The Core HR Software Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period, to reach USD 15.1 billion by 2028 from USD 10.7 billion in 2023. The need for improved compliance and risk management to adhere to employment laws and regulations is expected to drive the growth of the global core HR software market.
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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.
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.
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Unique Features in Core HR Software Market:
Human resource management and workforce operations were being redefined by the market for core HR software, which provided unique qualities. With features like a centralised employee repository for streamlined data access, core HR software provides as a fundamental platform for employee information and crucial HR activities.
Employee self-service portals shone out because they let users handle their own personal information and needs. Payroll operations were made simpler by centralised payroll management, and legal concerns were reduced by monitoring compliance.
Leave and attendance management features facilitated efficient scheduling, and some solutions incorporated performance monitoring modules for evaluations. Seamless onboarding and offboarding modules guided new hires and managed exits.
Mobile accessibility allowed HR tasks to be completed on the go, and analytics and reporting capabilities offered insightful information for well-informed decision-making. Core HR software may be customised to meet the demands of a particular organisation, and its integration capabilities facilitated seamless data transfer between systems.
Major Highlights of the Core HR Software Market:
Significant developments in the market for core HR software were changing workforce and human resource management practises. The effective management of personnel data through centralised repositories, which improved accessibility and updates, was notable among these.
The ability for employees to manage their own personal information, pay-related information, leaves, and perks emerged as a key highlight. The accuracy and consistency of wage computations and benefit payouts were ensured by centralising payroll procedures.
The incorporation of compliance elements, which ensure conformity to labour laws, tax laws, and industry norms, was a key highlight and reduced legal risks. Scheduling accuracy was increased by effective leave and attendance management, and some solutions combined performance management modules for thorough performance control.
A healthy organisational culture is a result of structured onboarding and offboarding procedures that improved the experiences of new hiring and departing employees. Analytics and reporting capabilities enabled HR workers to make decisions based on data.
To meet the needs of a mobile workforce, mobile accessibility allowed jobs to be managed smoothly on mobile devices. The industry acknowledged the integration skills of Core HR software, increasing compatibility with other systems inside an organisation.
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Top Key Companies in Core HR Software Market:
Major vendors in this market are based in North America, Europe, and Asia Pacific. Workday (US), SAP (Germany), ADP (US), UKG (US), and Oracle (US) are among the leading players operating in the core HR software market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their core HR software market presence.
Workday
Workday is one of the well-established and reputable providers in the core HR software market, known for its cloud-based HCM solutions and continuous focus on innovation. Workday primarily targets medium to large-sized enterprises, spanning various industries and verticals such as banking, communications, education, energy, healthcare, hospitality, insurance, life sciences, public sector, manufacturing, retail, non-profit, technology, and media & entertainment. The company has a strong presence in multinational organizations, offering solutions that cater to complex HR needs and global workforce management. It has healthy partner relations with leading technology and service providers such as Accenture, Deloitte, IBM, ADP, Microsoft, and Adobe. Workday HCM is the core product of the company. It includes a range of HR modules, such as employee data management, payroll management, benefits administration, time and attendance tracking, and talent management. The company also offers recruiting and learning management solutions. It has offices across North America, Europe, the Middle East, Africa, Asia Pacific, and Latin America.
SAP
SAP is one of the leading multinational software companies. The company is well-known for its enterprise resource planning (ERP) solutions, including SAP S/4HANA and HCM software. SAP offers a range of products and solutions in the Core HR software market, including SAP SuccessFactors HXM Suite. The SAP SuccessFactors HXM Suite provides various cloud-based solutions, including a comprehensive human resource management system (HRMS). This suite integrates core HR and payroll, talent management, sales performance management, people analytics, and workforce planning, providing valuable support to drive business success. SAP caters to various industry verticals: retail, aerospace & defense, life sciences, oil & gas, public sector, transportation & logistics, utilities, healthcare, and BFSI. SAP has strong partner relations with leading market players such as Accenture, Deloitte, Atos, Capgemini, DXC Technology, Infosys, and NTT Data.
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