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Global Core HR Software Market by Component (Software (Learning Management, Payroll & Compensation Management, Benefits & Claims Management) and Services) Deployment Type, Vertical (Government, BFSI, Manufacturing) and Region - Forecast to 2028

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    Report

  • 225 Pages
  • August 2023
  • Region: Global
  • Markets and Markets
  • ID: 5868204
Description Jump to:

Need for Improved Compliance and Risk Management to Adhere to Employment Laws and Regulations

The 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. The growing adoption of AI and automation for transforming HR processes and the adoption of remote working models boost the adoption of core HR software during the forecast period. Privacy and security concerns over the implementation of core HR software represent a significant challenge for the growth of the core HR software market.

As services, the consulting segment is projected to witness a higher CAGR during the forecast period

Consulting services in the core HR software market play a pivotal role in assisting organizations to navigate the complex landscape of modern human resource management. These services provide expert guidance and strategic support throughout adopting and optimizing core HR software solutions. Consultants in this field deeply understand HR processes, technology trends, and industry best practices. They begin by conducting comprehensive needs assessments, meticulously analyzing an organization’s existing HR workflows, pain points, and objectives. With this understanding, they collaborate closely with the client to identify and select the most suitable HR software vendors that align with the organization’s requirements. 

As per vertical, the BFSI vertical to hold second largest market share in 2023

Core HR software is crucial in the Banking, Financial Services, and Insurance (BFSI) industry by streamlining and optimizing human resources management processes. The BFSI sector is known for its complex workforce requirements, rigorous compliance regulations, and the need for efficient talent management. Core HR software, also known as Human Resource Information System (HRIS), caters to these specific needs and helps organizations achieve greater efficiency and productivity. Core HR software facilitates seamless recruitment and onboarding processes, enabling BFSI companies to attract top talent, conduct comprehensive background checks, and expedite hiring. The system ensures all necessary documentation and compliance requirements are met, which is crucial in a highly regulated industry like BFSI.

Moreover, it provides a centralized repository for employee data, including personal information, employment history, certifications, and performance records, making it easier for HR professionals and managers to access critical information when needed and make data-driven decisions. Furthermore, core HR software helps BFSI companies comply with industry regulations and labor laws. It can automatically update policies, track certifications, and manage employee licenses, ensuring the workforce operates within the legal framework.

As per region, the Middle East & Africa region is projected to witness the second highest CAGR during the forecast period

Middle East & Africa have grown exponentially in the core HR software market. The region comprises countries such as the Kingdom of Saudi Arabia (KSA), the United Arab Emirates (UAE), and the Rest of the Middle East & Africa. Middle East & Africa are increasingly getting oriented toward digitalization initiatives. Increasing internet penetration, rising technological adoption, a complex regulatory environment, and streamlined core HR operations are the major growth drivers for this region. The KSA and UAE are setting up smart city initiatives. Also, GCC countries are investing in core HR software. The Middle East and & Africa are expected to witness promising opportunities to adopt core HR software services and show good prospects for growth after the Asia Pacific region. 

The breakup of the profiles of the primary participants is given below:

  • By Company: Tier I - 38%, Tier II - 42%, and Tier III - 20%
  • By Designation: C-Level Executives - 40%, Director Level - 35%, and Others - 25%
  • By Region: North America - 35%, Europe - 40%, Asia Pacific - 15%, and the Rest of the World - 10%

Note: Others include sales managers, marketing managers, and product managers

Note: The rest of the World consists of the Middle East & Africa, and Latin America

Note: Tier 1 companies have revenues of more than USD 100 million; tier 2 companies’ revenue ranges from USD 10 million to USD 100 million; and tier 3 companies’ revenue is less than 10 million

Source: Secondary Literature, Expert Interviews, and Publisher Analysis

Some of the key vendors offering core HR software across the globe include Workday (US), SAP (Germany), ADP (US), UKG (US), Oracle (US), Ceridian (US), IBM (US), Paycom (US), Paylocity (US), and Cornerstone OnDemand (US), Visma (US), Access Group (US), Paychex(US), EmployWise (India), HrOne (India), greytHR(India), PeopleStrong (India), Personio (Germany), Sprout Solutions (Philippines), Darwinbox (India), ServiceNow (US), HiBob (US), APS Payroll (US), BambooHR(US), Paycor (US), Zoho (India), Namely (US), Gusto (US), and Rippling (US).

Research coverage:

The market study covers the core HR software market across segments. It aims to estimate the market size and the growth potential of this market across different segments, such as components, software, services, deployment type, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Reasons to buy this report: 

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the core HR software market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities. 

The report provides insights on the following pointers: 

  • Analysis of key 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), restraints (high cost of implementation of core HR software among SMEs) 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), and challenges (interactive training for infrequent users of core HR software, privacy and security concerns over implementation of core HR software) influencing the growth of the core HR software market.
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the core HR software market.
    Market Development: Comprehensive information about lucrative markets - the report analyses the core HR software market across varied regions.
  • Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the core HR software market.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Workday (US), SAP (Germany), ADP (US), UKG (US), Oracle (US), Ceridian (US), IBM (US), Paycom (US), Paylocity (US), and Cornerstone OnDemand (US) among others in the core HR software market.

