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Sep 15, 2020 (The Expresswire) —
The global human capital management (HCM) market size is expected to reach USD 32.68 billion by 2027, exhibiting a CAGR of 9.3% during the forecast period. The increasing proclivity of companies towards artificial intelligence (AI) and machine learning embedded RPA to eliminate unnecessary IT costs will foster the growth of the market, states Fortune Business Insights, in a report, titled “Human Capital Management (HCM) Market”Size, Share and COVID-19 Impact Analysis, By Offering (Solution and Services), By Deployment (Cloud, and On-Premises), By Enterprise Size (SMEs, and Large Enterprises), By End-use Industry (IT and Telecommunication, BFSI, Government, Retail, Healthcare, Education, Manufacturing, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 16.24 billion in 2019.
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1. By Application
- Core HR
- Employee Collaboration and Engagement
- Talent Management
- Workforce Planning and Analytics
2. By Services
- Support and Maintenance
- Training and Consulting
3. By Deployment
4. By Industry Vertical
- IT and Telecom
5. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East and Africa (South Africa, GCC and Rest of the Middle East and Africa)
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The report on human capital management (HCM) marketincorporates:
- Comprehensive analysis of all the segments
- Emerging trends in the industry
- Foremost market drivers
- Present and future insights
- Dominant regions
Globalization and Advancements to Boost Market in North America
The market for human capital management in North America stood at USD 7.86 billion in 2019 and is expected to rise tremendously during the forecast period. The growth in the region is attributed to ongoing technological advancement. The increasing globalization and improved work culture will influence healthy growth in North America. The growing adoption of industry 4.0, data analytics, and cloud computing by organizations is expected to drive the market in Asia Pacific. Europe is expected to witness a substantial growth rate owing to the increasing employment. The advent of startups and businesses are expected to spur opportunities for the market in Europe during the forecast period
Rising Focus towards Effective Workforce Management to Incite Development
The growing cognizance about HCM among originations owing to its effectiveness and efficiency in managing a large workforce and customer base can accelerate market sales during the forecast period. The increasing adoption of intelligent workforce solutions especially in the time of pandemic will enable speedy expansion of the market. for instance, in May 2020, Infor, a multi-national enterprise software company, headquartered in New York City, United States announced the launch of the workforce management (WFM) solution integrated with intelligent scheduling in China. The robust tool will help the organizations to provide efficient staff scheduling and workforce utilization.
Economic Instability to Retard Market Growth During COVID-19
The unprecedented spike in global unemployment has limited the scope of the market amid coronavirus. For instance, ADP, Inc. states that the United States private sector has expelled 20 million jobs in April 2020. Likewise, the United States Congressional Budget Office estimates that 15% of people are more likely to be unemployed by the third quarter of 2020. The financial loss caused by coronavirus has steered to the downsizing of many organizations, therefore restricting the growth of the market for human capital management. However, new policies and regulations to contain the situation and improve employment rates will consequently create opportunities for the marke
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April 2020 Cezanne HR Ltd unveiled an integrated payroll module for Cezanne’s HR suite. The payroll module is specifically designed for UK organizations including Wales and Scotland to provide online payroll and pension management solutions
The Report Lists the Main Companies in theHuman Capital Management (HCM) Market:
- Automatic Data Processing (ADP), Inc. (New Jersey, United States)
- Ceridian HCM, Inc. (Minnesota, United States)
- Cezanne HR Ltd. (London, United Kingdom)
- Cornerstone OnDemand, Inc. (California, United States)
- IBM Corporation (New York, United States)
- Infor (New York, United States)
- Kronos, Incorporated (Massachusetts, United States)
- NetSuite, Inc. (California, United States)
- Oracle Corporation (California, United States)
- SAP SE (Walldorf, Germany)
- Talentsoft (France, Europe)
- Ultimate Software (Florida, United States)
- Workday, Inc. (California, United States
For more information in the analysis of this report, visit:https://www.fortunebusinessinsights.com/industry-reports/human-capital-management-market-100240
Table of Content
5. Global Human Capital Management Market Analysis, Insights and Forecast, 2015-2026
5.1. Key Findings / Summary
5.2. Human Capital Management Market Size Estimates and Forecasts
5.2.1. By Offering (Value)
184.108.40.206.1. Core HR
220.127.116.11.2. Talent Management (On-Boarding, Recruiting)
18.104.22.168.3. Workforce Management
22.214.171.124.4. Compensation and Payroll
5.2.2. By Deployment Type (Value)
5.2.3. By Organization Size (Value)
126.96.36.199. Small and Medium-Sized Enterprises (SMEs)
6. North America Human Capital Management Market Analysis, Insights and Forecast, 2015-2026
6.1. Key Findings / Summary
6.2. Human Capital Management Market Size Estimates and Forecasts
6.2.1. By Offering (Value)
188.8.131.52.1. Core HR
184.108.40.206.2. Talent Management (On Boarding, Recruiting)
220.127.116.11.3. Workforce Management
18.104.22.168.4. Compensation and Payroll
6.2.2. By Deployment Type (Value)
6.2.3. By Organization Size (Value)
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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