The Human Capital Management (HCM) market comprises all the software and related services that enable enterprises to manage HR processes, reporting, and workflow for better management of activities such as compensation management, payroll, talent management, and performance management. MarketsandMarkets forecasts the HCM market size to grow from USD 12.59 Billion in 2016 to USD 19.88 Billion by 2021, at a CAGR of 9.6%. The HCM market is expected to grow substantially owing to the expansive penetration of mobile devices for data access and the increasing need to streamline HR activities for enhancing services to customers.
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The key players in the HCM market include Oracle Corporation (U.S.), Infor (U.S.), Cornerstone OnDemand (U.S.), and NetSuite (U.S.), and others. These players have adopted various strategies such as partnerships, acquisitions, expansions, and new product launches and upgradations to achieve growth in the HCM market.
The year 2015–2016 witnessed many developments, such as new product launches to expand the product portfolio to provide improved offerings. Cornerstone OnDemand introduced a suite of people analytics products. This suite would help organizations to easily create, manage, and execute accurate hiring plans. Additionally, Oracle introduced new changes to its Oracle HCM cloud portfolio; the new features would facilitate organizations to drive HR transformation and adopt modern practices.
The key players also adopted the strategy of partnerships, agreements, and collaborations. For example, Epicor entered into a strategic partnership with ADP to expand the integration of ADP Workforce Now, an HCM platform with integrated features of Epicor ERP and HCM. In another development, Ceridian and WorkAngel partnered to form a new employee engagement company.
The major players also acquired various companies to strengthen their product portfolio and expand their geographic footprints into the existing and emerging markets. For instance, Ceridian acquired RelatedMatters to offer more practical coaching to engage employees and help teams succeed. This acquisition would help Ceridian to offer more practical coaching to engage employees.
HCM solution vendors across the world are constantly adding innovation to their products and services to offer augmented solution offerings and serve them in a better manner. HCM solutions and services are being increasingly adopted across various industries, which has led to the growth of the market across the globe. North America is expected to hold the largest market share during the forecast period, whereas APAC is expected to exhibit potential growth opportunities for the HCM ecosystem players to explore and cater to new clients.