Human Capital Management Global Market – Overview
Human Capital Management (HCM) is an approach of 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. 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. Similarly, augmented adoption of internet of things (IoT) allows Human Capital Management solutions to garner extensive traction worldwide escalating its market to perceive an exponential growth on the global platform.
Acknowledging the kind of traction the market is garnering currently demonstrating the growth prospects worldwide, Market Research Future has recently published a study report giving out the complete market insight up to 2022. This study report indicates that the Human Capital Management Market will expand accruing USD ~22 Billion by 2022, at ~10% of CAGR during 2016 and 2022.
Factors that drive the market growth include rising demand for workforce optimization and increased number of mobile applications, rising usages of e-recruiting solutions attributing to the increasing organizational adoption of these solutions. Additionally, a large number of organizations have started adopting these solutions for on boarding, training, e-learning, candidate management, and selection management furthering the HCM market growth.
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Conversely, security concerns related to software as a service-based HCM solutions is anticipated present challenges to the market growth. However, the ever increasing demand for workforce optimization coupled with the increasing demand for integrated high performance software will support the market growth of Human Capital Management. Besides a recently a trend towards digital transformation and internet of things (IoT) will become one of the driving forces of Human Capital Management market.
Emergence of AI (Artificial Intelligence) and Machine Learning in HCM is assuring a better problem solving solutions. Mainly in to recruitments; helping not only to resource but also screen the applicants.
Key Players
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.
Industry/ Innovations/ Related News
January 22, 2018 – ADP announced the acquisition of WorkMarket, a leading cloud-based workforce management solution provider that allows companies to build and manage an integrated workforce across W-2 employees, 1099 contractors, vendors and other types of workers. With this acquisition, ADP builds on its current portfolio of industry-leading payroll and human capital management solutions that help clients and workers modernize the way work gets done while unlocking productivity, engagement and growth.
January 22, 2018 – MidOcean Partners, a premier middle market private equity firm announced that it has made a significant investment in The Planet Group, a leading provider of outsourced human capital and consulting services. MidOcean’s investment will be used to accelerate the Company’s strategic initiatives and drive continued growth. Financial terms of the transaction were not disclosed.
January 02, 2018 – Asure Software (US) a leading provider of human capital management (HCM) and workplace management software for small businesses, announced that aiming to bolster its market position among larger rivals the company has recently bought TelePayroll Inc., Pay Systems of America, and Savers Administrative Services. All three companies are providers of HR and payroll services and are current resellers of Asure’s HR platform, Evolution.
Worldwide Human Capital Management Market – Segments
For the convenience of the report and enhanced understanding the report is segmented in to 4 key dynamics;
- By Component: Comprises Service (Transformation services, Implementation Services, Consulting services, Support and maintenance and other), Software Solution(Workforce Analytics, Competency management, Performance management, Time and expense management, E-learning, E-recruiting, E-boarding, Core HR, Talent Management, Payroll and Tax).
- By Organization Size: SMEs, Large Enterprise.
- By Deployment: Cloud, On Premise.
- By End Users: Manufacturing, BFSI, IT/ITES, Healthcare, Transportation, Government and other.
Worldwide HCM Market –Regional Analysis
North America region is dominating the Human Capital Management Market owing to factors such as increased internet penetration and technological advancements.
While, Cloud deployment is a driving factor for Asia-Pacific market of HCM. Besides, rising adoption of IT services is pushing the region to grow significantly in the HCM market.
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Intended Audience
- Government Organizations
- Enterprise users
- Commercial users
- Industrial users
- Technology investors
- System Integrators
- Research/Consultancy firms
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