The global Core HR Software market was valued at USD 8.65 billion in 2019 and is expected to reach USD 11.22 billion by the year 2026, at a CAGR of 8.15%.
The growing preference for maintaining a centralized database to optimize HR operations is a major factor moving the global Core HR Software market forward. Core HR Software is a back-end administrative HR task management software solution. The primary role of Core HR Software is to maintain a central database containing records of past and current employees and contractors. The database includes personal information, job histories, employment history, promotions, pay increases, and other employee-related details.
The global Core HR Software market is being driven by increasing interest in automating manual HR processes, as well as a growing preference for using human resource data for successful decision making. Traditionally, on-premise licensed HR software was the most common implementation model for this category of products, but as cloud technology progresses demand for cloud-based Core HR Software solutions is expected to rise.
The Core HR Software Market is segmented by Type (Succession Planning, Pension Management, Learning Management, Personnel Management, Compliance Management, Benefits & Claims Management, Payroll & Compensation Management), by Application (Government, Manufacturing, Energy & Utilities, Consumer Goods & Retail, Healthcare & Life Sciences, Transportation & Logistics, BFSI, Others). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest
- The service component is expected to rise at the fastest CAGR, as services allow organizations to rapidly deploy applications on their premises or in the cloud. Vendors provide a comprehensive range of resources, including incorporation, support and repair, and consulting, as well as a single point of contact for all assistance.
- The large companies segment of the core HR software market is projected to hold the largest market share. Collaboration with social media, real-time solutions, and the use of mobile devices are all examples of major technological transitions in the industry. Many of these developments have been warmly received and widely embraced by major corporations.
- The Asia-Pacific region is a developing economy, with rapid shifts in the implementation of new technologies. Due to the increased demand for organizing its large workforce, it is expected to gain significant traction in core HR software modules.
Key Participants like Automatic Data Processing, Ceridian HCM Inc., CoreHR, EmployWise, International Business Machine (IBM) Corporation, Oracle Corporation, Paychex Inc., Paycom Software Inc., SAP SE, SumTotal Systems LLC., Ultimate Software, Workday Inc.
For this report, Introspective Market Research have segmented the Core HR Software market on the basis of Region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2019-2026)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM