Core HR Software Market, By Component (Software, Service), Deployment (Cloud, On-Premise), Vertical (BFSI, Healthcare, Manufacturing, Transportation, IT & Telecommunication, Retail and Government) - Forecast 2027
Pune, India - January 20, 2022 /MarketersMedia/ —
Market Highlights
Core HR software is used to manage employee information that can be easily accessed via a centralized HR database. The HR database generally consists of employee’s personal information, benefits enrolment, and income tax withholding. Core HR software includes employee self-portal, which enables them to edit and view their personal details, which can also be used for lack of tracking of employees.
The Global Core HR Software Market 2020 plans to register a high growth of around 9% CAGR in the next six years. This information has been gathered in the latest study conducted by Market Research Future after studying impact analysis on COVID-19. The six years indicated forecast period, which is 2017-2023. During these years, the market has the potential to achieve USD 11 Billion.
Market Dynamics
A surge in cloud implementation and the increasing smartphone usage will drive market expansion during the forecast timeline. In addition, the increasing automation in HR procedures is a few of the main factors driving the expansion of the industry. The large-scale use of core HR software in a wide range of end-use industries, including healthcare, energy & utilities, transport & logistics, retail & consumer goods, IT & telecom, and manufacturing, will drive the growth of the core HR software industry in the coming years.
Moreover, the massive adoption of core HR software services in small and medium-sized enterprises will generate significant growth opportunities for the industry over the ensuing years. Rising preference for human resource analytics in data mining and various businesses will help raise the market in the near future.
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Segmentation:
The study by MRFR also digs some segmentation of the global Core HR Software market, which has been done through the component, service, deployment, and vertical.
Depending on the segment of the component, the market has included software and service. Among software, it includes benefits and claim management, personnel management, payroll and compensation management, pension management, learning management, compliance management, and others. And the service segment has included integration services, consulting services, and maintenance and support.
Depending on the deployment segment, the core HR software market has included cloud and on-premise.
Depending on the vertical segment, the market has included BFSI, Government, IT & telecommunication, healthcare, retail, and others.
Regional Analysis:
The regional analysis of the global core HR software market is being studied for regions such as Asia Pacific, North America, Europe, and the Rest of the World.
It has been reported that North America is expected to have the largest market share, while Asia Pacific is projected to rise at the fastest pace during the forecast period. The significant growth in North America's core HR software market is due to technological advances and rapid growth in the use of HR software in that region.
Key Players
The industry giants in the 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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Core HR Software Market, By Component (Software, Service), Deployment (Cloud, On-Premise), Vertical (BFSI, Healthcare, Manufacturing, Transportation, IT & Telecommunication, Retail and Government) - Forecast 2027
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Name: Saurabh Sinha
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Website: https://www.marketresearchfuture.com/reports/core-hr-software-market-3183
Source: MarketersMedia
Release ID: 89060842
