ALBANY, New York, November 15, 2018
ALBANY, New York, November 15, 2018 /PRNewswire/ --
According to a new market report published by Transparency Market Research the global human capital management market was valued at US$ 21.30 Bn in 2016 and is expected to expand at a CAGR of 8.8% from 2018 to 2026, reaching US$ 48.29 Bn by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the human capital management market in 2016.
Growing implementation of Cloud Based HCM Software driving the global human capital management market
The global human capital management market is expected to witness considerable growth due to the increasing adoption of cloud technologies such as SaaS (Software as a Service). Moreover, cloud based human capital management has the ability to provide self-service which reduces the excess burden on HR. Such cloud based solutions are very secure because data is not lost when the computer/system/laptop crashes. This solution allows HR or other authorities to access workforce related information at any location and at any time. Moreover, a cloud-based human capital management portfolio improves the retention of employees and reduces turnover cost, thereby increasing the performance and employee engagement of the organization. In addition, SaaS-based human capital management services eliminate the need to manually upgrade the system as it is taken care of by the vendors themselves. Additionally, SaaS technology helps consolidate various HCM solutions under one single package.
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Human Capital Management Market: Scope of the Report
The global market for human capital management is segmented on the basis of deployment, enterprise size, solution, industry, and geography. On the basis of deployment, the market is segmented into cloud, on-premise, and hybrid. In 2017, the cloud segment accounted for the largest market share in terms of revenue of the global human capital management market.
Furthermore, the cloud segment is expected to expand at the highest growth rate during the forecast period. Based on enterprise size, the global human capital management market is bifurcated into small & medium enterprises (SME's), and large enterprises. Based on solutions, the market is categorized into software and services. The software sub segment is further segmented into suite and standalone. The software market is expected to expand at the highest growth rate during the forecast period. In terms of industry, the market is divided into banking, financial services, and insurance (BFSI), IT and telecom, government, transportation and logistics, retail, healthcare, manufacturing, and others.
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Geographically, the global human capital management market is bifurcated into North America, Asia Pacific, Europe, South America, and Middle East & Africa. North America is estimated to account for the largest market share in 2018 due to technological advancements and increasing demand for talent mobility in the country. Moreover, demand for human capital management in North America is driven by the latest features that are available in the software such as customization on-demand, predictive analytics, and cloud computing. Human capital management software has become much easier to use and enables a company to quickly adapt their software to the changing needs. Asia Pacific is expected to expand at the highest CAGR as mid-size enterprises are realizing the importance of human capital management in various developing countries in the region. This in turn is pushing the human capital management market forward.
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Global Human Capital Management Market: Competitive Dynamics
Major industry players in the human capital management market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for technologies and new product development. The global human capital management market includes key players such as Workday, Inc, Infor, Inc., SAP SE, Epicor Software Corporation, Kronos Incorporated, Ultimate Software Group, Automatic Data Processing, Inc., Oracle Corporation, Paycor, Inc., Paycom Software, Inc., Paylocity Corporation, Sage Group plc. and Paychex, Inc.
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Market Segmentation: Global Human Capital Management Market
By Enterprise Size
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