(EMAILWIRE.COM, October 25, 2018 ) The Core Human Resource software market is expected to grow from USD 6.47 billion in 2017 to USD 9.89 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 8.8% during the forecast period. Several factors, such as rise of the cloud and mobile deployment, and increase in automation in HR processes are responsible for the growth of the core HR software market. Verticals, such as government, manufacturing, energy and utilities, consumer goods and retail, healthcare, transportation and logistics, telecom and Information Technology (IT), Banking, Financial Services, and Insurance (BFSI), and others, including hospitality, education, and media and entertainment have boosted the core HR software market.

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The core HR software market is segmented by software, service, organization size, deployment type, vertical, and region. The service component is expected to grow at the highest CAGR during the forecast period, because services help organizations to easily deploy the software on their premises or on cloud. Vendors provide a complete range of services that help companies conduct different activities necessary for the business function and provide a single point of contact for all the help and assistance required.

The cloud deployment type is expected to grow at the highest CAGR during the forecast period. It helps reduce the overall cost, while providing highly flexible and scalable access to the clients. The vendors are providing cloud-based software to reduce infrastructure cost for the clients. Security remains a critical issue that restricts its adoption; however, this issue is gradually being eradicated through rigorous security tests of highest standards by third parties. Considering the advantages, most vendors are switching from on-premises deployment mode to Software as a Service (SaaS)-based software.

The Small and Medium-Sized Enterprises (SMEs) segment is expected to grow at the highest CAGR in the core HR software market during the forecast period. Organizations with employee range between 100 and 1,000 are categorized under SMEs. SMEs face some specific challenges, such as requirement of domain-specific technical personnel and skilled workforce, budget constraint, and limited economies of scale. The increasing competition has prompted SMEs to invest in this business software and adopt go-to-market strategies to make efficient decisions for business growth. More than large enterprises, SMEs face resource crunch and require better methods to solve the complexities for better cost optimization on their assets and requirements.

The core HR software is being increasingly adopted by verticals, such as, government, manufacturing, BFSI, telecom and IT, and consumer goods, and retail, thereby fueling the growth of core HR software market across the globe. The government vertical holds the largest market size during the forecast period.

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Rise in cloud and mobile deployment, and increase in automation of HR processes drive the growth of core HR software market

Government

The government employs a considerable workforce size and requires software to manage the documents of employees. The government sector needs better tools to manage its budget constraint issues and changing priorities to manage the HR. Aging employees and wave of retirement are the top challenges this sector faces to manage its workforce. Software, such as pension management and succession planning can help the government in the smooth processing of its HR activities. Moreover, the outdated infrastructure is the biggest disadvantage for the government sector, the integration of new systems and solutions will help cope up with new trends and policies of the HR.

BFSI

The BFSI sector is very crucial, as it deals with financial data. The economic changes significantly affect this sector. Employees in this sector are under continuous pressure to meet the daily or monthly targets and stay up-to-date with the financial trends. Financial bodies ensure that employees undergo rigorous training and learning to understand the working of the current financial instruments. Therefore, advanced technologies, and various software and solutions can help this sector prioritize its actions and manage its workforce smoothly. The BFSI sector is a major contributor to the core HR software market.

Consumer Goods and Retail

The consumer goods and retail sector is evolving and expected to rise rapidly, in terms of technological changes, customer needs, and employment. Various tasks, such as forecasting, budgeting, level of customer satisfaction, on-time task execution, and scheduling store labor are the major challenges for this sector. Moreover, retailers need to gain more visibility and control over diversified and mixed workforce composed of in-store employees, drivers, and field service providers, both internally and externally. With such complexities, the consumer goods and retail industry requires to focus on employee selection and retaining the right employees.

Manufacturing

The manufacturing sector faces issues in managing its workforce, complex pay rules, and union policies. It is labor-intensive to manage this sector and prone to costly errors. Understanding the competency level and assessing the employee’s skills in real-time are some major areas where the manufacturing sector requires solutions. The manufacturing sector employs a large sector of workforce planning their respective software for functions, such as personnel management and compliance management.

Critical questions the report answers:

Where will all these developments take the industry in the mid to long term?
What are the potential opportunities in the adjacent markets, such as workforce management and Human Resource Management market?
The global core HR software market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. North America is expected to have the largest market share and dominate the market from 2017 to 2022, because of adoption of new technologies, such as adoption of smartphones and cloud platforms. The startups and emerging players in the region offer differentiated, customized, and flexible products to meet the need of HR professionals.

The major vendors that offer core HR software across the globe are Automatic Data Processing (ADP) (US), Ceridian HCM, Inc. (US), CoreHR (Ireland), EmployWise (India), International Business Machine (IBM) Corporation (US), Oracle Corporation (US), Paychex, Inc. (US), Paycom Software, Inc. (US), SAP SE (Germany), SumTotal Systems, LLC. (A Skillsoft Company) (US), Ultimate Software (US), and Workday, Inc. (US). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings in the core HR software market.

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