Human Capital Management Market Research Report- Forecast till 2022
The global human capital management market is predicted to touch USD 22 billion and at a 10% CAGR between 2016- 2022, states the recent Market Research Future (MRFR) analysis. Human capital management, simply put, is a set of practices or process which is related to people resource management. This process includes recruiting, developing, managing, and optimizing an organization’s human resources for driving engagement, business value, and productivity.
Various factors are propelling the global HCM market share. As per the current MRFR report, such factors include growing need for resource management solutions, increasing focus on organizational management, need for specific competencies in the workspace, technological proliferation in the internet of things (IoT), artificial intelligence (AI), machine learning (ML), and big data analytics, growing adoption of cloud deployment in different industries, and rising demand in organizations for streamlining vendor management, payroll, resource management, and other HR functions.
On the contrary, data security and safety issues, the reluctance of organizations to shift to new solutions from traditional practices, and the impact of the ongoing COVID-19 pandemic are factors that may limit the global human capital management market growth during the forecast period.
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The MRFR report offers an inclusive segmental analysis of the global HCM market based on components, deployment type, organization size, and end user.
By components, the global human capital management market is segmented into software solutions and services. The components segment is again segmented into payroll and tax, talent management, core HR, e-boarding, e-boarding, e-recruiting, e-learning, time & expense management, performance management, competency management, and workforce analytics. The services segment is segmented into support and maintenance, consulting services, implementation services, transformation services, and others. Of these, software solutions will lead the market over the forecast period.
By deployment type, the global human capital management market is segmented into on-premise and cloud. Of these, the cloud deployment segment will dominate the market over the forecast period.
By organization size, the global human capital management market is segmented into large enterprises and SMEs. Large enterprises will have a maximum share in the market over the forecast period.
By end user, the global human capital management market is segmented into government, transportation, healthcare, IT/ITES, BFSI, and others. Of these, the BFSI segment will command the largest share in the market over the forecast period.
Based on the region, the global human capital management market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. Rapid advancements, increasing penetration of latest technologies, high ICT expenditure, and growing need for automating HR processes like compensation management, performance management, and talent management are adding to the global human capital management market growth in the region.
The human capital management market in the APAC region is predicted to have sound growth over the forecast period. The need for IT services, growing adoption of cloud computing and mobility trends in Japan, China, Singapore, and Australia, advanced IT infrastructure, and availability of technical expertise are adding to the global human capital management market growth in the region. Canada and the US have a maximum share in the market.
The global human capital management market in Europe is predicted to have healthy growth over the forecast period. The emergence of new job opportunities, a growing need for managing the increasing task force, and an increasing number of enterprises are adding to the global human capital management market growth in the region.
The human capital management market in the RoW is predicted to have sound growth over the forecast period.
Leading players profiled in the global human capital management market report include Talentsoft (France), Zenefits (U.S.), Infor (U.S.), Ultimate Software (U.S.), LinkedIn (U.S.), Kronos Inc. (U.S.), Oracle Corporation (U.S.), WORKDAY (U.S.), ADP LLC (U.S.), Workforce Software (U.S.), Software AG (Germany), SAP SE (Germany), and IBM (U.S.).
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Human Capital Management Market, By Component (Service, Software Solution), By Organization size (SMEs, Large Enterprise), By Deployment (Cloud, On Premise), By End-User (Manufacturing, BFSI, IT/ITES, Healthcare, Transportation, Government). – Forecast 2022
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