Overview and Scope
Core HR software is a human resource (HR) management system that provides essential functionality for managing fundamental HR tasks and processes within an organization. This software is used to streamline HR processes, improve efficiency, and enhance the employee experience within an organization.
Sizing and Forecast
The core HR software market size has grown strongly in recent years. It will grow from $17.90 billion in 2023 to $19.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to automation and efficiency, globalization and scalability, employee experience enhancement, data-driven decision making, integration with other systems.
The core HR software market size is expected to see strong growth in the next few years. It will grow to $26.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to remote work enablement, employee well-being focus, agile HR practices, diversity, equity and inclusion. Major trends in the forecast period include flexible workforce models, remote work solutions, focus on employee experience, agile HR practices and flexibility, continuous learning and development.
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Segmentation & Regional Insights
The core hr software market covered in this report is segmented –
1) By Component : Services, Software
2) By Deployment: Cloud, On-Premises
3) By Organization Size: Large Enterprises, Small And Middle Enterprises
4) By Verticals: Government, Energy And Utilities, Manufacturing, Consumer Goods And Retail, Transportation And Logistics, Healthcare, Telecom And Information Component, Banking, Financial Services, And Insurance
North America was the largest region in the core HR software market in 2023. The regions covered in the core HR software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising acceleration of remote work is expected to propel the growth of the core HR software market going forward. Remote work practices refer to the strategies, methodologies, and guidelines employed by organizations and individuals to conduct work outside of a traditional office environment effectively. Core HR software primarily leverages remote work by providing essential HR tools and functionalities that enable organizations to effectively manage their workforce, ensure compliance, and foster communication and collaboration among remote employees. For instance, in June 2023, according to reports published by Forbes Media LLC, a US-based publication company, around 12.7% of full-time employees worked from home, while 28.2% used a hybrid model in the US, and it is expected to reach 32.6 million by 2025. Therefore, the rising acceleration of remote work is driving the growth of the core HR software market.
Key Industry Players
Major companies operating in the core HR software market are International Business Machine Corporation, Oracle Corporation, SAP SE, ADP LLC (Automatic Data Processing), Workday Inc., Paychex Inc., Sage Group plc, Kronos Incorporated, Paycom Software Inc., Ceridian HCM Holding Inc., Paylocity Holding Corporation, Cornerstone OnDemand Inc., Gusto Inc., Paycor Inc., ClearCompany Inc., Zenefits Inc., Saba Software Inc., Ultimate Software (now part of UKG – Ultimate Kronos Group), iCIMS Inc., SumTotal Sumtotal Systems LLC, Lumesse Ltd., BambooHR LLC, PeopleFluent Ltd., SilkRoad Technology Inc., Greenhouse Software Inc.
The core hr software market report table of contents includes:
1. Executive Summary
2. Core HR Software Market Characteristics
3. Core HR Software Market Trends And Strategies
4. Core HR Software Market – Macro Economic Scenario
5. Global Core HR Software Market Size and Growth
…..
32. Global Core HR Software Market Competitive Benchmarking
33. Global Core HR Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Core HR Software Market
35. Core HR Software Market Future Outlook and Potential Analysis
36. Appendix
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