HCM Software Market – Synopsis & Scenario
The HCM is estimated to contribute the largest market share during the forecast period valuing to the multimillions USD, with registering a significant CAGR during the forecast period 2016 – 2022.
Fast-emerging analytics technology is seen as giving companies an edge over competitors when it comes to managing human capital. Experts say talent analytics can enhance employees’ development, in part by more closely linking them to the company’s success and retaining them as long-term employees. Workforce analytics focuses more on strategy, such as determining what kinds of job skills and positions a company requires to meet its short- and long-term goals. Advocates claim HCM analytics enables organizations to make informed and effective human capital management decisions based on comprehensive data.
HCM solutions easily integrate with mobile applications, enabling users to manage time and attendance, benefit plan information, and performance from virtually any device. The speedy growth of mobile applications is one of the growth driving factors of the human capital management (HCM) market as it offers a secure and convenient platform for anytime and anywhere access across devices.
- Oracle Corporation (U.S.)
- SAP SE (Germany)
- IBM (U.S.)
- NetSuite Inc. (U.S.)
- Workday, Inc. (U.S.)
- Ultimate Software Group, Inc. (U.S.)
- ADP, LLC (U.S.)
- Cornerstone OnDemand (U.S.)
- Benefitfocus Inc. (U.S.)
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– In June 2016, Benefitfocus Inc. announced the new update of its summer 2016 software with the feature of crowdsourcing.
– In September 2016, Cornerstone OnDemand announced the launch of people analytics suite which will helps the organizations to create accurate hiring plans in different course of time.
HCM Software Market – Regional Analysis
Currently, North America is dominating the market of human capital management software with the largest market share. Higher employment ratio in the North American countries led to the higher adoption of this software. High efficiency rate of this software is also pushing the market to rise. Europe holds a considerable market share with the support of developed countries such as France, Germany, Italy among others and higher employment ratio. The Asia-Pacific human capital management software market is expected to grow due to economic growth in this region. Government initiative and liberal policies are inviting major big players in this region resulting high employment ratio. Asia-Pacific HCM Software Market has been valued at millions USD in the year 2015 which is expected to grow at grow further more by end of forecasted period.
Segmentation by Deployment: On Premise & On Cloud.
Segmentation by Applications: Analytics, Training and Recruitment, Payroll, HR Planning among others.
Segmentation by End Users: BFSI, Manufacturing, Healthcare, Telecom, Energy, Retail, Logistics and Transportation among others.
Human Capital Management Software Market – Overview
Contrary, to the stereotyped belief of yesteryears, when corporations would pronounce Capital (assets), referring to their capital resources (assets), they owned in terms of value, now, the array of references has widened including their employees, their human capital. Organizations now realize that their human capital is actually their most valuable asset. And the skills, qualifications, training levels and productivity of a workforce can make or break a company. Focusing on the same, many companies dedicate more resources to recruiting, training and maintaining teams of talented professionals, shifting the view of these processes from that of a necessity to a vital investment in the future of the company.
Human capital management (HCM) is the set of practices, which focuses on providing specific competencies in the organization such as workforce acquisition, management, and optimization. With the growing organization infrastructure, there is a rapid growth in the manpower which leads to the increase in documentation. Human Capital Management Software is the easy solution which allows the human resources department to manage the tasks more effectively. This software is a combination of HRM with information technology where software makes the task easy and more efficient. The HCM Software supports the HR person in monitoring employees and their performance throughout and takes the appropriate decisions. Global Human Capital Management Software Market valued to a million of USD in the year 2015 which is expected to reach even at better heights by the end of forecasted period with a significant rate of CAGR during 2016 – 2022, Predicts the MRFR Research Analyst while commenting upon this deep diving study report, presented through more than 100 market data tables and figures and widely spread over 110 pages.
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