Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Global Core HR Software Market by Component (Software (Learning Management, Payroll & Compensation Management, Benefits & Claims Management) and Services) Deployment Type, Vertical (Government, BFSI, Manufacturing) and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global core HR software market is poised for significant growth over the next five years, with a forecast predicting a leap from US$ 10.7 billion in 2023 to US$ 15.1 billion by 2028. This projection denotes a considerable Compound Annual Growth Rate (CAGR) of 7.0%. The need for advanced solutions in HR processes, propelled by the rise of AI and automation, along with the prevalent trend of remote work models, are critical factors contributing to this accelerated market expansion.
In the services sector, consulting services are anticipated to experience a notable CAGR, primarily due to the essential role they play in facilitating organizations to navigate through the complexities associated with modern HR management software implementation. These services are increasingly sought after for expert advice and strategic planning, ensuring seamless integration and optimization of core HR software into business processes.
A closer examination reveals that the Banking, Financial Services, and Insurance (BFSI) vertical is expected to retain a considerable market share in 2023. The intricate requirements of workforce management within the BFSI sector, paired with stringent compliance and regulation needs, are catered to efficiently by core HR software. It addresses these challenges, ensuring an effective and systematic approach to talent management, onboarding, and compliance adherence.
When assessing regional growth, the Middle East and Africa (MEA) emerge as the region with the second highest CAGR expected during the forecasted period. Digital transformation initiatives across the MEA, particularly in countries like the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA), are pointed out as significant drivers in the adoption of core HR software. The trend towards smart cities and increased investments in HR technology are paving the way for future growth opportunities in these regions, making MEA a hotbed for core HR software market development.
An extensive profile analysis of primary market participants reveals a varied distribution of companies ranging from Tier I to Tier III, with participation from C-Level Executives to Directors and other key stakeholders. The regional presence of these participants spans across North America, Europe, Asia Pacific, and other parts of the world, showcasing the global reach of the core HR software market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 225 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $10.7 Billion |
| Forecasted Market Value (USD) by 2028 | $15.1 Billion |
| Compound Annual Growth Rate | 7.0% |
| Regions Covered | Global |
Companies Mentioned
- Access Group
- Adp
- Aps Payroll
- Bamboohr
- Ceridian
- Cornerstone Ondemand
- Darwinbox
- Employwise
- Greythr
- Gusto
- Hibob
- Hrone
- Ibm
- Namely
- Oracle
- Paychex
- Paycom
- Paycor
- Paylocity
- Peoplestrong
- Personio
- Rippling
- Sap
- Servicenow
- Sprout Solutions
- Ukg
- Visma
- Workday
- Zoho
For more information about this report visit https://www.researchandmarkets.com/r/j072yc
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