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Core HR Software Market Trends

Report ID: GMI6729
Published Date: Sep 2023
Report Format: PDF

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Core HR Software Market Trends

Generative AI features in core HR software are driving lucrative growth by revolutionizing HR processes. AI-powered tools automate resume screening, enhancing talent acquisition. Chatbots provide instant employee support, improving engagement. For instance, in June 2023, Oracle unveiled its strategy to augment its business-oriented human resources software with the integration of generative Artificial Intelligence (AI) capabilities.

These new features are intended to provide support for a range of functions such as the creation of job descriptions and the establishment of employee performance objectives. These innovations boost productivity, reduce costs, and enhance the employee experience, making core HR software increasingly essential. The demand for such advanced features is fueling market growth as organizations seek efficient, data-driven HR solutions to gain a competitive edge.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of core HR software reached USD 9.6 billion in 2022 and is set to register over 6.5% CAGR from 2023 to 2032, due to the increasing need for automation and efficiency in human resource management worldwide.

The large enterprises segment crossed USD 6 billion revenue in 2022, on account of its high applications in managing employee data, payroll, benefits, and compliance across multiple locations.

North America held over 35% of the market share in 2022, owing to the increasing investments in core HR software firms in the region.

ADP, Ceridian, Cornerstone ondemand, HIBOB, IBM, Oracle, Paycom, Paylocity, Personio, SAP, Sprout, UKG, Visma, Workday, and Zoho are some of the major core HR software companies worldwide.