Human Capital Management is a set of practices related to people resource management which are focused on the organizational need to provide specific competencies. These practices are implemented in three main categories as workforce acquisition, Human Capital Management and workforce optimization. Human Capital Management is an approach to employee staffing that recognizes people as assets as human capital. In human capital management, the human capital’s current value can be measured and its future value can be enhanced through investment.
The study indicates that increasing demand for workforce optimization and increase in mobile applications are driving the Human Capital Management market. Human Capital Management Market is segmented on the basis of components, deployment type, organization size and end-user. On the basis of components Human Capital Management market is categorized as service and software solutions. The study indicates that due to the rising usage of e-recruiting solutions, many organizations have started adopting these solutions for onboarding, training, e-learning, candidate management, and selection management. Human Capital Management has many benefits as organizational management, better recruitment, personnel administration, advanced time management, and better payroll processing and others. These benefits are also responsible for the growth of Human Capital Management market. Apart from it the study indicates that in Human Capital Management security concerns related to software as a service-based human capital management solutions would result as a restraining factor for the market.
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The global Human Capital Management Market is expected to grow at USD ~22 Billion by 2022, at ~10% of CAGR between 2016 and 2022.
The prominent players in the Human Capital Management Market are – IBM (U.S.), SAP SE (Germany), Software AG (Germany), Workforce Software (U.S.), ADP LLC (U.S.), WORKDAY (U.S.), Oracle Corporation (U.S.), Kronos Inc. (U.S.), LinkedIn (U.S.), Ultimate Software (U.S.), Infor (U.S.), Zenefits (U.S.), Talentsoft (France), among others.
To generate an accurate understanding of the market the global human capital management market is segmented by components, deployment type, organization size, end-user and regions.
- Based on components, the market is segmented as service and software solutions. Software solutions are sub-segmented into workforce analytics, competency management, performance management, time and expense management, E-learning, E-recruiting, E-boarding, core HR, talent management, payroll and tax, and others. Services solutions are sub-segmented into transformation services, implementation services, consulting services, support and maintenance, others
- Based on organization size, the market is segmented as SMEs, and Large Enterprise.
- Based on deployment size, the market is segmented as cloud, and on premise.
- Based on end-user, the market is segmented as manufacturing, BFSI, IT/ITES, healthcare, transportation, government and others.
- Based on regions, the market is segmented as North America, Europe, Asia Pacific, Middle East and Africa.
May 2017 – Saba’s acquired Halogen Software to benefit from complementary expertise of both players, and market development of markets other than North American.
September 2016 – Cornerstone on Demand, launched analytics suite so as to leverage the real-time data of people generated by its cloud platform to further research and development.
North America leads the world in terms of market share as well as value. The U.S. accounts for the largest share of the market owing to the large purchasing power, rapid adoption of new technology and scarcity of manpower and greatest opportunity cost of human resource management.
Europe is led by Germany, France, and the U.K. and is the second largest market. However the North America and European markets are saturated and the market is expected to shift in favor of the Asia-Pacific countries. Asia Pacific region is expected to be led by China, Japan, and India owing to their huge unmet needs, developing economic and industrial base etc. the service sector led economic growth of China and India in recent years presents a large market opportunity.
The Middle East and Africa market is expected to generate moderate growth skewed in favor of Saudi Arabia, UAE, Qatar and others.
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- Government Organizations
- Enterprise users
- Commercial users
- Industrial users
- Technology investors
- System Integrators
- Research/Consultancy firms
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