Core HR Software Market worth $15.1 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Aug. 21, 2023 /PRNewswire/ -- Core HR Software will probably continue to be adopted in the future, along with integration of AI and automation, a focus on improving employee experiences, customisation, international compliance, and addressing the needs of remote work and diversity. The market's future is anticipated to be shaped by features for AI-powered recruitment and continuous learning, data security, and mobile accessibility.

The Core HR Software Market size is expected to grow from USD 10.7 billion in 2023 to USD 15.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period, according to MarketsandMarkets. The need for a centralized repository for employee information to access and manage employee records in real time drives the growth of the Core HR Software Market.

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252 - Tables
49 - Figures
234 - Pages

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Scope of the Report

 

By software, the personnel management segment is expected to grow at the highest CAGR during the forecast period.

Personnel management, encompassed within core HR software, constitutes a comprehensive suite of tools and functionalities aimed at efficiently managing the entire employee lifecycle within an organization. This multifaceted solution streamlines HR processes, from recruitment and onboarding to performance management, career development, and offboarding. Personnel management enables HR professionals to effectively track, organize, and analyze employee information through a unified platform, thereby enhancing workforce productivity, engagement, and strategic decision-making. The software facilitates job posting, candidate screening, interview scheduling, and offers acceptance. It centralizes candidate data, allowing HR teams to assess applicant suitability and seamlessly transition successful candidates into the onboarding phase. During onboarding, personnel management software automates paperwork, training schedules, and introductory materials, expediting the integration of new employees and contributing to a positive first impression.

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By deployment type, the cloud segment holds a larger market size during the forecast period.

Adoption of cloud-based core HR software adoption has experienced remarkable growth in recent years, transforming how organizations manage their human resources. According to a study by Gartner, cloud-based HCM applications represented 60% of all HCM deployments in 2020, which is expected to increase further in the coming years. The flexibility and scalability offered by cloud solutions have driven this trend, allowing businesses to adapt quickly to changing workforce needs and scale operations seamlessly. Additionally, as per the PwC HR Tech Survey 2022, 91% of organizations stated that more employees are using core HR software on the cloud. Small and medium-sized enterprises (SMEs) have particularly embraced cloud-based HR software due to its affordability and ease of implementation. With integrated cloud HR suites gaining popularity, businesses are reaping the benefits of streamlined HR processes, data consolidation, and real-time analytics, empowering them to make data-driven decisions for talent management and strategic planning. As cloud technology continues to evolve and more organizations recognize its advantages, adopting cloud-based core HR software is poised to thrive during the study period.

By Region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.

Asia Pacific countries' Core HR Software Market is experiencing rapid growth and expansion. The region's diverse and dynamic business landscape and increasing technology adoption drive the demand for advanced HR solutions to streamline workforce management and improve overall HR efficiency. Asia Pacific comprises China, Japan, India, and the Rest of Asia Pacific. Being an emerging economy, Businesses of all sizes, ranging from small and medium-sized enterprises (SMEs) to large corporations, have recognized the value of these solutions in optimizing HR processes and supporting organizational growth. Integration with other business systems, such as payroll, accounting, and talent management, is a top focus for core HR software providers in the region.

Top Key Companies in Core HR Software Market:

Some of the key players operating in the Core HR Software Market are - Workday (US), SAP (Germany), ADP (US), UKG (US), Oracle (US), Ceridian (US), IBM (US), Paycom (US), Paylocity (US), and Cornerstone OnDemand (US).

Recent Developments:

• In June 2023, Workday announced the expansion of its partnership with Samsung SDS, a system integrator and cloud-based HR technology provider, to drive business and deliver unified HCM for HR professionals in the region.
• In June 2023, UKG acquired Immedis, a workforce management, and HR payroll solution provider, to transform the global payroll landscape by launching UKG One View, a multi-country payroll solution.
• In April 2023, Oracle announced enhancements to Oracle ME, an employee experience platform, Oracle Grow, an innovative AI-driven offering that unifies learning, skill development, and career advancement into a personalized journey, empowering individuals to pursue self-guided learning opportunities.
• In March 2023, Ceridian announced that Center Parcs UK & Ireland chose Dayforce to enhance its workforce efficiency, boost employee engagement, and ensure regulatory compliance. With Dayforce's extensive workforce management features, including time and attendance tracking, intelligent scheduling, task management, and people analytics, Center Parcs aims to empower and retain its front-line workers effectively.
• In October 2022, ADP announced the launch of Voice of the Employee, an employee survey solution to help employers to collect employee feedback throughout the employee lifecycle and improve the employee workplace experience.
• In October 2021, SAP announced SAP SuccessFactors Opportunity Marketplace, a new solution that connects workers with individualized recommendations to fuel personal growth and development and increase organizational agility.

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Core HR Software Market Advantages:

• Core HR software offers a centralised platform for managing all employee-related data, including personal information, employment history, pay, benefits, performance evaluations, and more. By doing this, the necessity for human data entry and the possibility of data duplication or inaccuracy are reduced.
• Numerous HR procedures, including onboarding, offboarding, leave administration, attendance monitoring, and others, are automated by the programme. This lessens the administrative burden and frees up HR personnel to work on more strategic projects.
• HR personnel may carry out activities more effectively, saving time and money, with the help of automated processes. Faster responses to enquiries and requests benefit employees as well.
• The main HR software aids in maintaining current and accurate personnel data. Automation increases the reliability of the HR database by lowering the possibility of human error during data entry and retrieval.
• Features that aid organisations in adhering to corporate rules, industry standards, and labour laws are frequently included in the programme. As a result, there is a lower chance of legal troubles and penalties for noncompliance.
• HR professionals can derive insights from employee data thanks to the powerful reporting and analytics tools provided by core HR software. Decision-making, personnel planning, and performance reviews can all benefit from these insights.
• Employees can access and edit their personal information, request leave, view pay stubs, and more through the self-service portals provided by many key HR software solutions. Employees feel more empowered as a result, and HR has less work to do.
• It is made simpler to post job openings, screen applicants, arrange interviews, and manage the hiring process by the inclusion of applicant tracking and recruitment functions in several core HR systems.

Report Objectives

• To define, describe, and forecast the core Human Resources (HR) software market based on component, software, service, deployment type, vertical, and region
• To provide detailed information regarding the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market
• To strategically analyze markets concerning growth trends, prospects, and contributions to the overall market
• To analyze and forecast the market size in terms of value
• To forecast the market size for five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the market
• To strategically profile the key players of the market and comprehensively analyze their market size and core competencies in each subsegment
• To analyze competitive developments such as agreements, alliances, joint ventures, and mergers and acquisitions in the market
• To analyze the impact of the recession on the global Core HR Software Market

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