Table of Contents

1 Introduction
1.1 Study Objectives
1.2 Market Definition
1.2.1 Inclusions and Exclusions
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.3.3 Years Considered
1.4 Currency Considered
Table 1 United States Dollar Exchange Rate, 2015-2022
1.5 Stakeholders
1.6 Summary of Changes

2 Research Methodology
2.1 Research Data
Figure 1 Core HR Software Market: Research Design
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup of Primary Profiles
Figure 2 Breakup of Primary Interviews: by Company Type, Designation, and Region
2.1.2.2 Key Industry Insights
2.2 Market Breakup and Data Triangulation
Figure 3 Data Triangulation
2.3 Market Size Estimation
Figure 4 Core HR Software Market: Top-Down and Bottom-Up Approaches
Figure 5 Market Size Estimation Methodology - Approach 1 (Supply Side): Revenue of Core HR Software from Vendors
Figure 6 Market Size Estimation Methodology: Bottom-Up Approach (Supply Side): Collective Revenue of Core HR Software Vendors
Figure 7 Market Size Estimation Methodology - (Demand Side)
Figure 8 Market Size Estimation Methodology - (Supply Side): CAGR Projections from Supply Side
Figure 9 Market Size Estimation Methodology - Approach 2 (Demand Side): Revenue Generated from Core HR Software Component
2.4 Market Forecast
Table 2 Factor Analysis
2.5 Research Assumptions
Table 3 Research Assumptions
2.6 Research Limitations

3 Executive Summary
Figure 10 Fastest-Growing Segments in Core HR Software Market, 2023-2028
Figure 11 Software Segment to be Larger Market During Forecast Period
Figure 12 Learning Management Segment to be Largest Market During Forecast Period
Figure 13 Implementation & Integration Services Segment to be Largest During Forecast Period
Figure 14 Cloud Segment to be Larger During Forecast Period
Figure 15 Government Vertical Segment to be Largest During Forecast Period
Figure 16 Market Regional Snapshot

4 Premium Insights
4.1 Overview of Core HR Software Market
Figure 17 Ongoing Digital Transformation and Rise in Adoption of Remote Working Models to Drive Growth of Market
4.2 Market, by Component, 2023 Vs. 2028
Figure 18 Software Segment Expected to be Larger During Forecast Period
4.3 Market, by Software, 2023 Vs. 2028
Figure 19 Learning Management Software Segment to be Largest During Forecast Period
4.4 Market, by Services, 2023 Vs. 2028
Figure 20 Implementation & Integration Segment to be Largest During Forecast Period
4.5 Market, by Deployment Type, 2023 Vs. 2028
Figure 21 Cloud Segment to be Larger During Forecast Period
4.6 Market, by Vertical, 2023 Vs. 2028
Figure 22 Government Vertical to be Largest During Forecast Period
4.7 Core HR Software Market: Regional Scenario, 2023-2028
Figure 23 Asia-Pacific to Emerge as Best Market for Investments in Core HR Software During Next Five Years

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
Figure 24 Market Dynamics: Core HR Software Market
5.2.1 Drivers
5.2.1.1 Need for Improved Compliance and Risk Management to Adhere to Employment Laws and Regulations
5.2.1.2 Analytics and Reporting Capabilities Enable Data-Driven Decisions
Figure 25 Progress in Reporting and Analytics Capabilities in HR
5.2.1.3 Demand for Centralization and Automation of Routine HR Processes to Reduce Manual Errors
5.2.2 Restraints
5.2.2.1 High Cost of Implementation of Core HR Software for Smes
Figure 26 Factors Restraining Tech Adoption in HR
5.2.3 Opportunities
5.2.3.1 Growing Adoption of Ai and Automation for Transforming HR Processes
5.2.3.2 Adoption of Remote Working Models to Boost Adoption of Core HR Software
Figure 27 Utilization of HR Technology to Better Manage Remote Work
5.2.3.3 Rapid Adoption of Cloud-Based HR Software to Improve Efficiency and Scalability
Figure 28 HR Technology Model, 2020 Vs. 2023
5.2.4 Challenges
5.2.4.1 Interactive Training for Infrequent Users of Core HR Software
5.2.4.2 Privacy and Security Concerns Over Implementation of Core HR Software
5.3 Case Study Analysis
5.3.1 Case Study 1: Real-Time Data Visibility Enabled Pvr Cinemas to Optimize Staffing
5.3.2 Case Study 2: Indica Labs Consolidated and Secured Employee Data and Streamlined Time-Consuming HR Processes with Bamboohr
5.3.3 Case Study 3: Mod Pizza Provided Exceptional Employee Experiences with Sap Success Factor Solutions
5.3.4 Case Study 4: Ganett Leveraged Ceridian to Boost Scalability, Resilience, and Improve Employee Experience
5.3.4.1 Case Study 5: Paylocity Enabled Crafton Tull to Rebuild HR on Firmer Foundations

