HOME Top Market Reports Core HR Software Market by Software (Learning Management, Payroll and Compensation Management), Service, Deployment Type (On-Premises and Cloud), Organization Size (SMEs and Large Enterprises), Vertical, and Region - Global forecast to 2022

Core HR Software Market by Software (Learning Management, Payroll and Compensation Management), Service, Deployment Type (On-Premises and Cloud), Organization Size (SMEs and Large Enterprises), Vertical, and Region - Global forecast to 2022

By: marketsandmarkets.com
Publishing Date: May 2017
Report Code: TC 5226

 

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MarketsandMarkets expects the core Human Resource (HR) software market 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%.

Objectives of the study

The main objective of this report is to define, describe, and forecast the core HR software market on the basis of segments, which include components, deployment type, software, services, organization size, verticals, and regions. The report provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). The report forecasts the market size with respect to 4 main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The report profiles key players and comprehensively analyzes their core competencies. It also tracks and analyzes competitive developments, such as mergers and acquisitions, new product developments, and Research & Development (R&D) activities in the core HR software market.

The research methodology used to estimate and forecast the core HR software market began with the collection and analysis of data on key vendor product offerings and business strategies through secondary research, such as press releases, investor presentations of companies, white papers, technology journals, certified publications, and articles from recognized authors, directories, and databases. The vendor offerings were taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the total market size of the global core HR software market from the revenue of the key software tool providers and service providers in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and to arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary is depicted in the below figure:

Core HR Software Market

To know about the assumptions considered for the study, download the pdf brochure

Industry Ecosystem

The core HR software ecosystem comprises the service and solution providers, such as 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).

Key Target Audience

  • Enterprise users
  • Commercial users
  • Industrial users
  • Others

Scope of the Report

The research report segments the core HR software market into following submarkets:

  • by Component
    The following components play a major role in core HR software:
    • Software
    • Services
  • by Software
    Following are the software of core HR software:
    • Benefits and Claims Management
    • Payroll and Compensation Management
    • Personnel Management
    • Learning Management
    • Pension Management
    • Compliance Management
    • Succession Planning

  • by Service
    Following are the services of core HR software
    • Integration Services
    • Maintenance and Support
    • Consulting
  • by Deployment Type
    There are 2 deployment alternatives for the core HR software:

    • On-Premises
    • Cloud
  • by Organization Size
    The organizations utilizing core HR software practices can be broken down into 2 types:

    • SMEs
    • Large Enterprises
  • by Vertical
    Core HR software practices can be adopted across various industries, 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)
    • Others
  • by Region
    The global market for core HR software can be broken down into following regions:

    • North America
    • Europe
    • APAC
    • MEA
    • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix which gives a detailed comparison of product portfolio of each company

Geographic Analysis

  • Further breakdown of the North America’s core HR software market into countries
  • Further breakdown of the Europe’s core HR software market into countries
  • Further breakdown of the APAC’s core HR software market into countries
  • Further breakdown of the MEA’s core HR software market into countries
  • Further breakdown of the Latin America’s core HR software market into countries

Company Information

  • Detailed analysis and profiling of additional market players

Table of Contents

1 Introduction (Page No. - 13)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
    1.4 Years Considered for the Study
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology (Page No. - 17)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Key Industry Insights
                    2.1.2.2 Breakdown of Primary Interviews
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Vendor Dive Matrix
           2.4.1 Vendor Dive Matrix: Weightage Criteria
           2.4.2 Quadrant Description
    2.5 Assumptions
    2.6 Limitations

3 Executive Summary (Page No. - 25)

4 Premium Insights (Page No. - 29)
    4.1 Attractive Market Opportunities in the Core HR Software Market
    4.2 Core HR Software Market, By Vertical and Region
    4.3 Market, By Software
    4.4 Core HR Software Regional Market
    4.5 Life Cycle Analysis, By Region (2017)

5 Market Overview (Page No. - 32)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Rise in Cloud and Mobile Deployment
                    5.2.1.2 Increase in Automation of HR Processes
           5.2.2 Restraints
                    5.2.2.1 Reluctance to the Adoption of Core HR Software
           5.2.3 Opportunities
                    5.2.3.1 Increase in the Adoption of Core HR By SMES
                    5.2.3.2 Organizations’ Inclination Toward HR Analytics
           5.2.4 Challenges
                    5.2.4.1 Lack of Awareness of New Technologies and Capabilities in Core HR Software
                    5.2.4.2 Regional Difference in Labor Laws
    5.3 Social, Mobility, Analytics, and Cloud

