Core HR Software Market Trends 2023 : New Trends and Changing Parameters to Earn More Sales

Core HR Software Market Trends

In this rapidly changing world of technology, core HR software market is projected to show major growth prospects during the forecast period. Core HR software has gained major traction due to the increasing need for automation in managing and handling documents and other business processes.

As compared to other regions, the core HR software market in North America is expected to witness significant growth and dominate the market share during the forecast period. U.S and Canada are anticipated to drive the growth of core HR software market. This is owing to the presence of large number of emerging players and increasing startups in that region. In addition to this, the region also has a well-established economy which had led to rapid adoption of core HR software. Increasing number of smartphone users and adoption of advanced technologies is another reason for the growth of core HR software market.

The Core HR Software market is growing rapidly over 9% of CAGR and is expected to reach at approx. USD 11 billion by the end of forecast period.

Industry/ Innovation/ Related News:

April 09, 2018 – iCIMS, Inc. (US) a leading provider of cloud-based talent acquisition solutions, announced the release of product enhancements to streamline the user experience for candidates, hiring managers and recruiters. The company plans to roll out further usability updates throughout 2018.

April 02, 2018 – Lufthansa Airways (Germany) one of the largest
Aviation groups announced that it has restarted a project to replace more than 50 outdated human resources (HR) IT systems with a cloud-based service, after several failed efforts.

March 30, 2018 – Telefonica (UK) a multinational telecoms group announced that it has completely replaced 175 incompatible HR IT systems with a cloud-based Core HR Software for more than 40 countries. The company deployed new HR modules, like performance and recruitment, while rolling out Success Factors’ core HR technology as a parallel project. The company rolled out the core HR technology, Employee Central, country by country.

March 26, 2018 – Namely All-in-One HR Software (US) announced that it; expansion plans its Atlanta office footprint.

March 20, 2018 – Slack Technologies, Inc. (US), a leading global software company for a cloud-based set of proprietary team collaboration tools and services, announced its partnership with the Workday, Inc. (US), an on-demand financial management and human capital management software vendor to bring HR tools into the Slack platform. The integration would allow employees to access a range of HR services by Workday without having to leave the Slack platform.

Core HR Software Market – Segments

The Core HR Software Market is segmented into 4 key dynamics for the convenience of the report and enhanced understanding;

By Components : Comprises Software (Benefits and Claim Management, Payroll and Compensation Management, Personnel Management, Learning Management, Pension Management, & Compliance Management among others.) Service (Maintenance and Support, Integration Services, & Consulting Services among others.)

By Deployment On Cloud & On-Premise

By Verticals BFSI, Healthcare, IT & Telecommunication, Retail, & Government among others.

By Regions  : North America, Europe, APAC and Rest of the World.

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