Market Research Future Insights
According to MRFR analysis, the global core HR software market is expected to register a CAGR of 11.1% from 2022 to 2030 and hold a value of over US$ 35.13 Billion by 2030.
The core HR software market refers to the segment of the human resources (HR) technology market that offers solutions for managing core HR functions such as employee data, payroll processing, benefits administration, and compliance reporting. These software solutions are typically offered as cloud-based SaaS (Software as a Service) platforms, enabling HR departments to access and manage HR data and processes from anywhere with an internet connection.
The COVID-19 pandemic had a significant impact on the core HR software market. As companies shifted to remote work and faced new compliance and workforce management challenges, there was a growing demand for digital HR solutions that could support these changes. Additionally, many companies were forced to cut costs and reduce headcount, which led them to prioritize automating HR processes and reducing administrative overhead through the use of HR software.
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Some of the key market players are Workday, Inc., Sap SE, Ceridian HCM, Inc., and Automated Data Processing
are all American companies (Germany), CoreHR (Ireland) (Ireland), Employwise Paycom Software, Inc. (India)
Oracle Company, IBM Corporation, Paychex, Inc., and (U.S.), IBM Corporation Oracle Corporation (U.S.) (U.S.)
The Global core HR software market has been segmented into based on deployment, organization,
component, deployment and vertical.
Based on Software Deployment Mode for Core HR Outlook: Cloud, On-Premise
Based on Core Organizational HR Software Size Outlook: Big Enterprise Small & Medium Enterprise
Based on Component: Software, Service
Based on Deployment: Cloud, On-Premise
Based on Vertical: Healthcare, manufacturing, transportation, information technology, retail, and government make up BFSI.
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According to a report by Markets and Markets, the global core HR software market is projected to grow from $6.47 billion in 2020 to $9.89 billion by 2025, at a CAGR of 8.8% during the forecast period. North America is expected to hold the largest share of the market, due to the high adoption of cloud-based HR solutions by organizations in the region. However, the Asia Pacific region is expected to see the highest growth rate, due to the increasing adoption of HR technology by SMEs and the growing number of startups in the region.
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