Global Core HR Software Market Size study, by Component, by Industry, by Deployment and Regional Forecasts 2022-2032

Description

The global Core HR Software market is valued at approximately USD 9.62 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 13.00% over the forecast period 2024-2032. Core Human Resource (HR) Software is critical in automating and managing various HR tasks such as payroll, benefits administration, time and attendance, and compliance with legal and regulatory requirements. This software centralizes employee information, streamlining processes and enhancing overall HR efficiency. The demand for such solutions is increasing due to the need for streamlined HR processes and reduction of manual tasks. Moreover, the shift towards cloud-based software services is enhancing accessibility and reducing costs, further propelling market growth. Nonetheless, concerns about data security and privacy, especially with the adoption of cloud-based systems, can hinder market growth. Yet, integrating artificial intelligence and machine learning into HR software for predictive analytics and enhanced decision-making offers significant growth opportunities.

The core HR software market encompasses various components that ensure the effective implementation and optimization of HR systems. Consulting services play a pivotal role by providing strategic insights into HR process improvement and software customization. Managed services involve outsourcing HR software functions to third-party providers, ensuring compliance and efficiency. Professional services are tailored to the unique needs of clients, involving customization, integration, and optimization of HR platforms. Support and maintenance services ensure uninterrupted operation, while training and education services enhance end-user proficiency in utilizing HR software features. The software component includes various functionalities such as workforce management, employee self-service portals, and benefits administration, ensuring comprehensive HR management.

In terms of industry application, core HR software caters to diverse sectors including aerospace & defense, automotive & transportation, BFSI, building & construction, consumer goods & retail, education, energy & utilities, government, healthcare & life sciences, IT, manufacturing, media & entertainment, telecommunication, and travel & hospitality. Each industry has unique HR management needs, making core HR software an indispensable tool across sectors.

Geographically, the market dynamics vary, with North America leading due to the presence of key players and a high prevalence of diabetes. Europe follows, emphasizing data security and compliance with GDPR. The Asia-Pacific region is projected to witness the highest growth rate, driven by economic expansion and increasing adoption of HR technology.

Major market player included in this report are:

1. Automatic Data Processing, Inc.
2. Automatic Payroll Systems, Inc.
3. Ceridian HCM Holding Inc.
4. Cezanne HR Limited
5. Cornerstone OnDemand, Inc.
6. Employwise, Inc.
7. Emportant Technologies
8. Hi Bob Limited
9. International Business Machines Corporation
10. Neeyamo Enterprise Solution Private Limited
11. Oracle Corporation
12. Paychex, Inc.
13. Paycom Software, Inc.
14. Paylocity Corporation
15. PeopleStrong Technologies Pvt Ltd.

The detailed segments and sub-segment of the market are explained below:

By Component

Services
- Consulting Services
- Managed Services
- Professional Services
- Support & Maintenance
- Training & Education
Software
- Benefits & Claims Management
- Compliance Management
- Learning Management
- Payroll & Compensation Management
- Pension Management
- Personnel Management
- Succession Planning

By Industry

Aerospace & Defense
Automotive & Transportation
Banking, Financial Services & Insurance
Building, Construction & Real Estate
Consumer Goods & Retail
Education
Energy & Utilities
Government & Public Sector
Healthcare & Life Sciences
Information Technology
Manufacturing
Media & Entertainment
Telecommunication
Travel & Hospitality

By Deployment

On-Cloud
On-Premises

By Region:

North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
Latin America
- Brazil
- Mexico
Middle East & Africa
- Saudi Arabia
- South Africa
- RoMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Core HR Software Market Executive Summary

1.1. Global Core HR Software Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Component
- 1.3.2. By Industry
- 1.3.3. By Deployment
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Core HR Software Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Core HR Software Market Dynamics

3.1. Market Drivers
- 3.1.1. Rising Demand for Automated HR Processes
- 3.1.2. Shift Towards Cloud-Based Solutions
3.2. Market Challenges
- 3.2.1. Data Security and Privacy Concerns
- 3.2.2. High Implementation Costs
3.3. Market Opportunities
- 3.3.1. Integration of AI and Machine Learning
- 3.3.2. Growth in Emerging Markets

Chapter 4. Global Core HR Software Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Core HR Software Market Size & Forecasts by Component 2022-2032

