Press release
Core HR Software Market Expected to Grow at approx 9% of CAGR, by 2023
Market Synopsis of Core HR Software Market:
Market Scenario:
Core HR software is used to manage employee information which can be easily accessible through a centralized HR database. The HR database typically comprises of employee personal information, benefits enrollment and income tax withholding. Core HR software includes employee self-portal which allows them to edit and access their personal details and it can also be used for absence tracking of employees.
Rapid growth in the cloud and mobile deployment is one major factor leading to the growth of core HR software market. Another factor is the increasing automation in the field of HR driving the market share. This had led small and medium enterprises to automate the HR processes by rapidly adopting core HR software.
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The core HR software market has been segmented on the basis of component, deployment and vertical. The vertical segment is further bifurcated in to BFSI, healthcare, transportation, manufacturing, retail and government. Core HR software is gaining major traction owing to increasing adoption by all these verticals.
The global Core HR Software market is expected to grow at approx. USD 11 Billion by 2023, at 9% of CAGR between 2017 and 2023.
Segments:
Core HR software market can be segmented on the basis of following:
By Component
- Software
•Benefits and Claim Management
•Payroll and Compensation Management
•Personnel Management
•Learning Management
•Pension Management
•Compliance Management
•Others
- Service
•Integration Services
•Maintenance and Support
•Consulting Services
By Deployment
•Cloud
•On-Premise
By Vertical
•BFSI
•Healthcare
•IT & Telecommunication
•Retail
•Government
•Others
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Regional Analysis:
The regional analysis of core HR software market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in core HR software market in North America attributes to the technical advancements and rapid growth of use of HR software in that region.
Key Players:
The prominent players in core HR software market are – Automatic Data Processing (U.S.), Ceridian HCM, Inc. (U.S.), CoreHR (Ireland), Employwise (India), IBM Corporation (U.S.), Oracle Corporation (U.S.), Paychex, Inc. (U.S.), Paycom Software, Inc. (U.S.), Sap SE (Germany), and Workday, Inc. (U.S.) among others.
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