According
to the new market research "Core HR Software Market
by Software (Learning Management, Payroll and Compensation Management),
Service, Deployment Type (On-Premises and Cloud), Organization Size (SMEs and
Large Enterprises), Vertical, and Region - Global forecast to 2022”, the
core HR software market size is expected to grow from USD 6.47 billion in 2017
to USD 9.89 billion by 2022, at a Compound
Annual Growth Rate (CAGR) of 8.8% during the forecast period.
Rise
of the cloud and mobile deployment, and increase in automation in HR processes
have led to the increased adoption of core HR software. With the increase in
the adoption rate of core HR software among the Small and Medium-Sized
Enterprises (SMEs), the core HR software market is expected to gain major
traction during the forecast period.
Browse and in-depth TOC on "Core
Human Resource (HR) Software Market"
63
- Tables
66
- Figures
132
- Pages
Rapid adoption of core HR software due to a strong and
well-established economy makes North America the largest region in terms of
global share
North
America is expected to have the largest market share and is expected to
dominate the market from 2017 to 2022, because of the adoption of new
technologies, such as increased use of smartphones and cloud platform. The
startups and emerging players in the region offer differentiated, customized,
and flexible products to meet the need of HR professionals.
The government sector is expected to contribute to the largest
market size during the forecast period
The
government employs a considerable workforce size and requires software to
manage documents of an employee. The government sector needs better tools to
manage its budget constraint issues and changing priorities to manage the HR.
Aging employees and wave of retirement are the top challenges that this sector
is facing to manage its workforce. Software, such as pension management and
succession planning can help the government in the smooth processing of its HR
activities. Moreover, outdated infrastructure is the biggest disadvantage for
governments to integrate new systems and solutions that would help cope up with
this challenge.
The SMEs segment for core HR software is expected to grow at the
highest CAGR during the forecast period
The SMEs’
segment is expected to grow at the highest CAGR in the core HR software market
during the forecast period. Organizations with employee range between 100 and
1,000 are categorized under SMEs. SMEs face some specific challenges, such as requirement
of domain-specific technical personnel and skilled workforce, budget
constraint, and limited economies of scale. Increasing competition has prompted
SMEs to invest in this business software and adopt go-to-market strategies to
make efficient decisions for business growth. More than large enterprises, SMEs
face resource crunch and require better methods to solve the complexities for
better cost optimization on their assets and requirements.
The major
vendors that offer core HR software across the globe are Automatic Data
Processing (ADP) (US), Ceridian HCM, Inc. (US), CoreHR (Ireland), EmployWise
(India), International Business Machine (IBM) Corporation (US), Oracle
Corporation (US), Paychex, Inc. (US), Paycom Software, Inc. (US), SAP SE
(Germany), SumTotal Systems, LLC. (A Skillsoft Company) (US), Ultimate Software
(US), and Workday, Inc. (US).
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