Core HR Software Market Companies, Research Demographic Segment Insight Industry, COVID – 19 Impact Analysis, Business Trends by Forecast 2027
Market
Scenario
Core HR Software Market Companies is
used to manage employee information that can be easily accessed via a
centralized HR database. According to Market Research Future (MRFR), the global
Core HR
Software Market Companies Research Report is expected to grow at USD 11
billion with a CAGR of 9% from 2017 to 2023 (forecast period).
The HR database generally
consists of employee’s personal information, benefits enrolment, and income tax
withholding. Core HR software includes employee self-portal, which enables them
to edit and view their personal details, which can also be used for lack of
tracking of employees.
The advent of the
COVID19 pandemic completely devastated the entire world and impacted everyone
in terms of health as well as finances. During the pandemic, the global
economic growth rate lowered down and will take many years to come back to its
regular form. The working sector and several businesses encountered immense
financial losses in the pandemic as many of them have to remain closed. In the
lockdown, industrial operations and work of manufacturing units were put at a
halt which declined the economic growth rate more. However, the Core HR
Software Market was able to maintain stable growth. The rise in the usage of
mobile and increased adoption of automated systems in the pandemic raised the Core
HR Software Market Opportunities for growth.
In the lockdown,
people mostly remained at home, and enterprises also opted for the policy of
work from home. After that, the adoption of modern devices and the need for
core HR software for employee information maintenance elevated. The heavy
demand for automated systems and advanced technology in organizations during
the pandemic shows the immense requirement of Core HR Software Market Trends.
Needless to say, the growth in market demand will boost the Global Core HR
Software Market Share in the near future.
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Segmentation:
The global core HR software
market has been segmented based on component, deployment, and vertical.
By component, the global
core HR software market has been segmented into software and service. The
software segment is further divided into benefits and claim management, payroll
and compensation management, personnel management, learning management, pension
management, compliance management, and others. The service segment is further
divided into integration services, maintenance and support, and consulting
services.
By deployment, the global
core HR software market has been segmented into the cloud and
on-premises.
By vertical, the global
core HR software market has been segmented into BFSI, healthcare,
transportation, manufacturing, retail, and government. Core HR software is
gaining significant traction owing to increasing adoption by all these
verticals.
Competitive Outlook
The industry giants in
the core HR software market are Automatic Data Processing (U.S.), Ceridian HCM,
Inc. (U.S.), CoreHR (Ireland), Employ wise (India), IBM Corporation (U.S.),
Oracle Corporation (U.S.), Paychex, Inc. (U.S.), Paycom Software, Inc. (U.S.),
Sap SE (Germany), and Workday, Inc. (U.S.) among others.
Regional
Analysis:
The regional analysis of
the global core HR software market is being studied for regions such as Asia
Pacific, North America, Europe, and the Rest of the World.
It has been reported that
North America is expected to have the largest market share, while Asia Pacific
is projected to rise at the fastest pace during the forecast period. The
significant growth in North America's core HR software market is due to
technological advances and rapid growth in the use of HR software in that
region.
Industry News
The
global Core HR Software Market Report Market Trends has been affected due to the
lockdown across the regions. the key market players have implied various
strategic techniques to boost global market growth. Thus, to meet the global
market demands, the global market increased its speed in producing more
valuable products for its intended customers. Recently, the global market has
stabilized its position in the global market and is expected to register a
higher Core HR Software Market Report
Market Size for the forecast period.
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Table of Contents:
1 Executive
Summary
2 Scope of the
Report
2.1 Market
Definition
2.2 Scope
of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets
Structure
Continued….
List Of Tables
Table 1 Core HR Software
Market, By Component
Table 2 Core HR Software
Market, By Deployment
Table 3 Core HR Software
Market, By Vertical
Continued….
List Of Figures
Figure 1 Research Type
Figure 2 Core HR Software
Market, By Component (%)
Figure 3 Core HR Software
Market, By Deployment (%)
Continued….
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