The core HR software market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period, to reach USD 15.1 billion by 2028 from USD 10.7 billion in 2023. The need for improved compliance and risk management to adhere to employment laws and regulations is expected to drive the growth of the global core HR software market.
Major vendors in this market are based in North America, Europe, and Asia Pacific. Workday (US), SAP (Germany), ADP (US), UKG (US), and Oracle (US) are among the leading players operating in the core HR software market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their core HR software market presence.
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Workday is one of the well-established and reputable providers in the core HR software market, known for its cloud-based HCM solutions and continuous focus on innovation. Workday primarily targets medium to large-sized enterprises, spanning various industries and verticals such as banking, communications, education, energy, healthcare, hospitality, insurance, life sciences, public sector, manufacturing, retail, non-profit, technology, and media & entertainment. The company has a strong presence in multinational organizations, offering solutions that cater to complex HR needs and global workforce management. It has healthy partner relations with leading technology and service providers such as Accenture, Deloitte, IBM, ADP, Microsoft, and Adobe. Workday HCM is the core product of the company. It includes a range of HR modules, such as employee data management, payroll management, benefits administration, time and attendance tracking, and talent management. The company also offers recruiting and learning management solutions. It has offices across North America, Europe, the Middle East, Africa, Asia Pacific, and Latin America.
SAP is one of the leading multinational software companies. The company is well-known for its enterprise resource planning (ERP) solutions, including SAP S/4HANA and HCM software. SAP offers a range of products and solutions in the Core HR software market, including SAP SuccessFactors HXM Suite. The SAP SuccessFactors HXM Suite provides various cloud-based solutions, including a comprehensive human resource management system (HRMS). This suite integrates core HR and payroll, talent management, sales performance management, people analytics, and workforce planning, providing valuable support to drive business success. SAP caters to various industry verticals: retail, aerospace & defense, life sciences, oil & gas, public sector, transportation & logistics, utilities, healthcare, and BFSI. SAP has strong partner relations with leading market players such as Accenture, Deloitte, Atos, Capgemini, DXC Technology, Infosys, and NTT Data.
Core HR Software Market by Component (Software (Learning Management, Payroll & Compensation Management, Benefits & Claims Management) and Services) Deployment Type, Vertical (Government, BFSI, Manufacturing) and Region - Global Forecast to 2028
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