According to a new market research report “Human Capital Management Market by Software (Core HR, Workforce Management, Sourcing and Recruiting, Applicant Tracking System, Staffing Vendor Management), Services, Deployment Type, Organization Size, and Region – Global Forecast to 2022“, published by MarketsandMarkets™, The Human Capital Management (HCM) market size is expected to grow from USD 14.50 Billion in 2017 to USD 22.51 Billion by 2022, at an estimated Compound Annual Growth Rate (CAGR) of 9.2%.
Human Capital Management (HCM) solutions help organizations streamline and automate day-to-day Human Resources (HR) processes to manage administration, payroll, performance, and succession planning, as well as, improve the overall productivity for organizations.
Browse 65 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 Vendor Management), Services, Deployment Type, Organization Size, and Region – Global Forecast to 2022
Major Key Companies:
The HCM market consists of major players, such as Workday, Inc. (US), Oracle Corporation (US), SAP SE (Germany), Kronos, Inc. (US), Automatic Data Processing, LLC (US), Ultimate Software Group, Inc. (US), IBM Corporation (US), SumTotal Systems, LLC (US), EmployWise (India), Paycom Software, Inc. (US), Ceridian HCM, Inc. (US), and PeopleStrategy, Inc. (US) in this market.
Core HR and workforce management are expected to be the largest contributor in the global HCM market during the forecast period
Core HR software are very basic requirement for any organization to administer its employee for functions such as payroll and compensation management, benefits and claims management, personnel management, learning management, pension management, compliance management, and succession planning. Furthermore, considering the rising workforce of organizations, it becomes critical for HR department to track and monitor the employees to efficiently manage the widespread workforce.
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Among organization size, SMEs is expected to show significant growth rate in terms of adoption of HCM solutions and services
HCM solution and services are needed by both large enterprises and Small and Medium-sized Enterprises (SMEs) to enhance performance of their workforce. Among organization size, the SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs face some specific challenges, such as the requirement of domain-specific personnel and skilled workforce, budget constraints, and limited economies of scale. SMEs are investing in HCM to attract the best talent in the industry to engage their existing workforce in better manner, and to make informed decisions, which will help them to compete with large organizations.
The consumer goods and retail industry vertical is expected to show significant growth rate in terms of adoption of HCM-based solutions and services
The consumer goods and retail vertical is evolving and expected to grow rapidly, in terms of technological changes, customer needs, and employment. In order to gain more visibility and control over diversified and mixed workforce consisting of in-store employees, drivers, and field service providers, both internally and externally, consumer goods and retail sector has been focusing on adopting advanced solutions to efficiently manage their resources. Moreover, increasing competition in consumer goods and retail sector has encouraged these enterprises to efficiently manage their resources in order to increase profitability.
With growing technological advancements in the countries of North America, the region is expected to be the largest contributor of HCM solutions during the forecast period.
The North America region has been a predominately concerned market regarding the adoption of HCM solutions and services. The high adoption of digital technology across all major industries helps the human capital management market to grow in North America, particularly in the U.S. and Canada. Moreover, most of the vendors offering HCM solutions such as Workday, Oracle, Kronos, IBM and others have their headquarters 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 regions exhibit immense scope for the adoption of HCM solutions. Additionally, the growing technological developments in the field of cloud, analytics, and the emergence of mobile technologies have led to the high adoption of HCM solutions in major industries such as Banking, Financial Services, and Insurance (BFSI), transportation and logistics, and healthcare.
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