Human Capital Management Market Accruals Value of USD 22 Billion By 2022 With 10

Posted by charliecray on August 31st, 2017

IBM (U.S.), SAP SE (Germany), Software AG (Germany), Workforce Software (U.S.), ADP LLC (U.S.), WORKDAY (U.S.), Oracle Corporation (U.S.), Kronos Inc. (U.S.), LinkedIn (U.S.), Ultimate Software (U.S.), Infor (U.S.), Zenefits (U.S.), and Talentsoft (France) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Human Capital Management Market.

Human Capital Management Market – Overview

Human Capital Management Market is growing rapidly mainly due to the high adoption of internet of things (IoT). According to a recent study report published by the Market Research Future, Globally, the market for Human Capital Management has increased its market growth in recent years and is expected to gain prominence over the forecast period. The market is forecasted to witness a thriving growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period. The global Human Capital Management Market is expected to grow to USD ~22 Billion by 2022, at ~10% of CAGR between 2016 and 2022.

Burgeoning demand for workforce optimization and increased number of mobile applications are driving the Human Capital Management market. Additionally, the rising usage of e-recruiting solutions attributed to the increasing organizational adoption of these solutions is propelling the market growth of HCM. A large number of organizations have started adopting these solutions for on boarding, training, e-learning, candidate management, and selection management. Moreover, the multiple benefits that Human Capital Management offers owing to which the market growth is gaining a traction. HCM has many benefits such as organizational management, better recruitment, personnel administration, advanced time management, and better payroll processing and others.

However, the market may get confronted by the challenges such as security concerns related to software as a service-based human capital management solutions which is anticipated to result in a restraining factor for the market. Adversely, the demand for workforce optimization is ever increasing. The increasing demand for integrated high performance software is driving the human capital management market. Recently a trend towards digital transformation and internet of things (IoT) is observed, this is one of the driving forces of Human Capital Management market.

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Human Capital Management is a set of practices related to people resource management which are focused on the organizational need to provide specific competencies. These practices are implemented in three main categories as workforce acquisition, Human Capital Management and workforce optimization. Human Capital Management is an approach of employee staffing that recognizes people as assets as human capital. In human capital management, the human capital's current value can be measured and its future value can be enhanced through investment.