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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