The new report by Expert Market Research titled, ‘Human Capital Management (HCM) Market Report and Forecast 2021-2026’, gives an in-depth analysis of the Human Capital Management (HCM) Market, assessing the market based on its segments like Offering, Deployment, Enterprise Size, End Use and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2021-2026)
- Historical Market Size: USD 17.56 billion (2020)
- Forecast CAGR (2021-2026): 8%.
- Forecast Market Size: USD 30.05 billion (2027)
The growth of the market is mainly driven by rapid developments in technology. A key factor in driving the growth of the global market for HCM solutions is the growing demand for automated recruitment processes. Advances such as AI and machine learning technology convergence have rendered HCM solutions capable of automating recruiting processes. Automated HCM systems help to reduce the overall time, effort and cost associated with the recruiting process significantly. The growing demand for effective management of core HR functions, such as recruiting, employee training, scheduling, payroll, internal relations, benefits management and protection, and enforcement, is increasing the demand for HR functional software solutions.
Industry Definition and Major Segments
Human Capital Management is a set of practices related to people resource management which are focused on the organizational need to provide specific competencies. These practices are implemented in three main categories as workforce acquisition, Human Capital Management and workforce optimization. Human Capital Management is an approach to 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.
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Based on offering, the market can be divided into the following:
Based on deployment, the industry can be divided into:
- Cloud Based
Based on the size of the enterprise, the market can be divided as follows:
- Large Enterprises
Based on the end use, the market can be classified into the following sectors:
- IT and Telecommunication
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
In the historical era, North America has been among the leading regions for the global human capital management (HCM) industry, and during the forecast period, the area is also likely to experience robust growth. The rise in the number of job seekers due to globalization and urbanization, the wider penetration of social media into recruitment processes, and the rising need for cost optimization will have a significant impact on the region’s market’s human resource management solutions During the forecast period, a large portion of the global demand growth would come from North America.
Asia Pacific is expected to see rapid growth in the future due to the presence of developing economies like China and India. Increasing government policies to encourage the digitization of business processes and the adoption of cloud-based systems can also be attributed to the growth. Due to better pay, the regional population is increasingly moving from the agricultural or manufacturing sector to the service sector, further driving growth in regional demand.
Key Market Players
The major players in the market are Oracle Corporation, SAP SE, ADP Inc, Ceridian HCM Inc, Infor, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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