Core HR Software Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Core HR Software Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : September, 2021 | Technology & Media

Report Digest


Global Core HR Software Market: Snapshot

Core human resource software market allows the user to process information regarding any employee in the organization. The growing demand for automation in the HR department is considered as one of the major factors estimated to encourage the growth of the global core HR software market in the next few years. The increasing use of mobile and cloud deployment is predicted to offer promising growth opportunities for the market players operating in the global core HR software market.

Among the key regional segments, North America is projected to witness high growth in the next few years. The increasing adoption of smartphones, cloud platforms, and new technologies are some of the key factors that are anticipated to encourage the growth of the core HR software market across North America in the next few years. Customization offered by the market players according to the demand of their consumers is projected to accelerate the growth of the North America market in the next few years.

The reluctance of several consumers regarding the use of core HR software and the lack of awareness regarding the availability of new technologies are projected to curtail the growth of the global market in the coming few years. Thus, the leading players in the global market are projected to create an awareness among consumers regarding the benefits of making use of core HR software is projected to accelerate the growth of the overall market in the near future.

Some of the leading players operating in the core HR software market across the globe are ADP, EmployWise, CoreHR, IBM Corporation, and Ceridian HCM, Inc. These players are anticipated to emphasize on development of new product and innovations, which will cater to the demand of the consumers across the globe. Moreover, the rising inclination of several organizations towards HR analytics is further predicted to encourage the growth of the global market in the next few years.

Global Core HR Software Market: Overview

Also known as human resource (HR) information systems (HRIS), core HR software consist of a central record system that can store employee data such as benefits and payroll information. HR managers engage such software to report key trends of their organization and track employee records. Without interrupting the workflow of HR department, employees can update their corporate information with self-service options of core HR software. In order to improve their value across various HR functions, companies adopting the software could integrate them with third-party HR applications and incorporate them in integrated HR management suite.

Global Core HR Software Market: Key Trends

The world core HR software market is prognosticated to receive a strong impetus from numerous factors such as increasing adoption of automation for executing HR processes and furtherance in mobile and cloud deployment. Participants wanting to establish their position in the world core HR software market could find lucrative opportunities from several verticals boosting growth, such as healthcare, consumer goods and retail, energy and utilities, manufacturing, and government. Out of all these verticals and more, the government vertical is anticipated to secure a larger market size during the course of the forecast period.

Vendors offering a single point of contact and range of services, including on-premise deployment or deployment on the cloud, for companies to perform different business activities are expected to operate on the greener pastures of the world core HR software market. Small and medium-sized enterprises (SMEs) could provide significant opportunities for growth in the world core HR software market on account of their augmenting investments in business software and need to adopt quick and efficient strategies for securing business growth. Vendors looking to increase demand in the world core HR software market are predicted to capitalize on the requirement of SMEs to ease resource crunch and improve cost optimization.

Global Core HR Software Market: Market Potential

Approximately 23,000 employees at Life Care Services will be using the Oracle HCM Cloud human resource management software in a couple of phases, i.e. November 2017 and January 2018. A highlight global feature of Oracle HCM Cloud assists HR departments to administer employee payroll in several countries. However, the software also includes other vital core HR functions. Life Care Services expects to enhance its data and scale integrity by integrating functions presently managed by a set of diverse HR products. The company thinks the move to replace its Oracle on-premises software and other bolt-on systems will prove to be a game changer for keeping ahead of competitors in the industry.

Global Core HR Software Market: Regional Outlook

North America is prophesied to win the race of achieving a higher share in the international core HR software market during the forecast period. The dominance of the North America core HR software market could be attributed to a telling adoption of cloud platforms, smartphones, and newer technologies. Most emerging players making a mark in the core HR software market for North America are envisaged to achieve success by meeting the requirements of HR professionals by offering flexible, customized, and differentiated products. Other regions that could be important for the growth of the international core HR software market are Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Global Core HR Software Market: Competitive Landscape

With a view to extend their offerings in the worldwide core HR software market, industry players are envisioned to take to inorganic and organic growth strategies that include acquisitions and mergers, collaborations and partnerships, and new product launches. Some of the major companies projected to impact the worldwide core HR software market could be IBM Corporation, EmployWise, CoreHR, Ceridian HCM, Inc., and ADP.

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?