NEW YORK, Sept. 23, 2021 /PRNewswire/ -- The global human capital management solutions market size is expected to grow by USD 12.16 billion during 2021-2025, progressing at a CAGR of about 10.57% during the forecast period.
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The demand for automated recruitment processes is one of the major factors propelling market growth. However, factors such as threat from open-source software may hamper human capital management market growth.
Advances in technology have made human capital management capable of automating recruitment processes, which is one of the major drivers for the human capital management software market. The adoption of human capital management software automates and streamlines the entire hiring process. The software shortlists candidates according to the profile, sends interview invitations, and confirms interview slots. This process reduces the overall time, effort, and cost of the process and increases the chances of recruiting the right candidates. Many companies are using human capital management for their recruitment processes since they are more profitable.
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Global Human Capital Management Market: Application SegmentThe Human Capital Management Market share growth by the core HR segment will be significant during the forecast period. Core HR functions include employee recruitment, employee training, payroll, scheduling, benefits administration, internal relations, and safety and compliance. Core HR applications under human capital management include basic HR responsibilities and are expected to grow rapidly during the forecast period. Adoption of digital technologies in organizations, coupled with the need for cost reduction and efficient workforce management, will also increase the demand for human capital management software for core HR applications during the forecast period.
Global Human Capital Management Market: Geographic Landscape34% of the market's growth will originate from North America during the forecast period. The US is a key market for human capital management in North America. Market growth in this region will be faster than the growth of the market in MEA.
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Human Capital Management Market 2021-2025: Key Highlights
Table of Contents:
Five Forces Analysis
Market Segmentation by Application
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