Global $26.5Bn Human Capital Management Market Outlook, 2024 - Rising Adoption of Cloud-based Software Solutions Present Opportunities
DUBLIN, Dec. 12, 2019 /PRNewswire/ -- The "Human Capital Management Market by Software (Core HR, Applicant Tracking System, HR Analytics, Workforce Management), Service, Deployment Type (cloud and on-premises), Organization Size, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The HCM market is estimated to be USD 16.7 billion in 2019 and projected to reach USD 26.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period.
The HCM market comprises major solution providers, such as Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Software (US), Ceridian (US), SumTotal (US), Kronos (US), Infor (US), Cornerstone (US), Meta4 (US), Ramco Systems (India), Bamboo HR (US), Namely (US), and Workforce Software (US). The study includes an in-depth competitive analysis of key players in the HCM market with their company profiles, recent developments, and key market strategies.
Increasing government regulations and growing need to monitor entire employee lifecycle are the major factors that will drive the adoption of HCM solutions across enterprises
The integration of emerging technologies, such as Artificial Intelligence (AI) and Machine Learning (ML), with HCM solutions, is expected to be one of the strongest factors for HCM solution and services adoption across regions.
Cloud deployment type is expected to grow at a higher CAGR during the forecast period
Majority of HCM solutions are expected to be deployed in the cloud, and so cloud-based deployment will outperform the on-premises deployment and will have a higher CAGR during the forecast period. Enterprises are moving toward cloud-based deployment to minimize operational costs and achieve greater ease in sharing data with multiple parties.
BFSI industry vertical to hold the highest market share in 2019
The Banking, Financial Services, and Insurance (BFSI) vertical is one of the early adopters of HCM solutions to effectively manage the entire lifecycle of employees. The same trend is expected to be there in the coming years, and the vertical is expected to adopt HCM solutions to manage internal as well as external employees. BFSI enterprises deal with a diverse workforce from office employees, contingent workforce, third-party workforce, and others. As the vertical needs to manage these workforces and comply with government regulations, the vertical will have the highest adoption of HCM solutions and services.
APAC to grow at the highest CAGR during the forecast period>
The Asia Pacific (APAC) region is expected to be the top adopter of HCM solutions where the vertical will have the highest growth rate during the forecast period. The APAC region has huge potential in terms of adoption due to the presence of countries such as India, China, and Japan, growing workforce, and huge number of small and medium enterprises. Small and medium enterprises are expected to have high adoption of HCM solutions in the next 5 years due to the rising demand by these enterprises to manage their workforce.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Market Opportunities in the Human Capital Management Market 4.2 Market By Vertical and Region 4.3 Market By Deployment Type 4.4 Market By Component 4.5 Market By Organization Size 4.6 Market Potential
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Innovation Spotlight 5.3 Market Dynamics 5.3.1 Drivers 5.3.1.1 Integration of AI and ML in HCM Suites 5.3.1.2 Need for Reducing HR-Related Costs Fueling the Market Demand 5.3.2 Restraints 5.3.2.1 Security Concerns Over Cloud-Based Deployment 5.3.3 Opportunities 5.3.3.1 Rising Adoption of Cloud-Based Software Solutions 5.3.3.2 Advancements in Potential Markets 5.3.4 Challenges 5.3.4.1 Data Inconsistency Due to the Adoption of Multiple Advanced Technologies and HR Standards Among Businesses 5.3.4.2 Lack of Competent Resources 5.4 Industry Trends 5.4.1 Developed Unified System of Global HR Records With Improved Scalability and Real-Time Reporting Through Human Capital Management 5.4.2 Increased Resource Availability Through Elimination of Substantial Manual Tasks Using Human Capital Management Solution 5.4.3 Streamlined Global HR Operations, Enhanced Employee Experience, and Increased Organizational Agility and Speed With Human Capital Management Solutions
6 Human Capital Management Market By Component 6.1 Introduction 6.2 Software 6.3 Services
7 Market By Software 7.1 Introduction 7.2 Core HR 7.2.1 Benefits and Claims Management 7.2.2 Payroll and Compensation Management 7.2.3 Learning Management 7.2.4 Succession Planning 7.3 Applicant Tracking System 7.4 HR Analytics 7.5 Workforce Management 7.5.1 Absence Management 7.5.2 Performance Management 7.5.3 Workforce Scheduling 7.5.4 Time and Attendance Management 7.5.5 Workforce Analytics
8 Human Capital Management Market By Service 8.1 Introduction 8.2 Integration and Implementation 8.3 Support and Maintenance 8.4 Consulting
9 Market By Deployment Model 9.1 Introduction 9.2 On-Premises 9.3 Cloud
10 Market By Organization Size 10.1 Introduction 10.2 Large Enterprises 10.3 Small and Medium-Sized Enterprises
11 Market By Vertical 11.1 Introduction 11.2 Banking, Financial Services, and Insurance 11.3 Government 11.4 Manufacturing 11.5 Telecom and IT 11.6 Consumer Goods and Retail 11.7 Healthcare and Life Sciences 11.8 Energy and Utilities 11.9 Transportation and Logistics 11.10 Others
12 Human Capital Management Market By Region 12.1 Introduction 12.2 North America 12.2.1 United States 12.2.2 Canada 12.3 Europe 12.3.1 United Kingdom 12.3.2 Rest of Europe 12.4 Asia Pacific 12.4.1 China 12.4.2 Rest of Asia Pacific 12.5 Middle East and Africa 12.5.1 Kingdom of Saudi Arabia 12.5.2 Rest of Middle East and Africa 12.6 Latin America 12.6.1 Mexico 12.6.2 Rest of Latin America
13 Competitive Landscape 13.1 Competitive Leadership Mapping 13.1.1 Visionary Leaders 13.1.2 Dynamic Differentiators 13.1.3 Innovators 13.1.4 Emerging Companies
14 Company Profiles 14.1 Introduction 14.2 Workday 14.3 Oracle 14.4 ADP 14.5 SAP 14.6 Microsoft 14.7 IBM 14.8 Ultimate Software 14.9 Ceridian 14.10 SumTotal 14.11 Kronos 14.12 Talentsoft 14.13 Employwise 14.14 People strategy 14.15 Infor 14.16 Cornerstone OnDemand 14.17 Meta4 14.18 Ramco Systems 14.19 BambooHR 14.20 Namely 14.21 Workforce Software
For more information about this report visit https://www.researchandmarkets.com/r/6jn7d6
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