6 Core HR Software Market, by Component
6.1 Introduction
6.1.1 Component: Market Drivers
Figure 29 Core HR Services Segment to Grow at Highest CAGR During Forecast Period
Table 4 Market, by Component, 2018-2022 (USD Million)
Table 5 Market, by Component, 2023-2028 (USD Million)
6.2 Software
6.2.1 Demand for Centralizing Administrative Tasks
Table 6 Software: Market, by Region, 2018-2022 (USD Million)
Table 7 Software: Market, by Region, 2023-2028 (USD Million)
6.3 Services
6.3.1 Optimization of Effectiveness of Core HR Software
Table 8 Services: Market, by Region, 2018-2022 (USD Million)
Table 9 Services: Market, by Region, 2023-2028 (USD Million)

7 Core HR Software Market, by Software
7.1 Introduction
7.1.1 Software: Market Drivers
Figure 30 Learning Management Segment to be Largest During Forecast Period
Table 10 Market, by Software, 2018-2022 (USD Million)
Table 11 Market, by Software, 2023-2028 (USD Million)
7.2 Benefits & Claims Management
7.2.1 Seamless Design, Customization, and Communication of Benefits
Table 12 Benefits & Claims Management: Core HR Software Market, by Region, 2018-2022 (USD Million)
Table 13 Benefits & Claims Management: Market, by Region, 2023-2028 (USD Million)
7.3 Payroll & Compensation Management
7.3.1 Strategic Planning, Administration, and Processing of Compensation to Drive Market
Table 14 Payroll & Compensation Management: Market, by Region, 2018-2022 (USD Million)
Table 15 Payroll & Compensation Management: Market, by Region, 2023-2028 (USD Million)
7.4 Personnel Management
7.4.1 Enhancement of Workforce Productivity, Engagement, and Strategic Decision-Making to Drive Market
Table 16 Personnel Management: Market, by Region, 2018-2022 (USD Million)
Table 17 Personnel Management: Market, by Region, 2023-2028 (USD Million)
7.5 Learning Management
7.5.1 Creation, Delivery, and Management of Employee Training and Development Programs to Drive Market
Table 18 Learning Management: Core HR Software Market, by Region, 2018-2022 (USD Million)
Table 19 Learning Management: Market, by Region, 2023-2028 (USD Million)
7.6 Pension Management
7.6.1 Enables Accommodation of Different Retirement Structures for Diverse Workforces, Global Operations, Currencies, and Regulations
Table 20 Pension Management: Market, by Region, 2018-2022 (USD Million)
Table 21 Pension Management: Market, by Region, 2023-2028 (USD Million)
7.7 Compliance Management
7.7.1 Complies with Laws, Mitigates Risk, and Ensures Ethical HR Practices
Table 22 Compliance Management: Market, by Region, 2018-2022 (USD Million)
Table 23 Compliance Management: Market, by Region, 2023-2028 (USD Million)
7.8 Other Software
7.8.1 Nurtures Internal Talent for Business Continuity and Growth
Table 24 Other Software: Market, by Region, 2018-2022 (USD Million)
Table 25 Other Software: Market, by Region, 2023-2028 (USD Million)

8 Core HR Software Market, by Services
8.1 Introduction
8.1.1 Services: Market Drivers
Figure 31 Implementation & Integration Segment to be Largest During Forecast Period
Table 26 Market, by Services, 2018-2022 (USD Million)
Table 27 Market, by Services, 2023-2028 (USD Million)
8.2 Implementation & Integration
8.2.1 Better Visibility and Connectivity to Drive Market
Table 28 Implementation & Integration: Market, by Region, 2018-2022 (USD Million)
Table 29 Implementation & Integration: Market, by Region, 2023-2028 (USD Million)
8.3 Support & Maintenance
8.3.1 Offer Support, Software Maintenance, Customer Portal, Post-Deployment Assistance, and Client Testimonial Services
Table 30 Support & Maintenance: Market, by Region, 2018-2022 (USD Million)
Table 31 Support & Maintenance: Market, by Region, 2023-2028 (USD Million)
8.4 Consulting
8.4.1 Assistance in Navigating Complex Modern Human Resource Management Landscape
Table 32 Consulting: Market, by Region, 2018-2022 (USD Million)
Table 33 Consulting: Market, by Region, 2023-2028 (USD Million)

