Human Capital
Management Software Market - Overview
The global Human
Capital Management Software Market
is expected to exhibit a strong 9% CAGR over the forecast period from 2017 to
2023, according to the latest research report from Market Research Future
(MRFR). The study explores and assesses the influence of the COVID-19 outbreak
on the global human capital management industry, including opportunities and
challenges, drivers, and risks.
Human capital
management is a collection of practices related to people resource management
focused on the organizational need to provide specific competencies. These
practices are implemented in three major categories: human capital management,
workforce optimization, and workforce acquisition. Human capital management is
an approach to employee staffing that identifies people as assets like human
capital. In human capital management, the human capital’s current value can be
calculated, and its future value can be enhanced through investment.
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Marker Dynamics
The study shows
that the increasing demand for workforce optimization and mobile applications
are driving the global human capital management market. Moreover, growing
adoption of the cloud-based business model and rising demand for talent
mobility are some of the factors expected to accelerate the global market for
human capital management. Furthermore, the introduction of Artificial
Intelligence into the human capital management system is likely to fuel market
demand.
Market
Segmentation
The global human
capital management market has been segmented into components, deployment type,
organization size, and end-user.
On the basis of
components, the global human capital management market has been segmented into
software solutions and services. The software solutions segment is further
divided into workforce analytics, competency management, time and expense
management, e-learning, e-recruiting, e-boarding, core HR, talent management,
performance management, and payroll and tax. The study shows that, due to the
growing use of e-recruiting solutions, many organizations have begun to
implement such solutions for on-boarding, training, e-learning, candidate
management, and selection management. Moreover, the services segment is further
segmented into transformation services, implementation services, consulting
services, support and maintenance, and others.
Based on the
deployment type, the global human capital management market has been segmented
into the cloud and on-premise.
Based on
organization size, the global human capital management market has been
segmented into SMEs and large enterprises.
Based on end-user,
the global human capital management market has been segmented into
manufacturing, BFSI, IT/ITES, healthcare, transportation, government, and
others.
Regional
Analysis
The regional
analysis of the global human capital management market is being studied for
regions such as Asia Pacific, North America, Europe, and the Rest of the World.
The study shows
that the North American region dominates the human capital management market
due to increased internet penetration and technological advances. The research
also indicates that cloud deployment is a driving force for the Asia Pacific
region to develop significantly in the human capital management market by the
forecast period. In addition to this, the growing acceptance of IT services is
also driving the market for human capital management.
Key Players
The industry giants
in the global human capital management (HCM) market are IBM (U.S.), SAP SE
(Germany), Kronos Inc. (U.S.), Software AG (Germany), Workforce Software
(U.S.), LinkedIn (U.S.), ADP LLC (U.S.), WORKDAY (U.S.), Ultimate Software
(U.S.), Infor (U.S.), Oracle Corporation (U.S.), Talentsoft (France), Zenefits
(U.S.), among others.
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