Oracle Corporation (U.S.), SAP SE (Germany), International Business Machines Corporation (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.), 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), and The Sage Group plc. (U.S) among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Human Capital Management Software Market.
Human Capital Management Software Market – Overview
The global human capital management software market is showing immense growth; mainly due to the increase in complexities regarding managing of work force that is widely spread across different countries. Increasing demand for talent mobility and simplified management of geographically spread workforce are major factor driving the growth of human capital management market. Also, growing demand for mobile human capital management applications is another major factor driving the growth of human capital management software market.
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Steep increase in the adoption of human capital management software in across various industry verticals such as BFSI, healthcare, manufacturing, retail, IT & telecommunication, energy & utilities, transportation & logistics and others is one major factor driving the growth of human capital management software market. However, retail industry vertical is expected to grow at the highest rate during the forecast period. Oracle Corporation, SAP SE, International Business Machines Corporation, NetSuite Inc. and Workday, Inc. among others are the major investors in the human capital management software market.
Based on software type, Core HR and workforce management sub segments are expected to hold the largest share of the human capital management software market during the forecast period. This is owing to the increasing demand for automation of various regular tasks such as payroll management, personnel management, pension management, and compliance management among others. According to a recent study report published by Market Research Future, the global market of Human Capital Management Software is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023).
However, security concerns over cloud-based deployment of data is one major factor which may cause hindrance in the growth of human capital management software market.
February 2018 – Caesars Entertainment has selected Oracle cloud applications to transform its iconic business processes. Oracle’s enterprise resource planning cloud and human capital management cloud services will help the company to transform its business by connecting 650 disparate systems to a cloud-based solution that unifies businesses and data of employees on a modern and unified platform.
February 2018 – Foxconn European Manufacturing Services has selected SAP SuccessFactors solutions for human capital management in order to support its digital workforce strategy. Foxconn has chosen to transfer its on premise enterprise resource planning and human capital management business processes to the SAP SuccessFactors HCM Suite. This will help the company to take advantage of cloud based innovation in order to digitalize HR delivery and strategically align talent to the business.
HCM Software Market – Competitive Analysis
The market of human capital management software appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Human Capital Management Software Market – Segmentation
Segmentation by Type: Comprises of Core Hr, Workforce Management, Sourcing & Recruiting, Applicant Tracking System, Staffing Vendor Management and Others.
Segmentation by Service: Comprises of Integration, Support & Maintenance and Consulting
Segmentation by Deployment: Comprises of Cloud and On Premise
Segmentation by Organization Size: Comprises of SMEs and Large Enterprises
Segmentation by Vertical: Comprises of BFSI, Healthcare, Manufacturing, Retail, IT & Telecommunication, Energy & Utilities, Transportation & Logistics and Others
Segmentation by Region: Comprises of Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
Human Capital Management Software Market – Regional Analysis
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the Human Capital Management Software Market in North America owing to the presence of a large number of established key players such as Oracle Corporation, International Business Machines Corporation, NetSuite Inc., Workday, Inc., Ultimate Software Group, Inc. and ADP, LLC among others. Also, U.S. is leading the market in North America due to the technological advancements and increasing demand for talent mobility in the region. Human capital management software market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to rise in demand for human capital management software applications in China, Japan, and India in the region. Whereas, the Europe market for human capital management software is expected to grow at a considerable CAGR (2017-2023).
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