9 Core HR Software Market, by Deployment Type
9.1 Introduction
Figure 32 Cloud Segment to be Larger During Forecast Period
9.1.1 Deployment Type: Market Drivers
Table 34 Market, by Deployment Type, 2018-2022 (USD Million)
Table 35 Market, by Deployment Type, 2023-2028 (USD Million)
9.2 Cloud
9.2.1 Increasing Adoption of Cloud-Based Services to Drive Growth
Table 36 Cloud: Market, by Region, 2018-2022 (USD Million)
Table 37 Cloud: Market, by Region, 2023-2028 (USD Million)
9.3 On-Premises
9.3.1 Utilized in Healthcare and Bfsi to Minimize Data Breaches
Table 38 On-Premises: Market, by Region, 2018-2022 (USD Million)
Table 39 On-Premises: Market, by Region, 2023-2028 (USD Million)

10 Core HR Software Market, by Vertical
10.1 Introduction
Figure 33 Government Segment Estimated to be Largest in 2023
10.1.1 Vertical: Market Drivers
Table 40 Market, by Vertical, 2018-2022 (USD Million)
Table 41 Market, by Vertical, 2023-2028 (USD Million)
10.2 Government
10.2.1 Transparency, Productivity, and Employee Satisfaction Contribute to Effective and Efficient Delivery of Public Services
Table 42 Government: Market, by Region, 2018-2022 (USD Million)
Table 43 Government: Market, by Region, 2023-2028 (USD Million)
10.3 Manufacturing
10.3.1 Optimizes Workforce Planning, Training and Skill Development, Compliance Management, and Performance Evaluation
Table 44 Manufacturing: Core HR Software Market, by Region, 2018-2022 (USD Million)
Table 45 Manufacturing: Market, by Region, 2023-2028 (USD Million)
10.4 Energy & Utilities
10.4.1 Manages and Tracks Employee Certifications, Licenses, and Safety Training
Table 46 Energy & Utilities: Market, by Region, 2018-2022 (USD Million)
Table 47 Energy & Utilities: Market, by Region, 2023-2028 (USD Million)
10.5 Consumer Goods & Retail
10.5.1 Enables Effective Workforce Management
Table 48 Consumer Goods & Retail: Market, by Region, 2018-2022 (USD Million)
Table 49 Consumer Goods & Retail: Market, by Region, 2023-2028 (USD Million)
10.6 Healthcare
10.6.1 Streamlines HR Operations, Enhances Patient Care, and Maintains Compliance with Industry Regulations
Table 50 Healthcare: Market, by Region, 2018-2022 (USD Million)
Table 51 Healthcare: Market, by Region, 2023-2028 (USD Million)
10.7 Transportation & Logistics
10.7.1 Facilitates Scheduling, Tracks Employee Hours, and Manages Shift Assignments
Table 52 Transportation & Logistics: Market, by Region, 2018-2022 (USD Million)
Table 53 Transportation & Logistics: Market, by Region, 2023-2028 (USD Million)
10.8 It & Telecom
10.8.1 Optimizes Workforce Deployment, Avoids Overstaffing or Understaffing, and Ensures Efficient Execution of Projects
Table 54 It & Telecom: Market, by Region, 2018-2022 (USD Million)
Table 55 It & Telecom: Market, by Region, 2023-2028 (USD Million)
10.9 Bfsi
10.9.1 Attracts Top Talent, Conducts Comprehensive Background Checks, and Expedites Hiring Process
Table 56 Bfsi: Market, by Region, 2018-2022 (USD Million)
Table 57 Bfsi: Market, by Region, 2023-2028 (USD Million)
10.10 Other Verticals
Table 58 Other Verticals: Market, by Region, 2018-2022 (USD Million)
Table 59 Other Verticals: Market, by Region, 2023-2028 (USD Million)

