Core HR Software Market Trend Outlook and Competitive Landscape |COVID-19 Analysis Market Highlights: The Global Core HR Software Market 2020 plans to register a high growth of around 9% CAGR in the next six years. This information has been gathered […]
Core HR Software Market Trend Outlook and Competitive Landscape |COVID-19 Analysis
The Global Core HR Software Market 2020 plans to register a high growth of around 9% CAGR in the next six years. This information has been gathered in the latest study conducted by Market Research Future after studying impact analysis on COVID-19. The six years indicated forecast period, which is 2017-2023. During these years, the market has the potential to achieve USD 11 Billion.
With all other information, we will provide COVID-19 impact Analysis with the report on the HR software industry.
Top Rising Factors Impacting
The incidence of COVID 19 breakthrough has affected nearly every aspect of the business domain, which has included core HR software and its market as well. The adoption of software to diminish labor costs and improve productivity has boosted the market growth till now. In the time of COVID-19, MRFR analysis that the market has seen a sudden growth in the usage of core HR software to manage employee’s information regarding salary, leaves, working hours, and more during work from home mode, globally. Such as situation has, in a way, contributed to the market’s size expansion positively. Thus, this counts as a key factor motivating the market growth for future timeframe.
MRFR indicates promising growth prospects for the global Core HR Software market with a surge in demand for cloud technology and mobile deployment might. These act as a catalyst for the expansion of the market, as witnessed during the short term impact of COVOD 19 pandemic. Since the data are not collected on any physical storage, it encourages the abolition of paper clutters and surges employee productivity, as it gets access to the cloud anywhere, any time and from any device.
Most importantly, the factor of the rising demand for automation in the HR process is also bolstering the demand for core human resource software and impacting progressively to the market. With the implementation of automation in human resource software, it tends to free human resource workers, thus carrying out the tasks efficiently and effectively. By this, automated HR processes are also showing enhancement in the growth of the core HR software market.
In spite of these factors, averseness in the adoption of core HR software is raised to be one major restraining factor in the global core human resource software market during the assessment period. Since there is a lack of awareness of capabilities and newer technologies in the core human resource software market, various organizations are still hesitating in adopting core HR software.
Segmentation of Market: Core HR Software
The study by MRFR also digs some segmentation of the global Core HR Software market, which has been done through the component, service, deployment, and vertical.
Depending on the segment of the component, the market has included software and service. Among software, it includes benefits and claim management, personnel management, payroll and compensation management, pension management, learning management, compliance management, and others. And the service segment has included integration services, consulting services, and maintenance and support.
Depending on the deployment segment, the market has included cloud and on-premise.
Depending on the vertical segment, the market has included BFSI, Government, IT & telecommunication, healthcare, retail, and others.
Region Wise Analysis
The geographical split of the global core HR software market encompasses Asia Pacific, North America, Europe, and the Rest of the World.
North America grabs the largest share in the regional segment of the global core HR software market owing to the adoption of smart-phones, cloud platforms, and newer technologies. In North America, new market players are successively acquiring a remarkable share in the market by offering customized, flexible, and differentiated products to help the HR process to go hassle-free.
The Asia Pacific is likely to take a high note in the growth of the market over the forecast period owing to the digitalization and adoption of new technologies. With this, expanding small and medium enterprises and the rising interest in cloud-based business solutions are the factors that are also impacting the growth of the market noteworthily.
Top Giant Market Players
Few of the main competitors presently working in the global core HR software market are Employwise (India), IBM Corporation (U.S.), Oracle Corporation (U.S.), Ceridian HCM, Inc. (U.S.), Automatic Data Processing (U.S.), Sap SE (Germany), CoreHR (Ireland), Paycom Software, Inc. (U.S.), Paychex, Inc. (U.S.), and Workday, Inc. (U.S.).
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