Human Capital Management (HCM) Market - by Component (Software and Services), by Deployment Type (Cloud and On-Premises), and by Industry Verticals (BFSI, Retail, IT & Telecommunication, Healthcare, Hospitality, Government, Manufacturing, and Others) - Industry Forecast 2027

ID: VPR/ICT/1016 Publishing Year: September 2021 Pages: 170 Format:   


Human Capital Management (HCM) Market Overview:

The Human Capital Management (HCM) Market is expected to grow at a CAGR of 9.4% to reach USD 33 billion.

The Human Capital Management (HCM) Market is expanding rapidly. A tremendous increase in the number of people working in corporations, as well as the increasing complexity of their infrastructure, has been driving this expansion. Indeed, Human Capital Management Software has made hiring, firing, and managing employees much easier for businesses.

The Human Capital Management (HCM) Market assists businesses in gaining access to real-time personnel data. In addition, various people analytics suites have been launched to assist firms in making the necessary changes to their hiring plans.

Key Players:

  • ADP LLC
  • Cornerstone OnDemand, Inc.
  • Epicor Software Corporation
  • IBM Corporation
  • Infor
  • Kronos, Inc.
  • Oracle Corporation
  • SAP SE
  • SumTotal Systems, LLC
  • Ultimate Software Group, Inc.

Covid-19 Impact:

In the Human Capital Management (HCM) Market, COVID-19 has intensified its expansion. Employers as well as employees have been affected. While COVID-19 has given companies the upper hand in terms of employment, wage packages, benefits, and other areas, it has also made employees more health-conscious.They wanted to work from home and continue their studies via distant learning. They've also demanded that firms use technology to conduct remote interviews and hire staff.

Drivers:

Aside with COVID-19, rising breakthroughs in Artificial Intelligence have been fueling growth in the Human Capital Management Software Market. AI's of the next generation are now capable of learning about human behaviour and acting on it. HR Software is becoming increasingly automated in the next age. Another important reason fueling the Human Capital Management (HCM) Industry Growth is this.

Opportunities:

HR management, workforce management, talent management, payroll and compensation are some of the prospects in the Human Capital Management Software Industry. Human Capital Management (HCM) Market is supposed to assist HR departments in making better judgments when it comes to acquiring and managing skilled employees.

Restraints:

The fact that many organisations have been badly impacted by the COVID-19 epidemic and the global recession that has resulted is one important barrier preventing companies from implementing Human Capital Management (HCM) Market on a wide scale. Many businesses are discovering that they cannot afford to implement human resource management software due to its high cost. This is compounded by the fact that, without sufficient training, Human Capital Management Software can be extremely difficult to use and comprehend.

Market Segmentation:

Components, deployment types, industry verticals, and region are all used to segment the Worldwide Human Capital Management (HCM) Market. The market is segmented into software and services based on component. The HCM Market is divided into cloud and on-premises deployment models based on deployment model. The HCM Market is divided into banking, financial services, and insurance, retail, IT & telecommunications, healthcare, hotel, government, manufacturing, and others based on industry verticals. The HCM Market is divided into four regions: North America, Europe, Asia-Pacific, and Latin America and the Caribbean.

Regional Analysis:

North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America are the five key geographic regions that make up the Human Capital Management (HCM) Market. Because of the huge number of HCM suppliers and increasing acceptance of cloud-native technologies, North America is predicted to account for the greatest market size throughout the projection period.

 

 

 



Frequently Asked Questions
Human Capital Management (HCM) Market is predicted to grow at 9.4% through forecast period of 2020-2027.
By 2027, worth USD 33 billion is estimated for the Human Capital Management (HCM) Market.
Rising breakthroughs in Artificial Intelligence have been fueling growth in the Human Capital Management Software Market.
ADP LLC, Cornerstone OnDemand, Inc., Epicor Software Corporation, IBM Corporation, Infor, Kronos, Inc., Oracle Corporation, SAP SE, SumTotal Systems, LLC, Ultimate Software Group, Inc.

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