11 Core HR Software Market, by Region
11.1 Introduction
Figure 34 North America to be Largest Market by 2028
Table 60 Market, by Region, 2018-2022 (USD Million)
Table 61 Market, by Region, 2023-2028 (USD Million)
11.1.1 North America
11.1.2 North America: Market Drivers
11.1.3 Impact of Recession on North America
Figure 35 North America: Core HR Software Market Snapshot
Table 62 North America: Market, by Component, 2018-2022 (USD Million)
Table 63 North America: Market, by Component, 2023-2028 (USD Million)
Table 64 North America: Market, by Software, 2018-2022 (USD Million)
Table 65 North America: Market, by Software, 2023-2028 (USD Million)
Table 66 North America: Market, by Services, 2018-2022 (USD Million)
Table 67 North America: Market, by Services, 2023-2028 (USD Million)
Table 68 North America: Market, by Deployment Type, 2018-2022 (USD Million)
Table 69 North America: Market, by Deployment Type, 2023-2028 (USD Million)
Table 70 North America: Market, by Vertical, 2018-2022 (USD Million)
Table 71 North America: Market, by Vertical, 2023-2028 (USD Million)
Table 72 North America: Market, by Country, 2018-2022 (USD Million)
Table 73 North America: Market, by Country, 2023-2028 (USD Million)
11.1.4 US
11.1.4.1 Myriad Labor Laws and Regulations at Federal, State, and Local Levels to Drive Market
Table 74 US: Core HR Software Market, by Component, 2018-2022 (USD Million)
Table 75 US: Market, by Component, 2023-2028 (USD Million)
Table 76 US: Market, by Deployment Type, 2018-2022 (USD Million)
Table 77 US: Market, by Deployment Type, 2023-2028 (USD Million)
11.1.5 Canada
11.1.5.1 Compliance with Varied and Complex Regulations to Drive Market
Table 78 Canada: Market, by Component, 2018-2022 (USD Million)
Table 79 Canada: Market, by Component, 2023-2028 (USD Million)
Table 80 Canada: Market, by Deployment Type, 2018-2022 (USD Million)
Table 81 Canada: Market, by Deployment Type, 2023-2028 (USD Million)
11.2 Europe
11.2.1 Europe: Market Drivers
11.2.2 Impact of Recession on Europe
Table 82 Europe: Core HR Software Market, by Component, 2018-2022 (USD Million)
Table 83 Europe: Market, by Component, 2023-2028 (USD Million)
Table 84 Europe: Market, by Software, 2018-2022 (USD Million)
Table 85 Europe: Market, by Software, 2023-2028 (USD Million)
Table 86 Europe: Market, by Services, 2018-2022 (USD Million)
Table 87 Europe: Market, by Services, 2023-2028 (USD Million)
Table 88 Europe: Market, by Deployment Type, 2018-2022 (USD Million)
Table 89 Europe: Market, by Deployment Type, 2023-2028 (USD Million)
Table 90 Europe: Market, by Vertical, 2018-2022 (USD Million)
Table 91 Europe: Market, by Vertical, 2023-2028 (USD Million)
Table 92 Europe: Market, by Country, 2018-2022 (USD Million)
Table 93 Europe: Market, by Country, 2023-2028 (USD Million)
11.2.3 UK
11.2.3.1 Growing Adoption of Cloud and Other Technologies to Drive Market
Table 94 UK: Core HR Software Market, by Component, 2018-2022 (USD Million)
Table 95 UK: Market, by Component, 2023-2028 (USD Million)
Table 96 UK: Market, by Deployment Type, 2018-2022 (USD Million)
Table 97 UK: Market, by Deployment Type, 2023-2028 (USD Million)
11.2.4 Germany
11.2.4.1 Cloud-Based Solutions to Drive Market
Table 98 Germany: Market, by Component, 2018-2022 (USD Million)
Table 99 Germany: Market, by Component, 2023-2028 (USD Million)
Table 100 Germany: Market, by Deployment Type, 2018-2022 (USD Million)
Table 101 Germany: Market, by Deployment Type, 2023-2028 (USD Million)
11.2.5 France
11.2.5.1 Optimization of HR Applications to Drive Market
Table 102 France: Core HR Software Market, by Component, 2018-2022 (USD Million)
Table 103 France: Market, by Component, 2023-2028 (USD Million)
Table 104 France: Market, by Deployment Type, 2018-2022 (USD Million)
Table 105 France: Market, by Deployment Type, 2023-2028 (USD Million)
11.2.6 Rest of Europe
Table 106 Rest of Europe: Market, by Component, 2018-2022 (USD Million)
Table 107 Rest of Europe: Market, by Component, 2023-2028 (USD Million)
Table 108 Rest of Europe: Market, by Deployment Type, 2018-2022 (USD Million)
Table 109 Rest of Europe: Market, by Deployment Type, 2023-2028 (USD Million)
11.3 Asia-Pacific
11.3.1 Asia-Pacific: Market Drivers
11.3.2 Impact of Recession on Asia-Pacific
Figure 36 Asia-Pacific: Core HR Software Market Snapshot
Table 110 Asia-Pacific: Market, by Component, 2018-2022 (USD Million)
Table 111 Asia-Pacific: Market, by Component, 2023-2028 (USD Million)
Table 112 Asia-Pacific: Market, by Software, 2018-2022 (USD Million)
Table 113 Asia-Pacific: Market, by Software, 2023-2028 (USD Million)
Table 114 Asia-Pacific: Market, by Services, 2018-2022 (USD Million)
Table 115 Asia-Pacific: Market, by Services, 2023-2028 (USD Million)
Table 116 Asia-Pacific: Market, by Deployment Type, 2018-2022 (USD Million)
Table 117 Asia-Pacific: Market, by Deployment Type, 2023-2028 (USD Million)
Table 118 Asia-Pacific: Market, by Vertical, 2018-2022 (USD Million)
Table 119 Asia-Pacific: Market, by Vertical, 2023-2028 (USD Million)
Table 120 Asia-Pacific: Market, by Country, 2018-2022 (USD Million)
Table 121 Asia-Pacific: Market, by Country, 2023-2028 (USD Million)
11.3.3 China
11.3.3.1 Innovative Technologies to Drive Market
