Chicago, Dec. 06, 2023 (GLOBE NEWSWIRE) -- The global Core HR Software Market size is expected to grow from USD 10.7 billion in 2023 to USD 15.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period, during the forecast period, according to a new report by MarketsandMarkets™.
The need for a centralized repository for employee information to access and manage employee records in real time drives the growth of the core HR software market.
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252 - Tables
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The shift to remote and hybrid work arrangements, accelerated by the COVID-19 pandemic, created a demand for robust e-learning solutions; this drives the need for core HR software during the forecast period.
Core HR Software Market Dynamics:
Drivers:
- Need for improved compliance and risk management to adhere to employment laws and regulations.
- Analytics and reporting capabilities enable data-driven decisions.
- Demand for centralization and automation of routine HR processes to reduce manual errors.
Opportunities:
- Growing adoption of AI and automation for transforming HR processes
- Adoption of remote working models to boost adoption of core HR software
- Rapid adoption of cloud-based HR software to improve efficiency and scalability
Restraints:
- High cost of implementation of core HR software for SMEs
List of key Players in Core HR Software Market:
- Workday (US),
- SAP (Germany),
- ADP (US),
- UKG (US),
- Oracle (US),
- Ceridian (US),
- IBM (US),
- Paycom (US),
- Paylocity (US)
- Cornerstone OnDemand (US).
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Based on components, the software segment to hold the largest market size in 2023. Core HR software, also known as Human Resources Information System (HRIS) or a subset of Human Capital Management (HCM) software, is a comprehensive solution designed to streamline and centralize essential human resource functions within an organization. This software encompasses a range of tools and features that facilitate employee data management, including personal information, attendance, leave records, payroll details, and performance evaluations. Core HR software is a digital repository for storing, accessing, and updating employee information, enabling HR professionals to handle administrative tasks efficiently, generate reports, and ensure compliance with regulations. Moreover, this software often includes self-service portals for employees, empowering employees to access their information, request time off, and update personal details, thereby reducing the administrative burden on HR staff. By automating routine HR processes, enhancing data accuracy, and promoting better communication between HR teams and employees, core HR software contributes to increased operational efficiency and strategic decision-making within organizations.
Based on software, learning management segment to hold the largest market share in 2023. Learning management is an integral component of core HR software and constitutes a robust platform designed to facilitate the creation, delivery, and management of employee training and development programs. This comprehensive solution empowers organizations to enhance their workforce’s skills, knowledge, and competencies, ultimately contributing to improved job performance, employee engagement, and organizational growth. The software offers tools to create engaging learning materials and structure curricula tailored to various roles, departments, and skill levels. It enables organizations to align training initiatives with strategic objectives, ensuring employees acquire the necessary skills to drive business success. The software’s self-service features provide employees with easy access to learning materials, allowing them to learn at their own pace and convenience. Learners can track their progress, complete assignments, and take assessments online. This flexibility promotes a continuous learning culture and encourages employees to take ownership of their professional development.
Based on vertical, the government vertical to hold the largest market share in 2023. Core HR software plays a crucial role in the government industry vertical by modernizing and optimizing human resources management within public sector organizations. Government entities have unique requirements and challenges, such as complex workforce structures, stringent regulations, and a focus on public service delivery. The software provides a centralized repository for employee data, ensuring accurate and up-to-date government personnel records. This centralization simplifies access to information for HR professionals, payroll processing, and reporting purposes. Thus, core HR software plays a pivotal role in the government industry vertical by modernizing and streamlining HR operations, ensuring compliance with regulations, and optimizing workforce management. It enhances transparency, productivity, and employee satisfaction, ultimately contributing to the effective and efficient delivery of public services.
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