HCM Market - Size, Share, Developments, Latest Innovations and Outlook 2023

Posted by Akash Sangshetti on March 9th, 2020

Market Highlights

In this rapidly changing environment, 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 HCM Market.

The HCM provides many advantages such as organizational management, e-recruitment, personnel administration, time management, and payroll processing and others. These advantages are also responsible for the adoption of Human Capital Management by different organizations. The study indicated that by the rising cyber security threats, the security concerns related to software solutions segment HCM would result as the restraining factor for the Human Capital Management market.

It has been observed that continuous developments are carried out to make more advancements to the Human Capital Management. As per a recent news Asure Software, a leading provider of HCM and workplace management software has expanded partnership with SafeGuard World, a global employment outsourcing and payroll provider, to deliver highly advanced global payroll solution to new and existing clients to add more advancements to Human Capital Management.

The HCM Market is growing rapidly over 10% of CAGR and is expected to reach at USD ~22 Billion by the end of forecast period.

Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “The Human Capital Management Market Research Report -Forecast to 2022”.

Key Players

The prominent players in the Human Capital Management Global Market are – 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.), Talentsoft (France), among others.

Market Segmentation

The global Human Capital Management Market has been segmented by component, deployment type, organization size, region, and end-user. Based on component the market is segmented into software solutions and services. The segment of software solutions is sub-segmented into workforce analytics, competency management, performance management, time & expense management, e-learning, e-recruiting, e-boarding, core HR, talent management, and payroll & tax. The segment of services has been further segmented into transformation services, implementation services, consulting services, and support & maintenance.

Based on deployment type, the market has been bifurcated into cloud and on-premise. In 2017, the segment of cloud boasted the largest market revenue share and is expected to do the same during the forecast period. Based on organization size, the market has been segmented into SMEs and large enterprises. Adoption of human capital management is witnessed rapidly by the large enterprises segment owing to the cost effectiveness of the process.

Based on end user, the human capital management market is segmented into manufacturing, BFSI, IT/ITES, healthcare, transportation, and government. Growing technological advancements in the fields of cloud, analytics, and the emergence of mobile technologies are propelling growth in the adoption of human cloud management systems in major verticals such as BFSI, transportation, healthcare as well as logistics.

Detailed Regional Analysis

The human capital management market has been regionally segmented into North America, Asia Pacific (APAC), Europe, and Rest of the world (RoW). North America is estimated to dominate the global human capital management market owing to increased internet penetration and technological advancements in the region. The MRFR study claims that Asia Pacific is driven by cloud deployment and rising adoption of IT services in the region. Moreover, Asia Pacific is expected to garner the highest CAGR during the forecast period owing to a rise in the adoption of mobile trends and cloud computing in countries such as China, Australia, Singapore, and Japan.

Table of Contents:

1 Market Introduction

1.1 Introduction

1.2 Scope Of Study

1.2.1 Research Objective

1.2.2 Assumptions

1.2.3 Limitations

1.3 Market Structure

2 Research Methodology

2.1 Research Network Software Solutions

2.2 Primary Research

2.3 Secondary Research

2.4 Forecast Model

2.4.1 Market Data Collection, Analysis & Forecast

2.4.2 Market Size Estimation

3 Market Dynamics

3.1 Introduction

3.2 Market Drivers

3.3 Market Challenges

3.4 Market Opportunities

3.5 Market Restraints

Continued…

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