Table 122 China: Core HR Software Market, by Component, 2018-2022 (USD Million)
Table 123 China: Market, by Component, 2023-2028 (USD Million)
Table 124 China: Market, by Deployment Type, 2018-2022 (USD Million)
Table 125 China: Market, by Deployment Type, 2023-2028 (USD Million)
11.3.4 Japan
11.3.4.1 Increased R&D Investments and Skilled Professionals Drive Market
Table 126 Japan: Market, by Component, 2018-2022 (USD Million)
Table 127 Japan: Market, by Component, 2023-2028 (USD Million)
Table 128 Japan: Market, by Deployment Type, 2018-2022 (USD Million)
Table 129 Japan: Market, by Deployment Type, 2023-2028 (USD Million)
11.3.5 Rest of Asia-Pacific
Table 130 Rest of Asia-Pacific: Market, by Component, 2018-2022 (USD Million)
Table 131 Rest of Asia-Pacific: Market, by Component, 2023-2028 (USD Million)
Table 132 Rest of Asia-Pacific: Market, by Deployment Type, 2018-2022 (USD Million)
Table 133 Rest of Asia-Pacific: Market, by Deployment Type, 2023-2028 (USD Million)
11.4 Middle East & Africa
11.4.1 Middle East & Africa: Market Drivers
11.4.2 Impact of Recession on Middle East & Africa
Table 134 Middle East & Africa: Core HR Software Market, by Component, 2018-2022 (USD Million)
Table 135 Middle East & Africa: Market, by Component, 2023-2028 (USD Million)
Table 136 Middle East & Africa: Market, by Software, 2018-2022 (USD Million)
Table 137 Middle East & Africa: Market, by Software, 2023-2028 (USD Million)
Table 138 Middle East & Africa: Market, by Services, 2018-2022 (USD Million)
Table 139 Middle East & Africa: Market, by Services, 2023-2028 (USD Million)
Table 140 Middle East & Africa: Market, by Deployment Type, 2018-2022 (USD Million)
Table 141 Middle East & Africa: Market, by Deployment Type, 2023-2028 (USD Million)
Table 142 Middle East & Africa: Market, by Vertical, 2018-2022 (USD Million)
Table 143 Middle East & Africa: Market, by Vertical, 2023-2028 (USD Million)
Table 144 Middle East & Africa: Market, by Country, 2018-2022 (USD Million)
Table 145 Middle East & Africa: Market, by Country, 2023-2028 (USD Million)
11.4.3 Kingdom of Saudi Arabia
11.4.3.1 Workforce Optimization to Drive Market
Table 146 Ksa: Core HR Software Market, by Component, 2018-2022 (USD Million)
Table 147 Ksa: Market, by Component, 2023-2028 (USD Million)
Table 148 Ksa: Market, by Deployment Type, 2018-2022 (USD Million)
Table 149 Ksa: Market, by Deployment Type, 2023-2028 (USD Million)
11.4.4 UAE
11.4.4.1 Adoption of Advancements in Latest Technologies to Drive Market
Table 150 UAE: Market, by Component, 2018-2022 (USD Million)
Table 151 UAE: Market, by Component, 2023-2028 (USD Million)
Table 152 UAE: Market, by Deployment Type, 2018-2022 (USD Million)
Table 153 UAE: Market, by Deployment Type, 2023-2028 (USD Million)
11.4.5 Rest of Middle East & Africa
Table 154 Rest of Middle East & Africa: Market, by Component, 2018-2022 (USD Million)
Table 155 Rest of Middle East & Africa: Market, by Component, 2023-2028 (USD Million)
Table 156 Rest of Middle East & Africa: Market, by Deployment Type, 2018-2022 (USD Million)
Table 157 Rest of Middle East & Africa: Market, by Deployment Type, 2023-2028 (USD Million)
11.5 Latin America
11.5.1 Latin America: Market Drivers
11.5.2 Impact of Recession on Latin America
Table 158 Latin America: Core HR Software Market, by Component, 2018-2022 (USD Million)
Table 159 Latin America: Market, by Component, 2023-2028 (USD Million)
Table 160 Latin America: Market, by Software, 2018-2022 (USD Million)
Table 161 Latin America: Market, by Software, 2023-2028 (USD Million)
Table 162 Latin America: Market, by Services, 2018-2022 (USD Million)
Table 163 Latin America: Market, by Services, 2023-2028 (USD Million)
Table 164 Latin America: Market, by Deployment Type, 2018-2022 (USD Million)
Table 165 Latin America: Market, by Deployment Type, 2023-2028 (USD Million)
Table 166 Latin America: Market, by Vertical, 2018-2022 (USD Million)
Table 167 Latin America: Market, by Vertical, 2023-2028 (USD Million)
Table 168 Latin America: Market, by Country, 2018-2022 (USD Million)
Table 169 Latin America: Market, by Country, 2023-2028 (USD Million)
11.5.3 Brazil
11.5.3.1 Digital Transformation Across Industries to Drive Market
Table 170 Brazil: Core HR Software Market, by Component, 2018-2022 (USD Million)
Table 171 Brazil: Market, by Component, 2023-2028 (USD Million)
Table 172 Brazil: Market, by Deployment Type, 2018-2022 (USD Million)
Table 173 Brazil: Market, by Deployment Type, 2023-2028 (USD Million)
11.5.4 Mexico
11.5.4.1 Scalability and Flexibility for Businesses to Drive Market
Table 174 Mexico: Market, by Component, 2018-2022 (USD Million)
Table 175 Mexico: Market, by Component, 2023-2028 (USD Million)
Table 176 Mexico: Market, by Deployment Type, 2018-2022 (USD Million)
Table 177 Mexico: Market, by Deployment Type, 2023-2028 (USD Million)
11.5.5 Rest of Latin America
Table 178 Rest of Latin America: Core HR Software Market, by Component, 2018-2022 (USD Million)
Table 179 Rest of Latin America: Market, by Component, 2023-2028 (USD Million)
Table 180 Rest of Latin America: Market, by Deployment Type, 2018-2022 (USD Million)
Table 181 Rest of Latin America: Market, by Deployment Type, 2023-2028 (USD Million)

