According to a research report “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″ published by MarketsandMarkets, the core HR software market size is expected to grow from USD 10.7 billion in 2023 to USD 15.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period.
The need for a centralized repository for employee information to access and manage employee records in real time drives the growth of the core HR software market.
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By software, the personnel management segment is expected to grow at the highest CAGR during the forecast period.
Personnel management, encompassed within core HR software, constitutes a comprehensive suite of tools and functionalities aimed at efficiently managing the entire employee lifecycle within an organization. This multifaceted solution streamlines HR processes, from recruitment and onboarding to performance management, career development, and offboarding. Personnel management enables HR professionals to effectively track, organize, and analyze employee information through a unified platform, thereby enhancing workforce productivity, engagement, and strategic decision-making. The software facilitates job posting, candidate screening, interview scheduling, and offers acceptance. It centralizes candidate data, allowing HR teams to assess applicant suitability and seamlessly transition successful candidates into the onboarding phase. During onboarding, personnel management software automates paperwork, training schedules, and introductory materials, expediting the integration of new employees and contributing to a positive first impression.
By deployment type, the cloud segment holds a larger market size during the forecast period.
Adoption of cloud-based core HR software adoption has experienced remarkable growth in recent years, transforming how organizations manage their human resources. According to a study by Gartner, cloud-based HCM applications represented 60% of all HCM deployments in 2020, which is expected to increase further in the coming years. The flexibility and scalability offered by cloud solutions have driven this trend, allowing businesses to adapt quickly to changing workforce needs and scale operations seamlessly. Additionally, as per the PwC HR Tech Survey 2022, 91% of organizations stated that more employees are using core HR software on the cloud. Small and medium-sized enterprises (SMEs) have particularly embraced cloud-based HR software due to its affordability and ease of implementation. With integrated cloud HR suites gaining popularity, businesses are reaping the benefits of streamlined HR processes, data consolidation, and real-time analytics, empowering them to make data-driven decisions for talent management and strategic planning. As cloud technology continues to evolve and more organizations recognize its advantages, adopting cloud-based core HR software is poised to thrive during the study period.
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By Region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.
Asia Pacific countries’ core HR software market is experiencing rapid growth and expansion. The region’s diverse and dynamic business landscape and increasing technology adoption drive the demand for advanced HR solutions to streamline workforce management and improve overall HR efficiency. Asia Pacific comprises China, Japan, India, and the Rest of Asia Pacific. Being an emerging economy, Businesses of all sizes, ranging from small and medium-sized enterprises (SMEs) to large corporations, have recognized the value of these solutions in optimizing HR processes and supporting organizational growth. Integration with other business systems, such as payroll, accounting, and talent management, is a top focus for core HR software providers in the region.
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