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Core HR Software Market Share, Trends, Size, Major Players And Forecast To 2033
Core HR Software Market Share
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the core HR software market are adopting a strategic partnership approach to better align their HR initiatives with the organization's overarching goals and drive business success. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in May 2023, Personio, a Germany-based developer of human resource management and recruitment platforms, partnered with Mastercard Inc., a US-based payment technology corporation. This partnership aims to drive HR digitalization across SMEs, reflecting Personio's commitment to supporting the unique needs of HR professionals and businesses seeking to optimize their core HR operations. Integrating Personio with various platforms further enhances its offering, allowing for seamless and efficient user experiences and data synchronization. This partnership aligns with the broader trend of accelerating the digitalization of traditional HR processes.
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Major Key Players of the Market:
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.
Core HR Software Market 2024 Key Insights:
• The core hr software market is expected to grow to $26.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Remote Work Acceleration Fuels Growth In The Core HR Software Market
• Strategic Partnerships Drive HR Digitalization For European Smes
• North America was the largest region in the core HR software market in 2023
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