Core HR Software Market Analysis

Core HR Software Market Analysis

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The core HR software market from solution segment is poised to expand at a CAGR of 5.5% during the forecast period. The widespread adoption of cloud technology in core HR software product development is catalyzing significant growth in the software segment. Cloud-based HR solutions offer scalability, flexibility, and cost-efficiency, attracting organizations of all sizes.
 

For instance, in August 2023, Belsons Technologies introduced Belsio HRMS, an innovative cloud-based Customer Relationship Management (CRM) solution tailored for HR operations. Belsio HRMS offers a holistic platform encompassing various HRMS facets, such as recruitment, onboarding, training, visa & payroll administration, and performance evaluation as well as leave & attendance management.
 

The core HR software market from large enterprises segment held over USD 6 billion revenue in 2022, due to their expansive workforce and diverse operations. Managing employee data, payroll, benefits, and compliance across multiple locations & countries requires advanced core HR software. Such software streamlines processes, reduces administrative burdens, and enhances data accuracy, enabling large enterprises to efficiently oversee their extensive employee base.
 

Moreover, core HR software plays a crucial role by offering tools for performance management, talent development, and succession planning. This helps large enterprises identify high-potential employees, align talent with organizational goals, and ensure a continuous pipeline of skilled professionals, all of which are essential for sustained growth & competitiveness.
 

North America core HR software market accounted for 35% of revenue share in 2022, attributed to increasing investments in core HR software firms. These investments support innovation and the development of advanced HR solutions that cater to the evolving needs of businesses in the region.
 

For instance, in March 2023, Rippling, a startup specializing in HR & payment software, secured USD 500 million in a fresh funding round. Originally, this funding was aimed at assisting customers with immediate payroll needs, following the collapse of Silicon Valley Bank. These factors are driving the market growth as organizations seek to modernize their HR operations and talent management.