Core HR Software Market Share, Value, Growth Predictions, Forecast Till 2023

28/dic/2018 20:52:35 vaibhav hulsure Contatta l'autore

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Core HR Software Market Highlights:

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.

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.

Enterprises are eagerly anticipating their business operations by increasing efficiency and simultaneously reducing functional costs. They are attempting to bridge a gap between workforce development and retention. Core HR is a cloud-based software which allows enterprises to align their human resource functionalities by enabling appropriate technology. The software monitors the back-end HR activities of an enterprise by recording administrative processes such as attendance, payroll, positions, self-service, and others. The adoption of this software results in efficient HR approaches by increasing global agility, simplified workforce management, increased staff productivity coupled with controlling labor cost, and reducing compliance risk.

 The prominent players in the Core HR Software Market are-

Automatic Data Processing (US), Ceridian HCM Inc. (US), CoreHR (Ireland), Employwise (India), IBM Corporation (US), Oracle Corporation (US), Paychex Inc. (US), Paycom Software Inc. (US), Sap SE (Germany), and Workday Inc. (US) 

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Core HR Software Market Segmentation:

Segmentation by component: software and service.

Segmentation by deployment: on-cloud and on-premise.

Segmentation by vertical: BFSI, healthcare, IT and telecommunications, retail, government, and others.

Segmentation by region: North America, Europe, Asia-Pacific, and the rest of the world

Regional Analysis:

Geographically, the core HR software market is categorized into four regions namely North America, Europe, Asia-Pacific, and the rest of the world.

Increased cloud adoption in enterprises for core business functions is expected to be a factor encouraging the growth of the core HR software market in North America. Owing to this, the region is expected to dominate the market with the largest market share during the assessment period. The US, Canada, and Mexico are the leading countries in the region, owing to the adoption of cloud-based HR solutions in enterprises to conduct efficient HR practices.

Leading core HR software providers such as Automatic Data Processing, Ceridian HCM Inc., IBM Corporation, and Oracle Corporation in US are enhancing advanced technological architecture. This advancement in the IT infrastructure leads to increasing market share. Asia Pacific is expected to be the fastest growing region in the core HR software market, due to increasing deployment of mobile phones and the shift of small and medium enterprise and large enterprise to cloud. China, Japan, and India are leading countries in the region, due to the vast customer base in the countries. Europe is expected to show a high growth rate during the assessment period owing to the growing investments of tech leaders such as Microsoft, Intel, IBM, and others in the European IT market. Therefore, the overall core HR software market is expected to grow during the forecast period of 2018–2023.

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Industry News

July 2018, Ceridian HCM Inc., a global HCM technology company, launched Dayforce their cloud-based platform in UK. This platform provides users with functions such as combined and deep functionality which simplifies their work process and engages in smart operations.

January 2018, Paycom Software Inc., a provider of cloud-based HCM software, launched the re-designed features of their Employee Self-Service Technology which enhances the usability of its clients. The latest update includes enhancements in features such as “Quick Punch, Quick Action Button” which allows the employees to access and edit information on their dashboard. This allows its users to efficiently engage with their workforce. 

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