$24+ Billion Worldwide Human Capital Management Industry to 2025 - Featuring Workday, Oracle & ADP Among Others
DUBLIN, July 15, 2020 /PRNewswire/ -- The "Human Capital Management Market by Software (Core HR, Applicant Tracking System, HR Analytics, Workforce Management), Services, Deployment Model (cloud and on-premises), Organization Size, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The HCM market is estimated to be USD 1,7570 million in 2020 and projected to reach USD 2,4310 million by 2025, at a CAGR of 6.7% during the forecast period.
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.
Attractive Opportunities in the Human Capital Management Market
Cloud deployment model is expected to grow at a higher CAGR during the forecast period
The majority of HCM solutions are expected to be deployed in 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 cost and achieve greater ease in sharing data with multiple parties.
BFSI industry vertical to hold the highest market share in 2020
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.
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