Human Capital Management Market Global Industry Size, Share, Trends, Growth Factors, and Regional Outlook To 2027
Market Research Future (MRFR), in its latest report on the world human capital management market discusses different factors that can impact the human capital management market 2020. As per MRFR findings, the human capital management market can rise at about 10% CAGR through 2016 and 2022. On the conclusion of the review period, the human capital management market size can be nearly USD 22 Billion.
Various factors are propelling the global HCM market share. As per the current MRFR report, such factors include growing need for resource management solutions, increasing focus on organizational management, need for specific competencies in the workspace, technological proliferation in the internet of things (IoT), artificial intelligence (AI), machine learning (ML), and big data analytics, growing adoption of cloud deployment in different industries, and rising demand in organizations for streamlining vendor management, payroll, resource management, and other HR functions.
On the contrary, data security and safety issues, the reluctance of organizations to shift to new solutions from traditional practices, and the impact of the ongoing COVID-19 pandemic are factors that may limit the global human capital management market growth during the forecast period.
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The segment study of the human capital management world market is based on organization size, deployment, component, and end-user. The component based segment of the human capital management market are software solutions and services. The software solution segment can rise at a high pace. Competency management, E-boarding, Workforce Analytics, Core HR, Payroll and Tax, Talent Management, Performance management, Time and expense management, E-recruiting, and E-learning are segments of the software solution. The service segments are Transformation services, Implementation Services, Support and maintenance, Consulting services, and others. The high popularity of consulting services can boost the market growth in the years to come. The deployment based segments of the human capital management market are on premise and cloud. The organization size based segments of the human capital management market are SMEs and Large Enterprise. The end user based segments of the market are manufacturing, BFSI, transportation, government, healthcare, IT/ITES, and others.
Based on the region, the global human capital management market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. Rapid advancements, increasing penetration of latest technologies, high ICT expenditure, and growing need for automating HR processes like compensation management, performance management, and talent management are adding to the global human capital management market growth in the region.
The human capital management market in the APAC region is predicted to have sound growth over the forecast period. The need for IT services, growing adoption of cloud computing and mobility trends in Japan, China, Singapore, and Australia, advanced IT infrastructure, and availability of technical expertise are adding to the global human capital management market growth in the region. Canada and the US have a maximum share in the market.
The global human capital management market in Europe is predicted to have healthy growth over the forecast period. The emergence of new job opportunities, a growing need for managing the increasing task force, and an increasing number of enterprises are adding to the global human capital management market growth in the region.
The human capital management market in the RoW is predicted to have sound growth over the forecast period.
Leading players profiled in the global human capital management market report include Talentsoft (France), Zenefits (U.S.), Infor (U.S.), Ultimate Software (U.S.), LinkedIn (U.S.), Kronos Inc. (U.S.), Oracle Corporation (U.S.), WORKDAY (U.S.), ADP LLC (U.S.), Workforce Software (U.S.), Software AG (Germany), SAP SE (Germany), and IBM (U.S.).
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