Market Research Future (MRFR), in its recent research report, asserts that the global human capital management market is thriving and expected to grow significantly by the end of the review period, registering a moderate CAGR throughout the forecast period. MRFR also predicts that the human capital market might reach approximately USD 22 Billion by 2022, registering about 10% CAGR over the review period.
Drivers and Restraints
The study indicates that rising demand for workforce optimization and an increase in mobile applications are driving the Human Capital Management Market. The report shows that due to the increasing usage of e-recruiting solutions, many business organizations have started deploying these solutions for onboarding, e-learning, candidate management, training, and selection management. Human Capital Management has many advantages as organizational management, personnel administration, better recruitment, advanced time management, and better payroll processing and others. These benefits are also accountable for the growth of the Human Capital Management market over the assessment period. Apart from these factors, the study indicates that in Human Capital Management, security concerns associated with the software as a service-based human capital management solution is likely to result as a hindering factor for the market over the review period.
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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.
Human Capital Management market is segmented on the basis of deployment type, component, organization size, and end-user. Based on the component segment, it’s been noticed that the software solution segment would grow fastest. In the services segment consulting services are expected to grow fastest in the human capital management market. Whereas considering the software solution segment E-recruiting and workforce analytics segment is expected to grow significantly. The report reveals that the BFSI sector would grow impressively in the human capital management market by the forecast period. However, considering the deployment segment, the cloud-based human capital management shows a significant growth in the market as it influences better access to HCM data, with a faster adoption rate and reduced total cost of ownership. The study reveals that the SME segment is expected to grow significantly in the Human Capital Management market by the forecast period.
Detailed Regional Analysis
The regional analysis of the Human Capital Management Market is being studied for regions such as Asia Pacific, North America, Europe and the Rest of the World. The study indicates that the North America region is dominating the Human Capital Management Market owing to driving factors such as increased internet penetration and technological advancements over the foreseeable future. The research also shows that cloud deployment is a driving factor for the Asia-Pacific region to expand significantly in the human capital management market by the forecast period. Apart from it, the growing adoption of IT services is also driving the asia pacific human capital management market. The asia pacific region, therefore, is slated to acquire the fastest growth over the foreseeable future
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- Government Organizations
- Enterprise users
- Commercial users
- Industrial users
- Technology investors
- System Integrators
- Research/Consultancy firms
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