The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Core HR Software Market. The growth sectors of the Core HR Software Market are identified with precision for a better growth perspective.
In this rapidly changing world of technology, core HR software market is projected to show major growth prospects during the forecast period. Core HR software has gained major traction due to the increasing need for automation in managing and handling documents and other business processes.
As compared to other regions, the core HR software market in North America is expected to witness significant growth and dominate the market share during the forecast period. U.S and Canada are anticipated to drive the growth of core HR software market. This is owing to the presence of large number of emerging players and increasing startups in that region. In addition to this, the region also has a well-established economy which had led to rapid adoption of core HR software. Increasing number of smartphone users and adoption of advanced technologies is another reason for the growth of core HR software market.
The Core HR Software market is growing rapidly over 9% of CAGR and is expected to reach at approx. USD 11 billion by the end of forecast period.
Core HR Software Market Segmentation
The core HR software market has been segmented on the basis of component, deployment and vertical. The vertical segment is further bifurcated into BFSI, healthcare, transportation, media, IT and telecommunication, manufacturing and government. The government segment is expected to grow at the highest CAGR during the forecast period owing to the considerable workforce that it employs and will require a software to manage all the documents. Pension management and succession planning software’s can be very useful for government processes.
The prominent players in the Core HR Software market are – Automatic Data Processing (U.S.), Ceridian HCM, Inc. (U.S.), CoreHR (Ireland), Employwise (India), IBM Corporation (U.S.), Oracle Corporation (U.S.), Paychex, Inc. (U.S.), Paycom Software, Inc. (U.S.), SAP SE (Germany), Workday, Inc. (U.S.) among others.
Market Research Analysis:
The global Core HR Software market, by geography, has been segmented into North America, Europe, Asia Pacific and Others. In the global core HR software market, Asia Pacific is anticipated to witness relatively faster adoption and hence the growth rate as compared with other regions. Within Asia Pacific, merchandising and in-store analytics and marketing analytics is projected to contribute the faster share growth of revenue backed by growth in e-commerce and digital marketing in countries such as Japan, China and India.
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of Core HR Software market. Earlier retailers could launch their products only through print media or via television media but now internet has taken over and has changed the entire landscape of shopping habits in this generation. This had led to major growth in core HR software market in Europe region. Major restraining factor in the Europe region is due to the lack of skilled personnel which hinders the market growth.
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