Remote Work Acceleration Fuels Growth In The Core HR Software Market Emerges as a Core Driver of the Core HR Software Market in 2025

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What Is the Expected CAGR for the Core HR Software Market Through 2025?
The market size of core HR software has seen robust growth in recent years. It's set to expand from a valuation of $19.45 billion in 2024 to $21.03 billion in 2025, showing a compound annual growth rate (CAGR) of 8.1%. The historical period saw growth due to factors such as automation and efficiency, globalization and scalability, enhancing employee experience, data-driven decision making, and integration with other systems.

What's the Projected Size of the Global Core HR Software Market by 2029?
The market size of core HR software is anticipated to witness a robust increase in the coming years, expanding to $28.8 billion by 2029, at a compound annual growth rate (CAGR) of 8.2%. The projected growth for this period is attributed to factors such as the facilitation of remote working, emphasis on employee well-being, agile HR procedures, and a commitment to diversity, equity, and inclusion. Key trends anticipated during this forecast period consist of versatile workforce structures, solutions for remote working, attention to employee experiences, agility and flexibility in HR practices, alongside ongoing learning and development.

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Top Growth Drivers in the Core HR Software Industry: What's Accelerating the Market?
The core HR software market is predicted to expand due to the growing adoption of remote work. Remote work practices, encompassing strategies, procedures, and regulations that allow work to be performed outside traditional office settings effectively, significantly leverage Core HR software. This software provides crucial HR instruments and features that aid organizations in managing their personnel, maintaining compliance, and promoting communication and cooperation among remote employees effectively. For instance, reports by Forbes Media LLC, a US-based company, in June 2023 showed that about 12.7% of full-time workers were working from home, with 28.2% adopting a hybrid model in the US, a figure expected to rise to 32.6 million by 2025. Hence, the increasing trend of remote work is fueling the advancement of the core HR software market.

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What Trends Will Shape the Core HR Software Market Through 2029 and Beyond?
In an effort to align their HR plans more closely with the overarching goals of their organizations and promote company success, major businesses in the core HR software market are opting for strategic collaborations. Strategic collaborations refer to the practice of companies utilizing each other's abilities and resources to attain shared benefits and prosperity. For example, in May 2023, Personio, a Germany-based company specializing in the development of HR management and recruitment platforms, collaborated with Mastercard Inc., an American payment technology corporation. The goal of this collaboration is to promote digitalization of HR within SMEs, exemplifying Personio's dedication to addressing the specific needs of HR professionals and businesses that aim to streamline their main HR activities. The integration of Personio with various platforms extends its service, facilitating smooth and efficient user experiences and data synchronization. This collaboration corresponds with the larger trend of speeding up the digitization of conventional HR procedures.

What Are the Main Segments in the Core HR Software Market?
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

Subsegments:
1) By Services: Consulting Services, Implementation Services, Training And Support Services, Maintenance And Upgrade Services
2) By Software: Payroll Management Software, Recruitment Software, Employee Management Software, Performance Management Software, Time And Attendance Management Software

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Which Top Companies are Driving Growth in the Core HR Software Market?
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.

Which Regions Will Dominate the Core HR Software Market Through 2029?
North America was the largest region in the core HR software market in 2024. 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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