5.1. Segment Dashboard
5.2. Global Core HR Software Market: Component Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Services
  - 5.2.1.1. Consulting Services
  - 5.2.1.2. Managed Services
  - 5.2.1.3. Professional Services
  - 5.2.1.4. Support & Maintenance
  - 5.2.1.5. Training & Education
- 5.2.2. Software
  - 5.2.2.1. Benefits & Claims Management
  - 5.2.2.2. Compliance Management
  - 5.2.2.3. Learning Management
  - 5.2.2.4. Payroll & Compensation Management
  - 5.2.2.5. Pension Management
  - 5.2.2.6. Personnel Management
  - 5.2.2.7. Succession Planning

Chapter 6. Global Core HR Software Market Size & Forecasts by Industry 2022-2032

6.1. Segment Dashboard
6.2. Global Core HR Software Market: Industry Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Aerospace & Defense
- 6.2.2. Automotive & Transportation
- 6.2.3. Banking, Financial Services & Insurance
- 6.2.4. Building, Construction & Real Estate
- 6.2.5. Consumer Goods & Retail
- 6.2.6. Education
- 6.2.7. Energy & Utilities
- 6.2.8. Government & Public Sector
- 6.2.9. Healthcare & Life Sciences
- 6.2.10. Information Technology
- 6.2.11. Manufacturing
- 6.2.12. Media & Entertainment
- 6.2.13. Telecommunication
- 6.2.14. Travel & Hospitality

Chapter 7. Global Core HR Software Market Size & Forecasts by Deployment 2022-2032

7.1. Segment Dashboard
7.2. Global Core HR Software Market: Deployment Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 7.2.1. On-Cloud
- 7.2.2. On-Premises

Chapter 8. Global Core HR Software Market Size & Forecasts by Region 2022-2032

8.1. North America Core HR Software Market
- 8.1.1. U.S. Core HR Software Market
  - 8.1.1.1. Component breakdown size & forecasts, 2022-2032
  - 8.1.1.2. Industry breakdown size & forecasts, 2022-2032
  - 8.1.1.3. Deployment breakdown size & forecasts, 2022-2032
- 8.1.2. Canada Core HR Software Market
  - 8.1.2.1. Component breakdown size & forecasts, 2022-2032
  - 8.1.2.2. Industry breakdown size & forecasts, 2022-2032
  - 8.1.2.3. Deployment breakdown size & forecasts, 2022-2032
8.2. Europe Core HR Software Market
- 8.2.1. U.K. Core HR Software Market
- 8.2.2. Germany Core HR Software Market
- 8.2.3. France Core HR Software Market
- 8.2.4. Spain Core HR Software Market
- 8.2.5. Italy Core HR Software Market
- 8.2.6. Rest of Europe Core HR Software Market
8.3. Asia-Pacific Core HR Software Market
- 8.3.1. China Core HR Software Market
- 8.3.2. India Core HR Software Market
- 8.3.3. Japan Core HR Software Market
- 8.3.4. Australia Core HR Software Market
- 8.3.5. South Korea Core HR Software Market
- 8.3.6. Rest of Asia Pacific Core HR Software Market
8.4. Latin America Core HR Software Market
- 8.4.1. Brazil Core HR Software Market
- 8.4.2. Mexico Core HR Software Market
- 8.4.3. Rest of Latin America Core HR Software Market
8.5. Middle East & Africa Core HR Software Market
- 8.5.1. Saudi Arabia Core HR Software Market
- 8.5.2. South Africa Core HR Software Market
- 8.5.3. Rest of Middle East & Africa Core HR Software Market

Chapter 9. Competitive Intelligence

9.1. Key Company SWOT Analysis
- 9.1.1. Automatic Data Processing, Inc.
- 9.1.2. Oracle Corporation
- 9.1.3. Workday, Inc.
9.2. Top Market Strategies
9.3. Company Profiles
- 9.3.1. Automatic Payroll Systems, Inc.
  - 9.3.1.1. Key Information
  - 9.3.1.2. Overview
  - 9.3.1.3. Financial (Subject to Data Availability)
  - 9.3.1.4. Product Summary
  - 9.3.1.5. Market Strategies
- 9.3.2. Ceridian HCM Holding Inc.
- 9.3.3. Cezanne HR Limited
- 9.3.4. Cornerstone OnDemand, Inc.
- 9.3.5. Employwise, Inc.
- 9.3.6. Emportant Technologies
- 9.3.7. Hi Bob Limited
- 9.3.8. International Business Machines Corporation
- 9.3.9. Neeyamo Enterprise Solution Private Limited
- 9.3.10. Paychex, Inc.
- 9.3.11. Paycom Software, Inc.
- 9.3.12. Paylocity Corporation
- 9.3.13. PeopleStrong Technologies Pvt Ltd.
- 9.3.14. Peopleworks
- 9.3.15. Ramco Systems Limited

Chapter 10. Research Process

10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
10.2. Research Attributes