software market are - Workday (US), SAP (Germany), ADP (US), UKG (US), Oracle (US), Ceridian (US), IBM (US), Paycom (US), Paylocity (US), and Cornerstone OnDemand (US).
Key Dynamic Factors For Core HR Software Market:
Technological Developments: The primary market for HR software is very receptive to technological developments. The continued development of emerging technologies like artificial intelligence (AI), machine learning, predictive analytics, and natural language processing has improved the capabilities of HR software by enabling more effective candidate screening, analysis of employee engagement, and individualised learning and development plans.
Cloud Adoption: The market for HR software was seeing a rise in the use of cloud-based solutions. Scalability, accessibility, and cost-effectiveness are just a few advantages that cloud deployment offers, making it simpler for businesses of all sizes to adopt and operate HR software solutions.
Employee Experience: Organisations are now placing a lot of emphasis on the employee experience. The basic record-keeping capabilities of core HR software have expanded to include elements that improve employee engagement, wellbeing, and satisfaction. Self-service portals, mobile applications, and tools for performance management and feedback are all included in this.
Mobility and Remote Work: The demand for mobile-friendly solutions and the rise of remote work have changed the HR software market. Systems that could handle remote hiring, onboarding, and performance management while giving employees mobile access to crucial HR operations were a must for organisations.
Data Security and Privacy: As the use of digital HR systems has grown, data security and privacy have become crucial issues. To safeguard sensitive employee data from breaches and unauthorised access, HR software suppliers required to place a high priority on strong security measures.
interface skills: It has become crucial to have seamless interface with various company systems like payroll, people management, and learning management systems. Organisations aimed to develop comprehensive HR ecosystems that improve workflow and offer a consolidated picture of employee data.
Globalisation and compliance: As businesses grew internationally, there was a greater demand for HR software that could handle varied legal and regulatory requirements in multiple countries. Solutions that could manage many languages, currencies, and labour laws were necessary for multinational corporations.
AI-driven Insights: The HR software market has seen a rise in the use of AI-powered analytics. Large amounts of HR data can be analysed by these technologies to reveal insights into trends, worker performance, turnover rates, and more. Organisations may improve their workforce strategies by using this data-driven approach to assist them make educated decisions.
Flexibility and customization: Businesses wanted HR software solutions that could be adapted to their particular workflows and procedures. Businesses were able to match the programme with their unique HR requirements thanks to flexible and adaptable software options.
The industry was characterised by an increasing number of software providers providing basic HR solutions, ranging from well-established companies to more recent startups. The demand for better features, pricing strategies, and customer service was fueled by competition.
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Competitive and Segmentation Analysis:
The growing need for efficient HR management solutions has created a dynamic and competitive environment for the core HR software market. Several variables, including as deployment technique, organisation size, industry vertical, and region, can be used to segment this market. Due to its scalability and affordability, cloud-based deployment is gaining ground, although on-premises solutions are still useful for businesses with particular security and customization requirements. firms of various sizes, from small and medium-sized firms to major corporations, can find solutions on the market that are specifically designed to help them manage their workforces.
A wide number of industries, including healthcare, IT and telecommunications, manufacturing, finance, and more, are served by the core HR software market. Each industry has certain requirements, which have an impact on the features and services that software suppliers deliver. Regional differences also have a big impact on market dynamics. Localised solutions are crucial since different locations have different labour laws, regulations, and cultural nuances that affect HR procedures.
Both established competitors and up-and-coming manufacturers may be found in the core HR software market's competitive landscape. Reputable software vendors offer full suites that include modules for analytics, onboarding, performance evaluation, and personnel data management. These suppliers place a strong emphasis on integration ability to build seamless HR ecosystems.
The competition grows as the market changes, forcing suppliers to set themselves apart through new product development, price strategies, customer support, and strategic alliances. Customers are increasingly looking for scalable solutions, flexible customization choices, and user-friendly interfaces. In this setting, successful vendors match their products with changing consumer demands and market trends in order to produce comprehensive and value-driven core HR software solutions that enable businesses to manage their human resources efficiently.
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