Global Core HR Software Market By Component (Software, Services), Software (Benefits and Claims Management, Payroll and Compensation Management, Personnel Management, Learning Management, Pension Management, Compliance Management, Succession Planning), Service (Integration Services, Maintenance and Support, Consulting), Deployment Type (On-Premises, Cloud), Organization Size (Small and Middle Enterprises, Large Enterprises), Verticals (Government, Manufacturing, Energy and Utilities, Consumer Goods and Retail, Healthcare, Transportation and Logistics, Telecom and Information Technology (IT), Banking, Financial Services, and Insurance (BFSI)), Geography (North America, South America, Europe, Asia-Pacific, and Middle East & Africa) – Industry Trends and Forecast to 2026
Global core HR software market is estimated to rise by 2026, registering a healthy CAGR of 11.2% in the forecast period of 2019-2026. This rise in market value can be attributed to the Increase in demand of cloud technology and mobile deployment, adoption of software to decrease labour cost, improve productivity and rising automated HR processes.
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Some of the major competitors currently working in the global core HR software market are Oracle, Paycom, SAP SE, SumTotal Systems, LLC, Ultimate Software, Workday, Inc., EmployWise, CoreHR Limited, Ceridian HCM, Inc., ADP, LLC., Peopleworks, Ramco Systems, Emportant, TrustRadius, Cezanne HR Limited, Paychex Inc., Ascentis Corporation, Kronos Incorporated, Vibe HCM, Inc, TriNet Group, Inc and others.
Human resource software serves the basic functions of HR department. The software captures the data of the employee in a centralized database. Such database collects information related to personnel birth, place, address and other personal details. Further the software keeps the track of job title and description, tax holdings and salary, sick and vacation days, documentations of training and other information. The software provides the common platform to managers and employee through a portal where they can update each detail and avoid delay in data upgradation.
- Adoption of software to decrease labour cost and improve productivity can boost the market growth
- Increase in demand of cloud technology and mobile deployment might act as catalyst for the growth of the market
- Rising automated HR processes would enhance the growth of the market
- Increase security due to facility of backup data may expand the market growth
Global core HR software market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of core HR software market for Global, Europe, North America, Asia-Pacific, South America and Middle East and Africa
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- Benefits and Claims Management
- Payroll and Compensation Management
- Personnel Management
- Learning Management
- Pension Management
- Compliance Management
- Succession Planning
- Integration Services
- Maintenance and Support
By Deployment Type
By Organization Size
- Small and Middle Enterprises
- Large Enterprises
- Energy and Utilities
- Consumer Goods and Retail
- Transportation and Logistics
- Telecom and Information Technology (IT)
- Banking, Financial Services, and Insurance (BFSI)
- North America
- South America
- Middle East and Africa
Key Developments in the Market:
- In October 2018, InfinityHR was acquired by the Arcoro, provider of human capital management solutions. The acquisition was a part of strategy which is going help Arcoro to further expand its HR offerings. With this acquisition, Arcoro could provide more services related to HR in big industries
- In January 2017, Oracle Marketing Cloud announced its collaboration with Eyeota. Oracle’s data management platform would be added with Eyeota’s insights in order to help customers of the Oracle Marketing Cloud to extract the data to their own customer. This would help Oracle customers to access the information of their own clients
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved
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