Core HR Software Market to grow to 9.89 Billion USD by 2022
LONDON, May 15, 2017 /PRNewswire/ -- Highlights
· Increasing in adoption of automation and focus on employee engagement and retention is driving the core Human Resource (HR) software market.
· The core HR software market size is expected to grow from USD 6.47 billion in 2017 to USD 9.89 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 8.8%.
· The market size of the core HR software is relatively high in case of the large enterprises, compared with Small and Medium-Sized Enterprises (SMEs).
· Other than the HR functionality modules, such as recruitment and learning management, the software vendors offer custom-made HR suite in order to meet the needs of customers.
· Therefore, core HR is becoming the hot topic as employee satisfaction and skill upgradation are important for an organization in the long run.
Increasing in adoption of automation and focus on employee engagement and retention is driving the core Human Resource (HR) software market
The core HR software market size is expected to grow from USD 6.47 billion in 2017 to USD 9.89 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 8.8%. Rise of the cloud and mobile deployment, and increase in automation in HR processes have led to the adoption of core HR software. Less understanding of technical integration of the software is one of the restraints for the core HR software market.
The service component is expected to grow at the highest CAGR during the forecast period
The service component is expected to grow at the highest CAGR during the forecast period, as services help organizations to easily deploy the software on their premises or on cloud. Vendors provide a complete range of services, such as integration services, support and maintenance, and consulting, and provide a single point of contact for all the help and assistance required.
The large enterprises segment of the core HR software is expected to hold largest market size during the forecast period
The market size of the core HR software is relatively high in case of the large enterprises, compared with Small and Medium-Sized Enterprises (SMEs). This is due to the affordability and high economies of scale that allow organizations to leverage the benefits of this software. The market is undergoing significant technological transitions, such as collaboration with social media, real-time solutions, and the usage of mobile devices. All these advancements are favorably welcomed and highly adopted by large organizations. Core HR software vendors help big enterprises by providing tools specially catered to them, such as the Unified Desktop, CRM Integration, and interaction analytics, to maintain a healthy communication between a large set of employees. Other than the HR functionality modules, such as recruitment and learning management, the software vendors offer custom-made HR suite in order to meet the needs of customers.
Asia Pacific (APAC) is expected to have the highest growth rate during the forecast period
The APAC region is an emerging economy, as it is witnessing dynamic changes in the adoption of new technologies. The APAC region comprises emerging economies, such as China, India, Japan, Singapore, Malaysia, and Australia. It is expected to have a major traction toward core HR software modules due to the rise in demand for organizing its huge workforce. This region is also facing issues, such as aging population and increasing number of multigenerational workforce, which are required to be managed. Therefore, core HR is becoming the hot topic as employee satisfaction and skill upgradation are important for an organization in the long run.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break profile of primary participants is as follows:
The core HR software ecosystem comprises major vendors, such as Automatic Data Processing (ADP) (US), Ceridian HCM, Inc. (US), CoreHR (Ireland), EmployWise (India), International Business Machine (IBM) Corporation (US), Oracle Corporation (US), Paychex, Inc. (US), Paycom Software, Inc. (US), SAP SE (Germany), SumTotal Systems, LLC. (A Skillsoft Company) (US), Ultimate Software (US), and Workday, Inc. (US).
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