According to a new market research report "Human Capital Management Market by Software(Core HR, Workforce Management, Sourcing and Recruiting, Applicant TrackingSystem, Staffing Vendor Management), Services, Deployment Type, OrganizationSize, and Region - Global Forecast to 2022", published by MarketsandMarkets™, TheHuman Capital Management (HCM) market size is expected to grow from USD 14.50Billion in 2017 to USD 22.51 Billion by 2022, at an estimated Compound AnnualGrowth Rate (CAGR) of 9.2%.
Human Capital Management (HCM) solutions help organizationsstreamline and automate day-to-day Human Resources (HR) processes to manageadministration, payroll, performance, and succession planning, as well as,improve the overall productivity for organizations.
Browse65 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 VendorManagement), Services, Deployment Type, Organization Size, and Region - GlobalForecast to 2022
Major Key Companies:
The HCM market consists of majorplayers, such as Workday, Inc. (US), Oracle Corporation (US), SAP SE (Germany),Kronos, Inc. (US), Automatic Data Processing, LLC (US), Ultimate SoftwareGroup, Inc. (US), IBM Corporation (US), SumTotal Systems, LLC (US), EmployWise(India), Paycom Software, Inc. (US), Ceridian HCM, Inc. (US), andPeopleStrategy, Inc. (US) in this market.
One of the most innovative developments in the HCM market isthe introduction of cloud-based HCM solutions that are capable of providing backendtechnical expertise, with no installation costs or ongoing maintenance costs.The application combines up-to-date HR solutions, without having to negotiatewith the Information Technology (IT) team for resources or technicalinfrastructure. This results in low investment costs and reduces the investmentin building the IT infrastructure, which consists of multiple servers,databases, and operating systems. The need for cloud-based solutions hasincreased in the past few years, as organizations experience higher scalabilityand agility over cloud deployment.
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The HCM component segment comprises the software and servicessegments. The services segment is expected to exhibit a high growth during theforecast period. The rise in demand among enterprises for better workforcemanagement and a high performance software is expected to drive the market forHCM. The major factors responsible for the substantial growth of this market isthe need to have automated systems to speed up the HR activities. Additionally,the need to automate HR processes, boost customer service, and improve the overallproductivity for organizations is expected to drive the growth of the HCMmarket, further.
Small and Medium-Sized Enterprises (SMEs) are expected toexperience a substantial growth in the HCM market due to the growing adoptionof cost-efficient, cloud-based solutions. SMEs are expected to adoptcloud-based solutions due to the budget constraints related to IT enlargement.
In the verticals segment, Banking, Financial Services, andInsurance (BFSI) is expected to contribute the highest CAGR during the forecastperiod. Whereas, the other industry verticals, such as consumer goods andretail, healthcare and life sciences, and telecom and IT are expected to createpotential opportunities for HCM vendors during the forecast period. NorthAmerica is the largest shareholder at present and is expected to remain thesame during the forecast period. However, due to the faster adoption oftechnological advancements, the HCM market is maturing in this region. AsiaPacific APAC is expected to witness the highest growth rate during the forecastperiod due to the increasing number of mobile device users and many emergingindustries in the region.
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