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Core HR Software Market worth $22.66 billion by 2030, growing at a CAGR of 13.00% - Exclusive Report by 360iResearch
Core HR Software Market | 360iResearch
The Global Core HR Software Market to grow from USD 9.62 billion in 2023 to USD 22.66 billion by 2030, at a CAGR of 13.00%.
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Core Human Resource (HR) Software refers to the essential software foundation required for automating and managing an organization's human resources tasks. Core HR functions typically encompass the storage of employee information within a central database, payroll management, benefits administration, time and attendance, compliance with government and legal reporting, and various other employee-related processes necessary for effective HR management. The increasing need for streamlined HR processes and the reduction of manual tasks is driving up the demand for automated software solutions. In addition, the shifting trend towards cloud-based software services is enhancing accessibility and reducing overhead costs, further propelling the market growth. However, concerns over data security and privacy, especially with the increasing adoption of cloud-based systems, impact the deployment of core HR software. Furthermore, artificial intelligence and machine learning integration to provide predictive analytics, enhance decision-making, and personalize employee experiences pose significant opportunities for market growth.
In the Americas, particularly the United States and Canada, businesses demand core HR software that is comprehensive, integrates with other enterprise systems, and offers robust analytics capabilities. The customer purchasing behavior leans towards SaaS and cloud-based solutions, providing flexibility and scalability. Additionally, high capital investment in AI and machine learning to enhance HR processes driving the market growth. European organizations prioritize GDPR compliance and data security within their Core HR Software. In Europe, corporate social responsibility (CSR) and employee wellness are becoming integrated into the core HR software capabilities. The Middle East is experiencing digital transformation, with businesses investing in modernizing HR systems. Asia Pacific is a diverse region, with China, Japan, and India leading the charge in the Core HR software market. Rapid economic expansion in these countries correlates with a growing emphasis on HR technology and data analytics capabilities. Japan's strong inclination towards precision and advanced analytics increases the deployment of core HR software. China's market is focusing on scalability and integration with other business functions. India is witnessing an upsurge in HR tech startups and is leaning heavily on mobile platforms due to a vast mobile user base.
Market Segmentation & Coverage:
This research report categorizes the Core HR Software Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Component, market is studied across Services and Software. The Services is further studied across Consulting Services, Managed Services, Professional Services, Support & Maintenance, and Training & Education. The Software is further studied across Benefits & Claims Management, Compliance Management, Learning Management, Payroll & Compensation Management, Pension Management, Personnel Management, and Succession Planning. The Services commanded largest market share of 56.83% in 2023, followed by Software.
Based on Industry, market is studied across Aerospace & Defense, Automotive & Transportation, Banking, Financial Services & Insurance, Building, Construction & Real Estate, Consumer Goods & Retail, Education, Energy & Utilities, Government & Public Sector, Healthcare & Life Sciences, Information Technology, Manufacturing, Media & Entertainment, Telecommunication, and Travel & Hospitality. The Banking, Financial Services & Insurance commanded largest market share of 18.46% in 2023, followed by Government & Public Sector.
Based on Deployment, market is studied across On-Cloud and On-Premises. The On-Premises is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 35.11% in 2023, followed by Americas.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Core HR Software Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Core HR Software Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Core HR Software Market, highlighting leading vendors and their innovative profiles. These include Automatic Data Processing, Inc., Automatic Payroll Systems, Inc., Ceridian HCM Holding Inc., Cezanne HR Limited, Cornerstone OnDemand, Inc., Employwise, Inc., Emportant Technologies, Hi Bob Limited, International Business Machines Corporation, Neeyamo Enterprise Solution Private Limited, Oracle Corporation, Paychex, Inc., Paycom Software, Inc., Paylocity Corporation, PeopleStrong Technologies Pvt Ltd., Peopleworks, Ramco Systems Limited, SAP SE, Sumtotal Systems, LLC, Talentia Software Group, The Access Group, TriNet Group, Inc., UKG Inc., and Workday, Inc..
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Core HR Software Market, by Component
7. Core HR Software Market, by Industry
8. Core HR Software Market, by Deployment
9. Americas Core HR Software Market
10. Asia-Pacific Core HR Software Market
11. Europe, Middle East & Africa Core HR Software Market
12. Competitive Landscape
13. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Core HR Software Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Core HR Software Market?
3. What is the competitive strategic window for opportunities in the Core HR Software Market?
4. What are the technology trends and regulatory frameworks in the Core HR Software Market?
5. What is the market share of the leading vendors in the Core HR Software Market?
6. What modes and strategic moves are considered suitable for entering the Core HR Software Market?
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About 360iResearch
360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
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