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Core HR software market to be worth US$9.89bn by 2022

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According to a new report published by MarketsandMarkets, the core HR software market size is expected to grow from US$6.47 billion in 2017 to US$9.89 billion by 2022, at a CAGR of 8.8% during the forecast period. This covers – core HR software market by component (software and services), deployment type (on-premises and cloud), and organisation size (SMEs and large enterprises).

For employers, this would mean:

North America is the largest region in terms of global share

North America is expected to dominate the market from 2017 to 2022, because of the adoption of technologies, such as smartphones and cloud platform. The startups and emerging players in the region offer differentiated, customised, and flexible products to meet the need of HR professionals.

Public sector is expected to contribute to the largest market size

The government employs a considerable workforce size, and is likely to use core HR software to manage it workforce, through modules on pension management and succession planning, and the like. Moreover, outdated infrastructure is the biggest disadvantage for governments to integrate new systems.

The SMEs segment is expected to grow at the highest CAGR

Organisations with employee range between 100 and 1,000 are expected to face resource crunch and require better methods to solve the complexities for better cost optimisation on their assets and requirements.

The major vendors that offer core HR software globally, cited by the report, include Automatic Data Processing (ADP) (US), International Business Machine (IBM) Corporation (US), Oracle Corporation (US), SAP SE (Germany), SumTotal Systems (US) and Workday (US).

ALSO READ: 49% of Gen Z in Singapore believe that VR will revolutionise work

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