6 Core HR Software Market Analysis, By Component (Page No. - 37)
    6.1 Introduction
    6.2 Software
    6.3 Services

7 Core HR Software Market Analysis, By Software (Page No. - 41)
    7.1 Introduction
    7.2 Benefits and Claims Management
    7.3 Payroll and Compensation Management
    7.4 Personnel Management
    7.5 Learning Management
    7.6 Pension Management
    7.7 Compliance Management
    7.8 Succession Planning

8 Core HR Software Market Analysis, By Service (Page No. - 48)
    8.1 Introduction
    8.2 Integration Services
    8.3 Maintenance and Support
    8.4 Consulting Services

9 Core HR Software Market Analysis, By Deployment Type (Page No. - 52)
    9.1 Introduction
    9.2 Cloud
    9.3 On-Premises

10 Core HR Software Market Analysis, By Organization Size (Page No. - 56)
     10.1 Introduction
     10.2 Small and Medium-Sized Enterprises
     10.3 Large Enterprises

11 Core HR Software Market Analysis, By Vertical (Page No. - 60)
     11.1 Introduction
     11.2 Government
     11.3 Manufacturing
     11.4 Energy and Utilities
     11.5 Consumer Goods and Retail
     11.6 Healthcare
     11.7 Transportation and Logistics
     11.8 Telecom and Information Technology
     11.9 Banking, Financial Services, and Insurance
     11.10 Others Verticals

12 Geographic Analysis (Page No. - 68)
     12.1 Introduction
     12.2 North America
     12.3 Europe
     12.4 Asia Pacific
     12.5 Middle East and Africa
     12.6 Latin America

13 Competitive Landscape (Page No. - 88)
     13.1 Introduction
     13.2 Strategic Benchmarking
             13.2.1 Technology Integration and Product Enhancement
     13.3 Vendor Dive Overview
             13.3.1 Vanguards
             13.3.2 Innovators
             13.3.3 Dynamic
             13.3.4 Emerging
     13.4 Product Offerings
     13.5 Business Strategies

14 Company Profiles (Page No. - 92)
(Overview, Financials, Products & Services, Strategy, and Developments)*
     14.1 Automatic Data Processing, LLC
     14.2 Ceridian HCM, Inc.
     14.3 Corehr
     14.4 Employwise, Inc.
     14.5 International Business Machines Corporation
     14.6 Oracle Corporation
     14.7 Paychex, Inc.
     14.8 Paycom Software, Inc.
     14.9 SAP SE
     14.10 Sumtotal Systems, LLC (A Skillsoft Company)
     14.11 Ultimate Software Group, Inc.
     14.12 Workday, Inc.

*Details on Overview, Financials, Product & Services, Strategy, and Developments Might Not Be Captured in Case of Unlisted Companies.

15 Appendix (Page No. - 124)
     15.1 Industry Excerpts
     15.2 Discussion Guide
     15.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     15.4 Introducing RT: Real Time Market Intelligence
     15.5 Available Customizations
     15.6 Related Reports
     15.7 Author Details


List of Tables (63 Tables)

