The North America Core HR Software Market would witness market growth of 6.6% CAGR during the forecast period (2023-2030).
Many market opportunities are being created due to cloud technology development and mobile deployment expansion. The fundamental market trends for HR software continue to be very beneficial for businesses in maintaining employee records and keeping track of sick days. Employees can access the database through the employee self-portal to modify specific data. The market is flourishing because of the increased use of automated systems in businesses.
The main drivers of the growth of the market are the rising acceptance of digitalization and the increasing demand for HR departments to be automated for effective human resource management throughout various industrial verticals. Over the past ten years, firms have significantly adopted advanced data management systems with integrated payroll, talent, workforce, and recruitment management features. Additionally, this is anticipated to accelerate the uptake of software with various functionalities, particularly core HR software as a service platform, which would subsequently accelerate the growth of the market.
Due to reasons like the COVID-19 pandemic, remote and hybrid work models have become more popular, which has raised the demand for core HR software in the region that can successfully manage remote employees, such as collaboration, tracking time & attendance, and communication. For example, the percentage of people who spend the majority of their working hours at their homes tripled between 2019 and 2021 as per the updated American Community Survey (ACS) 1-year projections for 2021 that were released by the US Census Bureau. The Bureau of Labor Statistics predicted that 8.0 million gross jobs were added to the economy in the fourth quarter of 2022 because of new and expanded private-sector businesses. A dense market's long-term economic advantages entice core HR software providers to extend their service offerings, which fuels the market's continued expansion.
The US market dominated the North America Core HR Software Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4,278.5 million by 2030. The Canada market is registering a CAGR of 9% during (2023 - 2030). Additionally, The Mexico market would showcase a CAGR of 8% during (2023 - 2030).
Based on Component, the market is segmented into Software (Learning Management, Payroll & Compensation Management, Benefits & Claims Management, Personnel Management, Pension Management, Compliance Management, and Others), and Services. Based on Deployment Type, the market is segmented into Cloud, and On-premise. Based on Vertical, the market is segmented into Government, Manufacturing, Energy & Utilities, Consumer Goods & Retail, Healthcare, Transportation & Logistics, IT & Telecom, BFSI, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Core HR Software Market is Projected to reach USD 17.3 Billion by 2030, at a CAGR of 32.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Workday, Inc., SAP SE, ADP, Inc., UKG, Inc., Oracle Corporation, Ceridian HCM Holding, Inc., IBM Corporation, Paycom Payroll LLC, Paylocity Holding Corporation and Cornerstone OnDemand, Inc.
By Component
By Deployment Type
By Vertical
By Country
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