Human Capital Management Market Set for Massive Progress in the Nearby Future
Market Highlights
Transforming
industrial scenario all around is hinting at an infrastructural development
that requires more hand for safe operation. This increases the amount of documentation.
Human Capital Management Software (HCMS) eases up this entire procedure with
the assistance of information technology and simplifies workforce acquisition,
management and ensures optimization of the acquired workforce to confirm the
maximum benefit for the company. The global HCMS market can climb up to a
stellar valuation of USD 24 billion with an overwhelming CAGR of 9% during the
forecast period (2017-2023). Market Research Future in a perceptive report
documents a holistic report of the said market to have a comprehensive look at
the foreseeable future. The report takes a peek into the market’s drivers and
reveals that sectors such as banking, financial services, and insurance (BFSI),
healthcare, manufacturing, retail, telecommunication & IT, and media &
entertainment are now heavily relying on this software to get access to
real-time data and also records regarding attendance and performance. Among
other drivers, automated recruitment processes have proven their worth as
efficient recruiters. The software can shortlist candidates, send interview
invitations, confirm interview slots, which reduces the overall time, effort,
and cost of the process.
However, cloud
computing has its own risk as it is vulnerable to cyber-attacks which can
easily leak valuable information and make private documents public. This threat
can hinder the smooth ride HCMS is enjoying so far.
Industry Trend:
SAP SE is
planning to launch a new on-premise HCM product that will work alongside SAP
S/4HANA that will help companies in managing the record of an individual
employee more efficiently. On the other hand, Oracle NetSuite is now going to
collaborate with ERA Consulting Group, Smartbridge, Softengine and Vibrant
Inc. to assist the client in improving efficiency and providing insights
that would help the company in growth. Workday Advances are taking initiatives
in the same line to enhance the performance of employees that would better the
chance of career and performance development.
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Segmentation:
The global HCMS
market can be segmented by software,
services, deployment, organizations, application, and end-users.
By software, the
market can be segmented into core HR, workforce management, sourcing and
recruiting, applicant tracking system, staffing vendor management, and others.
Based on
services, the market includes integration, support and maintenance, consulting
and others.
Deployment-wise
the market can be segmented into on-premise & on-cloud.
By
organizations, the market comprises small & mid-size and large enterprises.
Application-based
segmentation consists analytics, training and recruitment, payroll, HR
planning, and others.
Based on
end-users, the market is segmented into BFSI, manufacturing, healthcare,
telecom, energy, retail, logistics and transportation, and others.
Regional Analysis:
Region-specific
segmentation of the market spans across Asia Pacific (APAC), North America,
Europe and Rest-of-the-World (RoW).
Automation has
percolated every sphere of the North American market owing to which HCMS is finding
huge traction in this region. The region also earns the most in the world from
this sector. Its affinity for technological upgradation has laid the building
blocks for the market and assisted it in achieving the most market revenue.
Developing future leaders, installing transparent processes, and implementing
digital HR experience in the organizations are also triggering the growth
significantly. Europe is also expecting a similar kind of growth as the region
shares the same type of attributes like North America. However, emerging
economies of the APAC region are touted to adopt this technology the most which
can give the region a resonating boost with which it can pick up the highest
CAGR during the forecast period.
Competitive Scenario:
The market has a
lot of service providers who keep it competitive and strategies they often
deploy mergers and acquisitions. For instance, Ultimate Software is planning to
acquire PeopleDoc for HR service.
Some of the
prominent players in the global human capital management
software market are Oracle Corporation (U.S.), SAP SE (Germany),
International Business Machines Corporation (U.S.), Workday, Inc. (U.S.),
Ultimate Software Group, Inc. (U.S.), ADP, LLC (U.S.), Cornerstone OnDemand
(U.S.), Benefitfocus Inc. (U.S.), BambooHR (U.S), PeopleFluent (U.S), Ultimate
Software Group, Inc. (U.S), Zoho Corporation (India), WebHR (U.S), CakeHR
(U.K), Epicor Software Corporation (U.S), Infor (U.S), Kronos Incorporated
(U.S), The Sage Group plc. (U.S) and others.
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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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