Table 1 Core HR Software Market Size, 2015–2022 (USD Million)
Table 2 Market Size, By Component, 2015–2022 (USD Million)
Table 3 Market Size, By Software, 2015–2022 (USD Million)
Table 4 Market Size, By Service, 2015–2022 (USD Million)
Table 5 Market Size, By Software, 2015–2022 (USD Million)
Table 6 Benefits and Claims Management: Core HR Software Market Size, By Region, 2015–2022 (USD Million)
Table 7 Payroll and Compensation Management: Market Size,  By Region, 2015–2022 (USD Million)
Table 8 Personnel Management: Market Size, By Region,  2015–2022 (USD Million)
Table 9 Learning Management: Market Size, By Region,  2015–2022 (USD Million)
Table 10 Pension Management: Market Size, By Region, 2015–2022 (USD Million)
Table 11 Compliance Management: Market Size, By Region, 2015–2022 (USD Million)
Table 12 Succession Planning: Market Size, By Region, 2015–2022 (USD Million)
Table 13 Core HR Software Market, By Service, 2015–2022 (USD Million)
Table 14 Integration Services: Market Size, By Region, 2015–2022 (USD Million)
Table 15 Maintenance and Support: Market Size, By Region,  2015–2022 (USD Million)
Table 16 Consulting Services: Market Size, By Region, 2015–2022 (USD Million)
Table 17 Core HR Software Market, By Deployment Type, 2015–2022 (USD Million)
Table 18 Cloud: Market Size, By Region, 2015–2022 (USD Million)
Table 19 On-Premises: Market Size, By Region, 2015–2022 (USD Million)
Table 20 Core HR Software Market, By Organization Size, 2015–2022 (USD Million)
Table 21 Small and Medium-Sized Enterprises: Market Size,  By Region, 2015–2022 (USD Million)
Table 22 Large Enterprises: Market Size, By Region, 2015–2022 (USD Million)
Table 23 Core HR Software Market, By Vertical, 2015–2022 (USD Million)
Table 24 Government: Market Size, By Region, 2015–2022 (USD Million)
Table 25 Manufacturing: Market Size, By Region, 2015–2022 (USD Million)
Table 26 Energy and Utilities: Market Size, By Region, 2015–2022 (USD Million)
Table 27 Consumer Goods and Retail: Market Size, By Region,  2015–2022 (USD Million)
Table 28 Healthcare: Market Size, By Region, 2015–2022 (USD Million)
Table 29 Transportation and Logistics: Market Size, By Region, 2015–2022 (USD Million)
Table 30 Telecom and IT: Market Size, By Region, 2015–2022 (USD Million)
Table 31 Banking, Financial Services, and Insurance: Core HR Software Market Size, By Region, 2015–2022 (USD Million)
Table 32 Others Verticals: Core HR Software Market Size, By Region, 2015–2022 (USD Million)
Table 33 Core HR Software Market, By Region, 2015–2022 (USD Million)
Table 34 North America: Core HR Software Market Size, By Component, 2015–2022 (USD Million)
Table 35 North America: Market Size, By Software, 2015–2022 (USD Million)
Table 36 North America: Market Size, By Service, 2015–2022 (USD Million)
Table 37 North America: Market Size, By Deployment Type,  2015–2022 (USD Million)
Table 38 North America: Market Size, By Organization Size,  2015–2022 (USD Million)
Table 39 North America: Market Size, By Vertical, 2015–2022 (USD Million)
Table 40 Europe: Core HR Software Market Size, By Component, 2015–2022 (USD Million)
Table 41 Europe: Size, By Software, 2015–2022 (USD Million)
Table 42 Europe: Market Size, By Service, 2015–2022 (USD Million)
Table 43 Europe: Market Size, By Deployment Type, 2015–2022 (USD Million)
Table 44 Europe: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 45 Europe: Market Size, By Vertical, 2015–2022 (USD Million)
Table 46 APAC: Core HR Software Market Size, By Component, 2015–2022 (USD Million)
Table 47 Asia Pacific: Market Size, By Software, 2015–2022 (USD Million)
Table 48 Asia Pacific: Market Size, By Service, 2015–2022 (USD Million)
Table 49 Asia Pacific: Market Size, By Deployment Type, 2015–2022 (USD Million)
Table 50 Asia Pacific: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 51 Asia Pacific: Market Size, By Vertical, 2015–2022 (USD Million)
Table 52 MEA: Core HR Software Market Size, By Component, 2015–2022 (USD Million)
Table 53 Middle East and Africa: Market Size, By Software,  2015–2022 (USD Million)
Table 54 Middle East and Africa: Market Size, By Service,  2015–2022 (USD Million)
Table 55 Middle East and Africa: Market Size, By Deployment Type, 2015–2022 (USD Million)
Table 56 Middle East and Africa: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 57 Middle East and Africa: Market Size, By Vertical,  2015–2022 (USD Million)
Table 58 Latin America: Core HR Software Market Size, By Component, 2015–2022 (USD Million)
Table 59 Latin America: Market Size, By Software, 2015–2022 (USD Million)
Table 60 Latin America: Market Size, By Service, 2015–2022 (USD Million)
Table 61 Latin America: Market Size, By Deployment Type,  2015–2022 (USD Million)
Table 62 Latin America: Market Size, By Organization Size,  2015–2022 (USD Million)
Table 63 Latin America: Market Size, By Vertical, 2015–2022 (USD Million)
 
 
List of Figures (66 Figures)
 
