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Human Capital Management Market - Emergence of Cloud-computing Services to Drive Growth| Technavio
[May 11, 2018]

Human Capital Management Market - Emergence of Cloud-computing Services to Drive Growth| Technavio


Technavio market research analysts forecast the global human capital management (HCM) market to grow at a CAGR of more than 8% during the period 2018-2022, according to their latest report.

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Technavio has published a new market research report on the global human capital management (HCM) so ...

Technavio has published a new market research report on the global human capital management (HCM) solutions market from 2018-2022. (Graphic: Business Wire)

The emergence of cloud-computing services is one of the major trends being witnessed in the market. Cloud computing is one of the emerging trends in the IT industry. Owing to the adoption of the latest technologies in HCM solutions, organizations also use cloud storage for storing critical information at remotely cheap rates. The use of cloud storage allows the central administration to have control over all the resources and HR activities. It also eradicates the need for users to update and maintain IT infrastructure. Services and maintenance activities are usually taken care of by service providers. Thus, users do not have to install additional packages as all updates, during the contract period, are also be taken care of by the service providers.

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In this report, Technavio analysts highlight the demand for automated recruitment processes as a key factor contributing to the growth of the global human capital management market:

Demand for automated recruitment processes

Recruitment is one of the most difficult tasks in the HCM process. Most of the multinational companies (MNCs) require many employees. But, finding out the best candidate takes recruiters a long time. This is because the complete offline recruitment profile involves manual shortlisting of the candidates from thousands of applications. This requires large investments in terms of money, time, and effort. Advances in technology have made HCM solutions capable of automating recruitment processes, which is one of the major drivers for the global HCM solutions market.

According to a senior analyst at Technavio for enterprise application, "The adoption HCM 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. Several companies are using these HCM solutions for their recruitment processes since they are more profitable."

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Global human capital management market segmentation

This market research report segments the global human capital management market into the following applications (core HR, talent, and workforce) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Of the three major applications, the core HR segment held the largest market share in 2017, accounting for more than 47% of the market. The market share for this segment will decrease to some extent by 2022. However, this application is expected to dominate the market throughout the forecast period.

The Americas was the leading region for the global human capital management market in 2017, accounting for a market share of approximately 47%. This region is anticipated to dominate the global market through 2022.





 

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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