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An effective HR department with right people and software products help an organization to collect and manage information regarding all human resources and their contribution toward Return on Investment (ROI) of an organization. Core HR software helps organizations to perform functions of HR department, collect, centralize, and manage employee data, and generate valuable reports on the basis of the gathered information. It also automates HR process and functionality of an organization such as recruitment, training, payroll, administration, performance reports, appraisals, analysis, and many others. This software is developed with an intention to cover full spectrum of HR tasks including managing organizational hierarchy, track and improve process efficiency, time and attendance, HR management information, payroll processing, and others.
Increase in adoption of digitization and growing need to automate HR department for efficient human resource management among various industry verticals are the major factors that drive the growth of the global core HR software market. Rise in adoption of advance data management systems with integrated payroll management, workforce management, talent and recruitment management functionalities among organizations has observed significant growth over the past decade. This is also expected to propel adoption of software with diverse functionality, especially core HR software as a service platform, which in turn, is expected to boost global core HR software market growth. However, high complexities associated with legacy system integration is a major factor that restricts the global market. Furthermore, rise in adoption of core HR software by SME’s is an opportunistic factor of the global core HR software market.
The core HR software market is segmented into component, type, deployment, enterprise size, industry vertical, and region. By component, it is bifurcated into software and services. In terms of type, it is classified into succession planning, pension management, learning management, personnel management, compliance management, benefits & claims management, and payroll & compensation management. By deployment, it is categorized into cloud and on-premises. On the basis of enterprise size, the core HR software market is classified into large enterprises and small & medium sized enterprises (SMEs). In terms of industry vertical, it is classified into government, manufacturing, energy & utilities, consumer goods & retail, healthcare & life sciences, transportation & logistics, telecommunications & information technology, Banking, Financial Services, & Insurance (BFSI), and Others. Region-wise, the global core market size is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the global core HR software market analysis are Automatic Data Processing, LLC, Ceridian HCM, Inc., Corehr, Employwise, Inc., International Business Machines Corporation, Oracle Corporation, Paychex, Inc., Paycom Software, Inc., SAP SE, and Sumtotal Systems, LLC (A Skillsoft Company). These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Market Segments
Key Market Players