Singapore Core HR Software Market Size is anticipated to grow at a CAGR of 8.1% during 2024-2030

Cloud segment on the basis of deployment type attained significant revenue share in Singapore Core HR Software Market – 6Wresearch

In 2023, the domination of cloud-based deployments for Singapore core HR software market has garnered the highest revenue share owing to the growing adoption of cloud technologies and the need for remote access to HR functionalities, especially in the hybrid working culture. Companies are increasingly preferring cloud-based HR solutions for their cost-effectiveness, ease of implementation, and ability to facilitate hybrid work arrangements.

According to 6Wresearch, Singapore Core HR Software Market Size is anticipated to grow at a CAGR of 8.1% during 2024-2030. 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 Furthermore, there is an anticipation that tech-enabled startups in Singapore will contribute 4.1% to the economy by 2025, with further growth expected to reach 4.5% by 2030. This projection highlights the increasing significance of the startup ecosystem in Singapore's economy, particularly those leveraging technology to drive innovation and growth. Moreover, Singapore jobs in tech enabled start-ups is expected to increase from 5,000 in 2015 to 1,68,000 in 2035, which would further increase demand for HR solutions to manage the recruitment, onboarding, and ongoing management of a larger workforce, thereby driving the market growth.

Between 2024 and 2025, Singapore is projected to see a 0.75% growth in employed individuals, reaching 4.02 million, with initiatives like Manufacturing 2030 creating 4,600 jobs and a demand for 1.2 million digitally skilled workers by 2025, spurring the need for efficient HR solutions to manage the growing workforce and drive market growth.

According to Shubham Deep, Senior Research Analyst, 6Wresearch, 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.

Singapore Core HR Software Market (2024-2030) report provides an in-depth analysis with 24 figures and 9 tables, covered in 81 pages. The report comprehensively covers the market by component, organization size, deployment type, software, services and vertical. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.

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