Figure 1 Core HR Software Market: Research Design
Figure 2 Breakdown of Primary Interviews: By Company Type, Designation, and Region
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Quadrant Description
Figure 7 Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 8 The Adoption Rate of Core HR Software is Expected to Grow at A Higher CAGR in Small and Medium-Sized Enterprises
Figure 9 Consumer Goods and Retail Vertical is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 10 Integration Services Segment is Expected to Dominate the Market Size in the Services Market During the Forecast Period
Figure 11 North America is Expected to Lead the Market Size of the Core HR Software Market, Followed By Europe
Figure 12 Popularity of Cloud and Mobility Technologies are the Factors Contributing to the Growth of the Core HR Software Market
Figure 13 Government Vertical and North America Region Hold the Largest Market Shares in 2017
Figure 14 Succession Planning Software Segment is Expected to Grow at the Highest CAGR in the Core HR Software Market By 2022
Figure 15 Asia Pacific is Expected to Grow at the Highest CAGR During  2017– 2022
Figure 16 Middle East and Africa, and Asia Pacific are High Growing Regions in the Core HR Software Market
Figure 17 Core HR Software Market Evolution
Figure 18 Core HR Software Market: Drivers, Restraints, Opportunities, and Challenges
Figure 19 Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 20 Succession Planning Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 21 Integration Services Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 22 Cloud Deployment Type is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 23 Small and Medium-Sized Enterprises Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 24 Consumer Goods and Retail Vertical is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 25 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 26 Regional Snapshot: Asia Pacific is Expected to Grow at the Highest CAGR in the Core HR Software Market
Figure 27 North America: Market Snapshot
Figure 28 Services Segment is Expected to Grow at A Higher CAGR in North America During the Forecast Period of 2015–2022
Figure 29 Services Segment is Expected to Grow at A Higher CAGR in Europe During the Forecast Period of 2015–2022
Figure 30 Asia Pacific: Market Snapshot
Figure 31 Services Segment is Expected to Grow at A Higher CAGR in Asia Pacific During the Forecast Period of 2015–2022
Figure 32 Software Segment is Expected to Grow at A Higher CAGR in Middle East and Africa During the Forecast Period of 2015–2022
Figure 33 Software Segment is Expected to Grow at A Higher CAGR in Latin America During the Forecast Period of 2015–2022
Figure 34 Dive Chart
Figure 35 Automatic Data Processing, LLC: Company Snapshot
Figure 36 Automatic Data Processing, LLC: Product Offering Scorecard
Figure 37 Automatic Data Processing, LLC: Business Strategy Scorecard
Figure 38 Ceridian HCM, Inc.: Product Offering Scorecard
Figure 39 Ceridian HCM, Inc.: Business Strategy Scorecard
Figure 40 Corehr: Product Offering Scorecard
Figure 41 Corehr: Business Strategy Scorecard
Figure 42 Employwise, Inc.: Product Offering Scorecard
Figure 43 Employwise, Inc.: Business Strategy Scorecard
Figure 44 International Business Machines Corporation: Company Snapshot
Figure 45 International Business Machines Corporation: Product Offering Scorecard
Figure 46 International Business Machines Corporation: Business Strategy Scorecard
Figure 47 Oracle Corporation: Company Snapshot
Figure 48 Oracle Corporation: Product Offering Scorecard
Figure 49 Oracle Corporation: Business Strategy Scorecard
Figure 50 Paychex, Inc.: Company Snapshot
Figure 51 Paychex, Inc.: Product Offering Scorecard
Figure 52 Paychex, Inc.: Business Strategy Scorecard
Figure 53 Paycom Software, Inc.: Company Snapshot
Figure 54 Paycom Software, Inc.: Product Offering Scorecard
Figure 55 Paycom Software, Inc.: Business Strategy Scorecard
Figure 56 SAP SE: Company Snapshot
Figure 57 SAP SE: Product Offering Scorecard
Figure 58 SAP SE: Business Strategy Scorecard
Figure 59 Sumtotal Systems, LLC: Product Offering Scorecard
Figure 60 Sumtotal Systems, LLC: Business Strategy Scorecard
Figure 61 Ultimate Software Group, Inc.: Company Snapshot
Figure 62 Ultimate Software Group, Inc.: Product Offering Scorecard
Figure 63 Ultimate Software Group, Inc.: Business Strategy Scorecard
Figure 64 Workday, Inc.: Company Snapshot
Figure 65 Workday, Inc.: Product Offering Scorecard
Figure 66 Workday, Inc.: Business Strategy Scorecard

The Core Human Resource (HR) 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.

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.

Core HR Software 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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