According to a new research report by Transparency market Research (TMR), the rising demand for cloud technology and the increasing mobile penetration are driving the global market for core HR software significantly. The report, titled “Core HR Software Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025,” further states that the rising awareness regarding the efficiency of this software in managing the backend administrative HR tasks and several other elements that are necessary for the day-to-day business operations is likely to boost this market remarkably in the coming years.
The report also talks about the restraints in this market. As per the study, the averseness in the uptake of the HR software is expected to limit the growth of this market over the forecast period. Since there is a dearth of awareness about the latest technologies and capabilities of core HR software, a number of organizations are hesitating to adopt it, which is projected to take a toll over the market, in the near future. Nonetheless, the rising uptake of this software in small- and medium-sized enterprises (SMEs) will create lucrative opportunities for market players over the next few years. The reduction in labor costs, rise in employee productivity, and the enhancement in user accessibility are expected to fuel the adoption of this software in SMEs, notes the research study.
In this research report, the global core HR software market has been broadly evaluated on the basis of the component, type of deployment, application, end user, and the geography. Based on the components, the market has been classified into software and services. Payroll and compensation management, learning management, personnel management, pension management, compliance management and benefits, succession planning, and claim management have been considered as the key software available in this market.
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In terms of the type of deployment, the report bifurcates the market into on-premise and cloud-based. By application, the market has been categorized into the government, manufacturing, energy and utilities, consumer good, healthcare, transportation, and the logistics sectors. Small and medium enterprises (SMEs) and large enterprises have been considered as the main end users of core HR software across the world. Geographically, the market reports its presence across the Middle East and Africa, North America, Asia Pacific, Europe, and Latin America, states the study.
The competitive landscape of the global core HR software market has also been evaluated at length in this research report. Analysts have reviewed the company profiles of the key players functional in this market to determine the current hierarchy. Ceridian HCM Inc., Automatic Data Processing (ADP), CoreHR, International Business Machine (IBM) Corp., EmployWise, Oracle Corp., Paycom Software Inc., Paychex Inc., SAP SE, Ultimate Software, SumTotal Systems LLC., and Workday Inc. are some of the leading core HR software vendors across the world, mentioned in this research study.