Market Research Future Insights

According to MRFR analysis, the global core HR software market size is expected to register a CAGR of 11.1% from 2022 to 2030 and hold a value of over US$ 35.13 Billion by 2030.

The core HR software market refers to the segment of the human resources (HR) technology market that offers solutions for managing core HR functions such as employee data, payroll processing, benefits administration, and compliance reporting. These software solutions are typically offered as cloud-based SaaS (Software as a Service) platforms, enabling HR departments to access and manage HR data and processes from anywhere with an internet connection.

The COVID-19 pandemic had a significant impact on the core HR software market. As companies shifted to remote work and faced new compliance and workforce management challenges, there was a growing demand for digital HR solutions that could support these changes. Additionally, many companies were forced to cut costs and reduce headcount, which led them to prioritize automating HR processes and reducing administrative overhead through the use of HR software.

Key Players

Some of the key market players are Workday, Inc., Sap SE, Ceridian HCM, Inc., and Automated Data Processing

are all American companies (Germany), CoreHR (Ireland) (Ireland), Employwise Paycom Software, Inc. (India)

Oracle Company, IBM Corporation, Paychex, Inc., and (U.S.), IBM Corporation Oracle Corporation (U.S.) (U.S.)

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Market Segmentation

The Global core HR software market has been segmented into based on deployment, organization,

component, deployment and vertical.

Based on Software Deployment Mode for Core HR Outlook: Cloud, On-Premise

Based on Core Organizational HR Software Size Outlook: Big Enterprise Small & Medium Enterprise

Based on Component: Software, Service

Based on Deployment: Cloud, On-Premise

Based on Vertical: Healthcare, manufacturing, transportation, information technology, retail, and government make up BFSI.

Some of the benefits of using core HR software include:

• Increased efficiency and productivity: Core HR software can automate many of the manual tasks involved in HR administration, freeing up HR staff to focus on more strategic initiatives.
• Improved accuracy and compliance: Core HR software can help organizations ensure that their employee data is accurate and up-to-date, and that they are complying with all relevant labor laws and regulations.
• Enhanced employee self-service: Core HR software can provide employees with access to their own HR data and self-service tools, such as the ability to update their personal information, request time off, and enroll in benefits.
• Better visibility and insights: Core HR software can provide organizations with real-time visibility into their workforce data, and help them generate reports and insights to make better HR decisions.

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Regional Analysis

According to a report by Markets and Markets, the global core HR software market is projected to grow from $6.47 billion in 2020 to $9.89 billion by 2025, at a CAGR of 8.8% during the forecast period. North America is expected to hold the largest share of the market, due to the high adoption of cloud-based HR solutions by organizations in the region. However, the Asia Pacific region is expected to see the highest growth rate, due to the increasing adoption of HR technology by SMEs and the growing number of startups in the region.

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