The global HCM market size is expected to grow from USD 16.7 billion in 2019 to USD 26.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period. Integration of emerging technologies, such as Artificial Intelligence (AI), and Machine Learning (ML), with HCM solutions has emerged as one of the strongest factors for HCM solution and services adoption across regions.
Browse 109 market data Tables and 35 Figures spread through 147 Pages and in-depth TOC on ” HCM Market by Software (Core HR, Applicant Tracking System, HR Analytics, Workforce Management), Service, Deployment Type (cloud and on-premises), Organization Size, and Region – Global Forecast to 2024″
Consumer goods and retail segment is expected to have the highest adoption of HCM solutions where this vertical is expected to outperform other verticals in terms of growth. The vertical has mainly adopted HCM solutions to have a centralized system to manage the information of all employees irrespective of store location.
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North America has always been at the forefront of adopting advanced technologies and has depicted a high adoption of HCM. Many companies in North America are increasingly adopting HCM solutions to gain holistic visibility into their employees and improve the overall performance of their system. Moreover, a direct presence of many major HCM vendors in North America has further added to the high adoption of HCM solutions in North America.North America has always been at the forefront of adopting advanced technologies and has depicted a high adoption of HCM. Many companies in North America are increasingly adopting HCM solutions to gain holistic visibility into their employees and improve the overall performance of their system. Moreover, a direct presence of many major HCM vendors in North America has further added to the high adoption of HCM solutions in North America.
The HCM market comprises major solution providers, such as Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Software (US), Ceridian (US), SumTotal (US), Kronos (US),Infor (US), Cornerstone (US), Meta4 (US), Ramco Systems (India), Bamboo HR (US), Namely (US), and Workforce Software (US). The study includes an in-depth competitive analysis of key players in the HCM market with their company profiles, recent developments, and key market strategies.
The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements; and partnerships, acquisitions, and collaborations, have been the most dominating strategies adopted by the major players from 2018 to 2019, which helped them strengthen their offerings and broaden their customer base.
Oracle (US) has a strong foothold in the HCM market with its robust offerings. The company adopted various organic growth strategies and continues to enhance its expertise in the market. For instance, in October 2018, Oracle introduced AI capabilities in HCM, which enables the HR trained bot to answer common HR questions quickly and easily.
Ultimate Software (US) is among the leaders in the HCM market with a prominent geographic presence. The company has alliances with many leading companies and has adopted various organic growth strategies to maintain a strong foothold in the industry. For instance, in July 2019, Ultimate Software launched the Employee File Management, which would help HR professionals to easily share documents with third parties irrespective of their location.
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