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Core HR Software Market Size

Report ID: GMI6729
Published Date: Sep 2023
Report Format: PDF

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Core HR Software Market Size

Core HR Software Market size was valued at USD 9.6 billion in 2022 and is projected to grow at a CAGR of over 6.5% between 2023 and 2032. One of the primary drivers propelling the market is the increasing need for automation and efficiency in human resource management. Organizations are increasingly turning to core HR software to automate time-consuming and error-prone HR tasks such as payroll processing & benefits administration. This not only reduces manual workloads but also enhances the overall efficiency & accuracy of HR operations. As businesses seek to streamline processes and cut costs, the automation capabilities of core HR software play a pivotal role in achieving these objectives

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The growing trend of digital transformation is a significant factor fueling core HR software market expansion. As businesses embark on digitalization journeys, they recognize the importance of modernizing HR processes. Outdated, paper-based systems are being replaced by digital core HR software solutions to align with this transformation. These digital tools not only streamline HR operations but also contribute to broader organizational goals of agility and competitiveness, making them a crucial component of modern business strategies.

Core HR Software Market Report Attributes
Report Attribute	Details
Base Year:	2022
Core HR Software Market Size in 2022:	USD 9.6 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	6.5%
2032 Value Projection:	USD 18.6 Billion
Historical Data for:	2018 to 2022
No. of Pages:	278
Tables, Charts & Figures:	336
Segments covered:	Component, Deployment Model, Organization Size, End-use, and Region
Growth Drivers:	Rising digital transformation initiatives Rise of remote work accelerated by the COVID-19 pandemic Increasingly complex labor laws and data privacy regulations Growing talent management and employee development
Pitfalls & Challenges:	Data security and privacy risks Integration challenges

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A high initial investment in core HR software can hinder market growth by discouraging smaller organizations with limited budgets from adopting advanced solutions. The substantial costs associated with licensing, customization, and training can prohibit some businesses from adopting this solution. This cost barrier can limit core HR software market expansion and prevent organizations from accessing the efficiency & automation benefits that core HR software offers, especially if they perceive the return on investment as uncertain or distant.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of core HR software reached USD 9.6 billion in 2022 and is set to register over 6.5% CAGR from 2023 to 2032, due to the increasing need for automation and efficiency in human resource management worldwide.

The large enterprises segment crossed USD 6 billion revenue in 2022, on account of its high applications in managing employee data, payroll, benefits, and compliance across multiple locations.

North America held over 35% of the market share in 2022, owing to the increasing investments in core HR software firms in the region.

ADP, Ceridian, Cornerstone ondemand, HIBOB, IBM, Oracle, Paycom, Paylocity, Personio, SAP, Sprout, UKG, Visma, Workday, and Zoho are some of the major core HR software companies worldwide.