Singapore Core HR Software Market (2024-2030) | Industry, Forecast, Analysis, Share, Revenue, Companies, Size, Value, Growth & Trends

Topics Covered in Singapore Core HR Software Market Report

Singapore Core HR Software Market Report thoroughly covers the market by product/component, system solutions and end user/industries. The Singapore Core HR Software Market Outlook report provides an unbiased and detailed analysis of the ongoing Singapore Core HR Software Market trends, opportunities/high growth areas, and market drivers. This would help stakeholders devise and align their market strategies according to the current and future market dynamics.

Singapore Core HR Software Market Overview

Singapore Core HR Software Market has experienced significant expansion lately, driven by the emergence of startups, growth in the commercial office sector, and the widespread adoption of advanced IT infrastructure by both SMEs and large enterprises. These factors have increased the demand for core HR software solutions to efficiently manage the expanding workforce. Moreover, the percentage of newly created job vacancies increased from 38.7% in 2022 to 47.3% in 2023, thus driving the demand for core HR software in Singapore. Furthermore, the number of well-paying jobs in areas such as software and telecommunications is expected to grow to about 80,000 by 2025, under a new road map for the information and communications industry, which would further boost demand for core HR software for managing expanding workforces. Singapore has placed a strong emphasis on facilitating digital adoption, particularly for SMEs.

The government has set aside SGD1 billion (USD724 million) to fund a series of digital transformation schemes, such as the Emerging Technology Programme, and launched the SMEs Go Digital programme to support SMEs in adopting digital solutions.

According to 6Wresearch, Singapore Core HR Software Market Size is anticipated to grow at a CAGR of 8.1% during 2024-2030. The number of jobs in tech-enabled startups in Singapore is projected to rise from 5,000 in 2015 to 168,000 in 2035, potentially driving the adoption of core HR software in the years ahead. Furthermore, SAP, plans to end management support for on-premises software, prompting companies to shift to cloud solutions. As a result, there is a growing necessity for companies to transition to cloud-based software, which would positively boost the market growth.  Consequently, with the ongoing growth of Singapore's economy and the increasing adoption of digital transformation by businesses, the core HR software market is poised to experience significant revenue growth in the coming years.

Market Segmentation by Component

In the core HR software market, services dominate due to their essential role in ensuring successful technology adoption and optimization. Implementation services facilitate the seamless transition from legacy systems to modern HR platforms, minimizing disruptions and ensuring integration with existing processes. Consultation services offer expert, tailored guidance, helping organizations select the right solutions, optimize HR workflows, and maintain regulatory compliance.

Market Segmentation by Organization Size

Large enterprise segment garners the major revenue share primarily due to its substantial workforce and complex HR needs. As of 2021, large enterprises in Singapore contributed to more than 70% of total software spending, emphasizing their reliance on advanced HR solutions to manage their operations effectively. Moreover, large enterprises in Singapore often employ thousands of employees, necessitating sophisticated HR solutions to manage payroll, benefits, performance, and compliance effectively.

Market Segmentation by Deployment Type

The cloud segment is poised to achieve the highest growth rate in the coming years as the leading player in the market, SAP, plans to end management support for on-premises software, prompting companies to shift to cloud solutions. As a result, there is a growing necessity for companies to transition to cloud-based software.

Market Segmentation by Software

Payroll and Compensation Management software is poised to achieve the highest growth rate in the coming years owing to the increasing complexity of labour regulations and tax laws demands more sophisticated solutions to ensure compliance.

Market Segmentation by Services

Implementation service segment holds the largest revenue share in Singapore's core HR software market owing to their high initial one-time cost as they are crucial for ensuring successful adoption of complex HR systems. Further, their services require expertise in HR processes, software configuration, and data migration, ensuring seamless adoption and functionality.

Market Segmentation by Vertical

The commercial offices segment dominates the major revenue share as commercial offices often have larger employee bases and complex HR needs, requiring sophisticated HR software solutions. With a focus on efficiency, compliance, and workforce management, Core HR Software becomes indispensable for streamlining HR operations in commercial office settings. Moreover, furthermore, the number of registered offices surged to over 700 in 2023 from 400 at the end of 2020, catering to ultra-high-net-worth individuals with specific HR needs, contributing to the segment growth.

Key Attractiveness of the Report

• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Singapore Core HR Software Market Overview
• Singapore Core HR Software Market Outlook
• Singapore Core HR Software Market Forecast
• Historical Data and Forecast of Singapore Core HR Software Market Revenues, for the Period 2020-2030F
• Historical Data and Forecast of Singapore Core HR Software Market Revenues, By Component, for the Period 2020-2030F
• Historical Data and Forecast of Singapore Core HR Software Market Revenues, By Organization Size, for the Period 2020-2030F
• Historical Data and Forecast of Singapore Core HR Software Market Revenues, By Deployment Type, for the Period 2020-2030F
• Historical Data and Forecast of Singapore Core HR Software Market Revenues and Volume, By Software, for the Period 2020-2030F
• Historical Data and Forecast of Singapore Core HR Software Market Revenues, By Services, for the Period 2020-2030F
• Historical Data and Forecast of Singapore Core HR Software Market Revenues, By Verticals, for the Period 2020-2030F
• Market Opportunity Assessment
• Market Drivers and Restraints
• Market Trends
• Competitive Benchmarking
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Component

• Software
• Services

By Organization Size

• SMEs
• Large Enterprises

By Deployment Type

• On-Premises
• Cloud

By Software

• Benefits And Claims Management
• Payroll And Compensation Management
• Personnel Management
• Learning Management
• Pension Management
• Compliance Management
• Succession Planning

By Services

• Integration Services
• Maintenance And Support
• Consulting
• Implementation Service

By Vertical

• Commercial Offices
• Government
• Manufacturing
• Wholesale Retail
• Healthcare
• Transportation And Logistics
• Telecom And Information Technology (IT)
• Banking, Financial Services, And Insurance (BFSI)
• Others

Frequently Asked Questions About the Market Study (FAQs):