The global human capital management market to double its present market valuation by 2022 by climbing at 22 billion at a CAGR of 10% between 2016 and 2022, the forecast period, asserts Market Research Future (MRFR) in a detailed report that includes drivers and segments of the market’s growth.
Human Capital Management Market is getting steam from mainly the information and communication sector. The sophisticated practices of human capital management add an extra highlight to the market and improve communication in an organization, thus give a proper perspective of the market and its growth in the coming years. The set of practices are generally related to people resource management which is focused on the organizational needs to offer specific competencies.
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Market Drivers & Trends
The factors such as mounting demand for workforce optimization and augment in mobile applications are posing as the prime drivers of the human capital management market. In the current yet rapidly changing environment, the escalating demand for integrated high-performance software is considered as the driving factor for the human capital management market. In recent times, a trend of digital transformation and internet of things (IoT) is observed which is also contributing as the driving force of Human Capital Management market, which will also drive the market to expand in the coming years.
On the other hand, the study indicates that human capital management offers several advantages such as organizational management, e-recruitment, personnel administration, time management, and payroll processing and many more. These advantages are also accountable for the adoption of human capital management by different organizations. These advantages are anticipated to take the market towards a rising notion in the assessment period at a rapid pace.
On the flip side, factors such as rising cybersecurity threats, the security concerns related to software solutions are posing a hindrance to human capital management during the forecast period.
The prominent players in the HCM 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.
According to MRFR’s study, the human capital management market has been segmented based on components, deployment type, organization size and end-user.
Looking at the components segment, the market is categorized as service and software solutions. Due to the mounting practice of e-recruiting solutions, numerous organizations are ongoing with adopting these solutions for managing onboarding, training, e-learning, candidate management, and selection. The benefits of human capital management such as organizational management, better recruitment, personnel administration, advanced time management, and better payroll processing and others are solely responsible for the growth of the market.
Considering the deployment segment, the market displays a significant growth as it influences better access to HCM data, with quicker implementation and reduced total cost of ownership. It is the SMEs segment, which is expected to rise significantly in the market by the forecast period.
By Organization Size segment, the market includes SMEs and large enterprise.
In the end, the end-user segment includes manufacturing, BFSI, IT/ITES, healthcare, transportation, government and many more.
Detailed Regional Analysis
The regional analysis of human capital management market is studied for the region of Asia Pacific, North America, Europe, and Rest of the World.
Among these, the North America region is leading the human capital management market due to factors such as augmented internet penetration and technological advancements.
On the other side, cloud deployment is a driving factor for the Asia-Pacific region as it is contributing the market to expand significantly and would do the same by the forecast period. Apart from it, the intensifying adoption of IT services is also driving the human capital management market to earn more valuation in the coming years. Also, high cloud penetration, high internet penetration and mounting new-generation employees have resulted in significant growth of the Human Capital Management market in the European region.
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Table of Contents:
1 Market Introduction
1.2 Scope Of Study
1.2.1 Research Objective
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
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