Core Human Resource Software Market Analysis

The global core human resource software market generated revenue of US$ 7.6 billion in 2020 and is expected to reach US$ 11.6 billion by 2025 with a CAGR of 8.7% in the forecast period. The core human resource software market report offers a comprehensive market analysis of the different segments and regions that lets readers make crucial business-related decisions with a wealth of information enclosed in this report. Main factors are increasing interest to automate manual HR processes coupled with increasing preference on utilizing human resource data for effective decision making and Increase in mobile and cloud deployment that offers scalable and robust software, while reducing infrastructure cost for the clients are the main factors responsible for the growth of core human resource software market. The research report offers both qualitative and quantitative information on the global core human resource software market. In qualitative terms, the core human resource software market report provides insights into numerous factors, such as market determinants, value chain analysis, emerging trends, growth opportunity analysis, porters five-force model analysis and macro-economic factors, segment analysis, regional analysis at a granular level. Similarly, in quantitative terms, the report provides historical and forecast market numbers of core human resource software in various segments such as by component, deployment model, enterprise size and industry at global, regional, and country-level. In addition, the report provides a detailed analysis of the market vendors and their product offerings. The report also covers details of the competitive market environment and includes information on the capabilities and competencies of market vendors.

Segment Analysis

• Solution segment accounts the dominating position in the market.  
  • Based on components, core human resource software is segmented into solutions and services. The solution segment holds the dominating position in the market in 2020 and is expected to retain its dominance throughout the forecast period. Moreover, the service segment is further segmented into professional and managed services. The professional services segment accounts the dominant position in the market in 2020, whereas the managed services segment is projected to grow with the highest CAGR during the forecast period. Moreover, the solution segment is further segmented into benefits and claims management, compliance management, learning management, payroll and compensation management, pension management, personnel management, and succession planning.
• Cloud based deployment model is expected to grow with the highest CAGR. 
  • Based on the deployment model, the core human resource software is segmented into on-premises and cloud-based. The cloud-based deployment model is expected to grow with the highest CAGR during the forecast period. Moreover, the on-premises deployment model holds the dominating position of the market in 2020 and is expected to retain its dominance throughout the forecast period.
• Large Enterprises segment accounts the dominating position in the market. 
  • Based on enterprise size, the core human resource software is segmented into small & medium enterprises and large enterprises. The small & medium enterprises segment is expected to grow with the highest CAGR during the forecast period. Moreover, the large enterprise segment holds the dominating position in the market in 2020 and is expected to retain its dominance throughout the forecast period.
• Government segment account the dominating position in the market. 
  • Based on industry, the core human resource software is segmented into banking, financial services and insurance (BFSI), consumer goods and retail, energy and utilities, government, healthcare and life sciences, IT & telecommunication, manufacturing, transportation and logistics, others. The Government sector hold a leading market position in 2020 and are projected to stay leading over the forecast period.
• North America accounts the dominating position in the market. 
  • Based on the region, the core human resource software is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. North America has a dominant position in the market in 2020 and is predicted to remain dominant over the projected period. The United States and Canada are the largest market-driven countries in the world. Moreover, Asia Pacific is projected to rise at the fastest CAGR in the forecast period. China, India, and Japan are some of the major market-driven countries in the world.
• Core Human Resource Software Market Players: 
  • Some of the major players of core human resource software market are Oracle, Ceridian HCM, Inc., CoreHR, SAP, Ascentis, Kronos Incorporated, Automatic Payroll Systems, Inc., Vibe HCM, Inc., Workday, Inc, TriNet Group, Inc, and Ultimate Software. The study also focuses on different business or inorganic market growth strategies through technology advancement, business expansion, alliances and mergers and acquisitions to create disruptive technologies and consumer networks.
• Key questions the report answers 
  • Which factors will contribute to a change in the demand for workforce management software during the evaluation phase?
  • What are the major driving factors that accelerate the growth of the market?
  • What are the restraints which hinders the growth of the market?
  • What segment offers the most development opportunities?
  • Which region provides the key growth opportunity to the market?
  • Who are the major industry players?
  • What are the key strategies adopted by the market players?