12 Competitive Landscape
12.1 Overview
12.2 Revenue Analysis
Figure 37 Historical Four-Year Revenue Analysis of Leading Players, 2018-2022 (USD Billion)
12.3 Market Share Analysis
Figure 38 Market Share Analysis, 2022
Table 182 Market Share of Key Players in 2022
12.4 Company Evaluation Metrix
Figure 39 Company Evaluation Quadrant: Criteria Weightage
12.4.1 Stars
12.4.2 Emerging Leaders
12.4.3 Pervasive Players
12.4.4 Participants
Figure 40 Market, Key Company Evaluation Matrix, 2022
Figure 41 Ranking of Key Players in Core HR Software Market, 2022
12.5 Key Market Developments
12.5.1 Product Launches & Enhancements
Table 183 Product Launches & Enhancements, 2020-2023
12.5.2 Deals
Table 184 Deals, 2021-2023

13 Company Profiles
(Business Overview, Products/Solutions/Services Offered, Recent Developments, Analyst's View)*
13.1 Introduction
13.2 Key Players
13.2.1 Workday
Table 185 Workday: Company Overview
Figure 42 Workday: Company Snapshot
Table 186 Workday: Products/Solutions/Services Offered
Table 187 Workday: Product Launches & Enhancements
Table 188 Workday: Deals
13.2.2 Adp
Table 189 Adp: Company Overview
Figure 43 Adp: Company Snapshot
Table 190 Adp: Products/Solutions/Services Offered
Table 191 Adp: Product Launches & Enhancements
Table 192 Adp: Deals
13.2.3 Sap
Table 193 Sap: Company Overview
Figure 44 Sap: Company Snapshot
Table 194 Sap: Products/Solutions/Services Offered
Table 195 Sap: Product Launches & Enhancements
Table 196 Sap: Deals
13.2.4 Ukg
Table 197 Ukg: Company Overview
Table 198 Ukg: Products/Solutions/Services Offered
Table 199 Ukg: Deals
13.2.5 Oracle
Table 200 Oracle: Company Overview
Figure 45 Oracle: Company Snapshot
Table 201 Oracle: Products/Solutions/Services Offered
Table 202 Oracle: Product Launches & Enhancements
Table 203 Oracle: Deals
13.2.6 Ceridian
Table 204 Ceridian: Company Overview
Figure 46 Ceridian: Company Snapshot
Table 205 Ceridian: Products/Solutions/Services Offered
Table 206 Ceridian: Product Launches & Enhancements
Table 207 Ceridian: Deals
13.2.7 Ibm
Table 208 Ibm: Company Overview
Figure 47 Ibm: Company Snapshot
Table 209 Ibm: Products/Solutions/Services Offered
13.2.8 Paycom
Table 210 Paycom: Company Overview
Figure 48 Paycom: Company Snapshot
Table 211 Paycom: Products/Solutions/Services Offered
Table 212 Paycom: Product Launches & Enhancements
13.2.9 Paylocity
Table 213 Paylocity: Company Overview
Figure 49 Paylocity: Company Snapshot
Table 214 Paylocity: Products/Solutions/Services Offered
Table 215 Paylocity: Deals
13.2.10 Cornerstone Ondemand
Table 216 Cornerstone Ondemand: Company Overview
Table 217 Cornerstone Ondemand: Products/Solutions/Services Offered
Table 218 Cornerstone Ondemand: Product Launches & Enhancements
Table 219 Cornerstone Ondemand: Deals
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, Analyst's View Might Not be Captured in Case of Unlisted Companies
13.3 Other Players
13.3.1 Visma
13.3.2 Access Group
13.3.3 Paychex
13.3.4 Employwise
13.3.5 Hrone
13.3.6 Greythr
13.3.7 Peoplestrong
13.3.8 Personio
13.3.9 Sprout Solutions
13.3.10 Darwinbox
13.3.11 Servicenow
13.3.12 Hibob
13.3.13 Aps Payroll
13.3.14 Bamboohr
13.3.15 Paycor
13.3.16 Zoho
13.3.17 Namely
13.3.18 Gusto
13.3.19 Rippling

