Core HR Software Market Trends
In this rapidly changing world of technology, core HR software market is projected to show major growth prospects during the forecast period. Core HR software has gained major traction due to the increasing need for automation in managing and handling documents and other business processes.
As compared to other regions, the core HR software market in North America is expected to witness significant growth and dominate the market share during the forecast period. U.S and Canada are anticipated to drive the growth of core HR software market. This is owing to the presence of large number of emerging players and increasing startups in that region. In addition to this, the region also has a well-established economy which had led to rapid adoption of core HR software. Increasing number of smartphone users and adoption of advanced technologies is another reason for the growth of core HR software market.
The Core HR Software market is growing rapidly over 9% of CAGR and is expected to reach at approx. USD 11 billion by the end of forecast period.
Industry/ Innovation/ Related News:
April 09, 2018 - iCIMS, Inc. (US) a leading provider of cloud-based talent acquisition solutions, announced the release of product enhancements to streamline the user experience for candidates, hiring managers and recruiters. The company plans to roll out further usability updates throughout 2018.
April 02, 2018 – Lufthansa Airways (Germany) one of the largest
Aviation groups announced that it has restarted a project to replace more than 50 outdated human resources (HR) IT systems with a cloud-based service, after several failed efforts.
March 30, 2018 – Telefonica (UK) a multinational telecoms group announced that it has completely replaced 175 incompatible HR IT systems with a cloud-based Core HR Software for more than 40 countries. The company deployed new HR modules, like performance and recruitment, while rolling out Success Factors’ core HR technology as a parallel project. The company rolled out the core HR technology, Employee Central, country by country.
March 26, 2018 – Namely All-in-One HR Software (US) announced that it; expansion plans its Atlanta office footprint.
March 20, 2018 – Slack Technologies, Inc. (US), a leading global software company for a cloud-based set of proprietary team collaboration tools and services, announced its partnership with the Workday, Inc. (US), an on-demand financial management and human capital management software vendor to bring HR tools into the Slack platform. The integration would allow employees to access a range of HR services by Workday without having to leave the Slack platform.
Core HR Software Market – Segments
The Core HR Software Market is segmented into 4 key dynamics for the convenience of the report and enhanced understanding;
By Components : Comprises Software (Benefits and Claim Management, Payroll and Compensation Management, Personnel Management, Learning Management, Pension Management, & Compliance Management among others.) Service (Maintenance and Support, Integration Services, & Consulting Services among others.)
By Deployment : On Cloud & On-Premise
By Verticals : BFSI, Healthcare, IT & Telecommunication, Retail, & Government among others.
By Regions : North America, Europe, APAC and Rest of the World.
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Core HR Software Market TrendsThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Core HR Software Market Trends.
The growth sectors of the Core HR Software Market Trends are identified with precision for a better growth perspective.Core HR software is used by corporate organizations to manage employee information which can be accessed easily via a centralized HR database.
Market Research Future (MRFR) has published and released a research report about the global core HR software market that anticipates progress for this market with 9% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023.
Other important factors aiding growth include increasing automation in the field of HR and rising demand for the automated HR processes by small and medium enterprises who have a tight budget.The global core HR software market has been segmented on the basis of the component, deployment, vertical, and lastly region.
On-Premise deployment is a scenario where the softwares are installed locally in the computers kept in the premise of office.
In this region, the vital country-specific markets are China, India, and Japan.
The report "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.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=81186018Rapid adoption of core HR software due to a strong and well-established economy makes North America the largest region in terms of global shareNorth 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 periodThe 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.
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 periodThe SMEs’ segment is expected to grow at the highest CAGR in the core HR software market during the forecast period.
According to Market Research Future (MRFR), the global Core HR software market is expected to grow at USD 11 billion with a CAGR of 9% from 2017 to 2023 (forecast period).
The report identifies the strengths, opportunities, threats, and future business risks and offers an informative overview of the global market environment with the results of COVID-19.Core HR software is used to manage employee information that can be easily accessed via a centralized HR database.
The HR database generally consists of employee’s personal information, benefits enrolment, and income tax withholding.
Core HR software includes employee self-portal, which enables them to edit and view their personal details, which can also be used for lack of tracking of employees.
Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/3183 Competitive OutlookThe industry giants in the core HR software market are Automatic Data Processing (U.S.), Ceridian HCM, Inc. (U.S.), CoreHR (Ireland), Employwise (India), IBM Corporation (U.S.), Oracle Corporation (U.S.), Paychex, Inc. (U.S.), Paycom Software, Inc. (U.S.), Sap SE (Germany), and Workday, Inc. (U.S.) among others.
The service segment is further divided into integration services, maintenance and support, and consulting services.By deployment, the global core HR software market has been segmented into the cloud and on-premise.
December 06, 2018: In 2017, the global Core HR Software market size was million US$ and it is expected to reach million US$ by the end of 2025, with a CAGR of during 2018-2025.This report focuses on the global Core HR Software status, future forecast, growth opportunity, key market and key players.
The study objectives are to present the Core HR Software development in United States, Europe and China.The key players covered in this studyIBM (US)Oracle Corp (US)SAP SE (Germany)Download sample Copy of This Report at: https://www.radiantinsights.com/research/global-core-hr-software-market-size-status-and-forecast-2018-2025/request-sample Ultimate Software GroupAutomatic Data Processing (US)Ceridian HCM (US)Corehr (Ireland)Employwise (India)Paychex (US)Paycom Software (US)Sumtotal Systems (US)Workday (US)Complete Report Available @ https://www.radiantinsights.com/research/global-core-hr-software-market-size-status-and-forecast-2018-2025 Market segment by Type, the product can be split intoBenefits and Claims ManagementPayroll and Compensation ManagementPersonnel ManagementLearning ManagementPension ManagementCompliance ManagementSuccession PlanningOtherMarket segment by Application, split intoBFSIGovernmentManufacturingEnergy and UtilitiesHealthcareTransportation and LogisticsTelecom and ITOtherMarket segment by Regions/Countries, this report coversUnited StatesEuropeChinaJapanSoutheast AsiaIndiaCentral & South AmericaThe study objectives of this report are:To analyze global Core HR Software status, future forecast, growth opportunity, key market and key players.To present the Core HR Software development in United States, Europe and China.To strategically profile the key players and comprehensively analyze their development plan and strategies.To define, describe and forecast the market by product type, market and key regions.In this study, the years considered to estimate the market size of Core HR Software are as follows:History Year: 2013-2017Base Year: 2017Estimated Year: 2018Forecast Year 2018 to 2025For the data information by region, company, type and application, 2017 is considered as the base year.
Whenever data information was unavailable for the base year, the prior year has been considered.About Radiant InsightsRadiant Insights is a platform for companies looking to meet their market research and business intelligence requirements.
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