Speedy Growth in Cloud and Mobile Deployment leads to the espousal of Core HR Software, and is surmised to have Significant Growth

Pune, India, September 2018/MRFR Press Release/- Market Research Future published a Half Cooked research report on “Global Core HR Software Market Report - Forecast to 2023” Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023Some of the major players in Global Core HR Software Market include Automatic Data Processing (US), Ceridian HCM Inc. (US), CoreHR (Ireland), Employwise (India), IBM Corporation (US), Oracle Corporation (US), Paychex Inc. (US), Paycom Software Inc. (US), Sap SE (Germany), and Workday Inc. (US) are profiled in MRFR Analysis and are at the forefront of competition in the Global Core HR Software Market. Global Core HR Software Market - Overview

Enterprises are eagerly anticipating their business operations by increasing efficiency and simultaneously reducing functional costs. They are attempting to bridge a gap between workforce development and retention. Core HR is a cloud-based software which allows enterprises to align their human resource functionalities by enabling appropriate technology. The software monitors the back-end HR activities of an enterprise by recording administrative processes such as attendance, payroll, positions, self-service, and others. The adoption of this software results in efficient HR approaches by increasing global agility, simplified workforce management, increased staff productivity coupled with controlling labour cost, and reducing compliance risk.

Companies are adopting cloud-based systems and solutions for learning, recruiting, and various other HR applications. Adoption of cloud increases operational productivity, flexibility, document control, security, and competitiveness. Cloud technology facilitates easy access to switch vendors as the systems can be replaced, unlike the traditional systems which could be customized only by IT. Along with rapid growth in cloud, increasing mobile deployment has given rise to mobile apps such as WorkBright, Zenefits, Gusto, and others. These mobile apps enable the HR managers to track their employees anywhere and anytime. Hence, rapid group in cloud and mobile deployment is driving the growth of the core HR software market over the assessment period. However, small enterprises are reluctant to adopt core HR software owing to monetary and security concerns which is expected to hamper the growth of the market.

Industry News

July 2018, Ceridian HCM Inc., a global HCM technology company, launched Dayforce their cloud-based platform in UK. This platform provides users with functions such as combined and deep functionality which simplifies their work process and engages in smart operations.

January 2018, Paycom Software Inc., a provider of cloud-based HCM software, launched the re-designed features of their Employee Self-Service Technology which enhances the usability of its clients. The latest update includes enhancements in features such as “Quick Punch, Quick Action Button” which allows the employees to access and edit information on their dashboard. This allows its users to efficiently engage with their workforce.   

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Global Core HR Software Market - Segmentation

Segmentation by component: software and service.

Segmentation by deployment: on-cloud and on-premise.

Segmentation by vertical: BFSI, healthcare, IT and telecommunications, retail, government, and others.

Segmentation by region: North America, Europe, Asia-Pacific, and the rest of the world

Global Core HR Software Market -

Regional Analysis

Geographically, the core HR software market is categorized into four regions namely North America, Europe, Asia-Pacific, and the rest of the world.

Increased cloud adoption in enterprises for core business functions is expected to be a factor encouraging the growth of the core HR software market in North America. Owing to this, the region is expected to dominate the market with the largest market share durings the assessment period. The US, Canada, and Mexico are the leading countries in the region, owing to the adoption of cloud based HR solutions in enterprises to conduct efficient HR practices. Leading core HR software providers such as Automatic Data Processing, Ceridian HCM Inc., IBM Corporation, and Oracle Corporation in US are enhancing advanced technological architecture. This advancement in the IT infrastructure leads to increasing market share. Asia Pacific is expected to be the fastest growing region in the core HR software market, due to increasing deployment of mobile phones and the shift of small and medium enterprise and large enterprise to cloud. China, Japan, and India are leading countries in the region, due to the vast customer base in the countries. Europe is expected to show a high growth rate during the assessment period owing to the growing investments of tech leaders such as Microsoft, Intel, IBM, and others in the European IT market. Therefore, the overall core HR software market is expected to grow during the forecast period of 2018–2023.