According to Zion Market Research, the — global core HR software market is anticipated to augment from USD 7.56 billion in 2019 to USD 10.33 billion by 2026, developing at a CAGR of 8.6% from 2020 to 2026. The surge of the cloud & mobile use and augmentation in automation in HR processes are the key aspects accountable for the expansion of the market. The core HR software is utilized by different industry verticals, like energy & utilities, government, manufacturing, consumer goods & retail, telecom & IT (information technology), healthcare, transportation & logistics, BFSI (banking, financial services, and insurance), and others, as well as education, hospitality, and media & entertainment, have stimulated the market.
Some of the leading players in the market are Automatic Data Processing, Ceridian HCM, Inc., International Business Machine (IBM) Corporation, CoreHR, Oracle Corporation, EmployWise, Paychex, Inc., Paycom Software, Inc., Ultimate Software, SAP SE, Workday, Inc., and SumTotal Systems, LLC.
Rise In Demand For Automation To Boost The Global Core HR Software Market
The core human resource software market is mainly impelled by the surging mobile deployment and demand for cloud technology. As the data are not accumulated on any physical storage, it persuades removal of paper clutters, augments employee efficiency as the employees get the right of entry to the cloud anytime, anywhere, and from any device. Furthermore, any maintenance and expensive upgrades are not needed. It also competently integrates systems and exchange real-time valuable information. The augmenting demand for automation in the human resource process is also boosting the requirement of the core human resource software market. With the execution of automation in the human resource, the software facilitates free up human resource workers, thus performing the tasks proficiently and effectively.
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The global core HR software market is divided on the basis of component, deployment type, organization size, vertical, and regional analysis. Based on the component, the market is divided into services and software. The software segment is sub-divided into payroll & compensation management, benefits & claims management, learning management, personnel management, compliance management, pension management, and succession planning. The service segment is sub-divided into maintenance & support, integration services, and consulting. Based on the deployment type, the market is divided into the cloud and on-premises. Based on the organization size, the market is divided into large enterprises and small & middle enterprises. Based on the vertical, the market is divided into government, energy & utilities, manufacturing, consumer goods & retail, transportation & logistics, healthcare, telecom& IT (information technology), and BFSI (banking, financial services, and insurance).
The North America Region Expected To Dominate The Global Core HR Software Market
Based on geographical analysis, the global core HR software market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The North America region is anticipated to have the major market share and rule the market during the forecasted period, owing to the adoption of novel technologies, like the adoption of cloud platforms and smartphones. The startups and budding players across the region present customized, differentiated, and flexible products to fulfill the need of HR professionals.
The global core HR software market is segmented as follows:
Benefits & Claims Management
Payroll & Compensation Management
Maintenance & Support
By deployment type:
By organization size:
Small & Middle Enterprises
Energy & Utilities
Transportation & Logistics
Telecom & IT (Information Technology)
Consumer Goods & Retail
BFSI (banking, financial services, and insurance)
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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