14 Adjacent Markets
14.1 Introduction
14.1.1 Related Markets
14.2 Enterprise Asset Management Market
Table 220 Enterprise Asset Management Market, by Component, 2018-2021 (USD Million)
Table 221 Enterprise Asset Management Market, by Component, 2022-2027 (USD Million)
Table 222 Enterprise Asset Management Market, by Application, 2018-2021 (USD Million)
Table 223 Enterprise Asset Management Market, by Application, 2022-2027 (USD Million)
Table 224 Enterprise Asset Management Market, by Deployment Model, 2018-2021 (USD Million)
Table 225 Enterprise Asset Management Market, by Deployment Model, 2022-2027 (USD Million)
Table 226 Enterprise Asset Management Market, by Organization Size, 2018-2021 (USD Million)
Table 227 Enterprise Asset Management Market, by Organization Size, 2022-2027 (USD Million)
Table 228 Enterprise Asset Management Market, by Vertical, 2018-2021 (USD Million)
Table 229 Enterprise Asset Management Market, by Vertical, 2022-2027 (USD Million)
Table 230 Enterprise Asset Management Market, by Region, 2018-2021 (USD Million)
Table 231 Enterprise Asset Management Market, by Region, 2022-2027 (USD Million)
14.3 Human Capital Management Market
Table 232 Human Capital Management Market, by Component, 2017-2020 (USD Million)
Table 233 Human Capital Management Market, by Component, 2021-2026 (USD Million)
Table 234 Human Capital Management Market, by Software, 2017-2020 (USD Million)
Table 235 Human Capital Management Market, by Software, 2021-2026 (USD Million)
Table 236 Human Capital Management Market, by Service, 2017-2020 (USD Million)
Table 237 Human Capital Management Market, by Service, 2021-2026 (USD Million)
Table 238 Human Capital Management Market, by Deployment Model, 2017-2020 (USD Million)
Table 239 Human Capital Management Market, by Deployment Model, 2021-2026 (USD Million)
Table 240 Human Capital Management Market, by Organization Size, 2017-2020 (USD Million)
Table 241 Human Capital Management Market, by Organization Size, 2021-2026 (USD Million)
Table 242 Human Capital Management Market, by Vertical, 2017-2020 (USD Million)
Table 243 Human Capital Management Market, by Vertical, 2021-2026 (USD Million)
Table 244 Human Capital Management Market, by Region, 2017-2020 (USD Million)
Table 245 Human Capital Management Market, by Region, 2021-2026 (USD Million)
14.4 Workforce Management Market
Table 246 Workforce Management Market, by Component, 2018-2025 (USD Million)
Table 247 Workforce Management Market, by Solution, 2018-2025 (USD Million)
Table 248 Workforce Management Market, by Service, 2018-2025 (USD Million)
Table 249 Workforce Management Market, by Deployment Type, 2018-2025 (USD Million)
Table 250 Workforce Management Market, by Organization Size, 2018-2025 (USD Million)
Table 251 Workforce Management Market, by Vertical, 2018-2025 (USD Million)
Table 252 Workforce Management Market, by Region, 2018-2025 (USD Million)

15 Appendix
15.1 Discussion Guide
15.2 Knowledgestore: The Subscription Portal
15.3 Customization Options

Executive Summary

Companies Mentioned

  • Access Group
  • Adp
  • Aps Payroll
  • Bamboohr
  • Ceridian
  • Cornerstone Ondemand
  • Darwinbox
  • Employwise
  • Greythr
  • Gusto
  • Hibob
  • Hrone
  • Ibm
  • Namely
  • Oracle
  • Paychex
  • Paycom
  • Paycor
  • Paylocity
  • Peoplestrong
  • Personio
  • Rippling
  • Sap
  • Servicenow
  • Sprout Solutions
  • Ukg
  • Visma
  • Workday
  • Zoho

Methodology

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Table Information

Report AttributeDetails
No. of Pages225
PublishedAugust 2023
Forecast Period2023 - 2028
Estimated Market Value ( USD ) in 2023 $ 10.7 Billion
Forecasted Market Value ( USD ) by 2028 $ 15.1 Billion
Compound Annual Growth Rate7.0%
Regions CoveredGlobal
No. of Companies Mentioned29

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About the HR Software Market

The HR Software market is a subset of the Personnel and Human Resources industry. It is composed of software solutions that help organizations manage their human resources, such as employee recruitment, onboarding, payroll, performance management, and training. These solutions are designed to streamline HR processes, reduce paperwork, and improve the accuracy of data. They also provide insights into employee engagement, retention, and productivity. The HR Software market is highly competitive, with a wide range of solutions available to meet the needs of different organizations. Popular vendors include BambooHR, Zenefits, Workday, Oracle, SAP, and ADP. Show Less Read more

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