Core HR software was among the first software solutions whose need were felt by organizations to reduce the tedious manual processes, such as payroll and benefit calculations. With unprecedented growth in the size and scope of organizations, managing a huge and geographically spread workforce became tedious and challenging. The increasing complexities of managing employees at an individual level in an organization gave rise to the demand for core HR software. The increased competition in the market and the need for employee retention with transparency fueled the increase in adoption of core HR software across industries. Core HR software reduces the operational cost of employee management and provides employee satisfaction. The integration capability of the software with the existing systems is identified as a major criterion for implementation by vendors.

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The provision of core HR software on the cloud as Software as a Service (SaaS) has encouraged more SMEs to adopt the software, eliminating the deployment of IT infrastructure at client’s premises. The usage of mobile application for core HR software has increased the employee engagement with remote employees being connected through mobile applications. The retail sector is the highest growing vertical among the industries with regards to the adoption of core HR software, due to its dynamic nature of work and variable pay and benefits consideration. The North American region holds the largest market size in the adoption of core HR software. APAC region to exhibit highest growth in the core HR software market during the forecast period. Also, MEA region is expected to achieve a considerable growth in the core HR software market. Succession planning software segment is expected to grow at the highest CAGR during the forecast period.

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).

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