According to a new market research report "Human Capital Management Market by Software(Core HR, Workforce Management, Sourcing and Recruiting, Applicant TrackingSystem, Staffing Vendor Management), Services, Deployment Type, OrganizationSize, and Region - Global Forecast to 2022", published by MarketsandMarkets™, TheHuman Capital Management (HCM) market size is expected to grow from USD 14.50Billion in 2017 to USD 22.51 Billion by 2022, at an estimated Compound AnnualGrowth Rate (CAGR) of 9.2%.
Human Capital Management (HCM) solutions help organizationsstreamline and automate day-to-day Human Resources (HR) processes to manageadministration, payroll, performance, and succession planning, as well as,improve the overall productivity for organizations.
Browse65 market data Tables and 71 Figures spread through 139 Pages and in-depth TOC on Human Capital Management Market by Software (Core HR, Workforce Management,Sourcing and Recruiting, Applicant Tracking System, Staffing VendorManagement), Services, Deployment Type, Organization Size, and Region - GlobalForecast to 2022
Major Key Companies:
The HCM market consists of majorplayers, such as Workday, Inc. (US), Oracle Corporation (US), SAP SE (Germany),Kronos, Inc. (US), Automatic Data Processing, LLC (US), Ultimate SoftwareGroup, Inc. (US), IBM Corporation (US), SumTotal Systems, LLC (US), EmployWise(India), Paycom Software, Inc. (US), Ceridian HCM, Inc. (US), andPeopleStrategy, Inc. (US) in this market.
Core HR and workforce management are expected to be thelargest contributor in the global HCM market during the forecast period
Core HR software are very basicrequirement for any organization to administer its employee for functions suchas payroll and compensation management, benefits and claims management,personnel management, learning management, pension management, compliancemanagement, and succession planning. Furthermore, considering the risingworkforce of organizations, it becomes critical for HR department to track andmonitor the employees to efficiently manage the widespread workforce.
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Among organization size, SMEs is expected to showsignificant growth rate in terms of adoption of HCM solutions and services
HCM solution and services areneeded by both large enterprises and Small and Medium-sized Enterprises (SMEs)to enhance performance of their workforce. Among organization size, the SMEssegment is expected to grow at a higher CAGR during the forecast period. SMEsface some specific challenges, such as the requirement of domain-specificpersonnel and skilled workforce, budget constraints, and limited economies ofscale. SMEs are investing in HCM to attract the best talent in the industry toengage their existing workforce in better manner, and to make informeddecisions, which will help them to compete with large organizations.
The consumer goods and retail industry vertical is expectedto show significant growth rate in terms of adoption of HCM-based solutions andservices
The consumer goods and retailvertical is evolving and expected to grow rapidly, in terms of technologicalchanges, customer needs, and employment. In order to gain more visibility andcontrol over diversified and mixed workforce consisting of in-store employees,drivers, and field service providers, both internally and externally, consumergoods and retail sector has been focusing on adopting advanced solutions toefficiently manage their resources. Moreover, increasing competition inconsumer goods and retail sector has encouraged these enterprises toefficiently manage their resources in order to increase profitability.
With growing technological advancements in the countries ofNorth America, the region is expected to be the largest contributor of HCMsolutions during the forecast period.
The North America region has beena predominately concerned market regarding the adoption of HCM solutions andservices. The high adoption of digital technology across all major industrieshelps the human capital management market to grow in North America,particularly in the U.S. and Canada. Moreover, most of the vendors offering HCMsolutions such as Workday, Oracle, Kronos, IBM and others have theirheadquarters in North America contributing majorly to the growth of HCM market.The market is in the emerging stage in the regions of Asia-Pacific (APAC),Latin America, and Middle East and Africa (MEA). Therefore, these regionsexhibit immense scope for the adoption of HCM solutions. Additionally, thegrowing technological developments in the field of cloud, analytics, and theemergence of mobile technologies have led to the high adoption of HCM solutionsin major industries such as Banking, Financial Services, and Insurance (BFSI),transportation and logistics, and healthcare.
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