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Human Capital Management (HCM) Market to USD 32.68 Bn by 2027; Rising Acceptance of Talent Mobility Solutions to Favor Growth

September 02, 2020 | Information & Technology

The global human capital management (HCM) market size is expected to reach USD 32.68 billion by 2027. The increasing need for RPA and HR tools in organizations will have a tremendous impact on the market, mentioned in a report, titled Human Capital Management (HCM) Market Size, Share & COVID-19 Impact Analysis, By Offering (Solution and Services), By Deployment (Cloud, and On-Premises), By Enterprise Size (SMEs, and Large Enterprises), By End-use Industry (IT and Telecommunication, BFSI, Government, Retail, Healthcare, Education, Manufacturing, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 16.24 billion in 2019 and is expected to exhibit a CAGR of 9.3% between 2020-2027.


Selection of Workdays’ Management System to Augment Growth


 Workday, Inc. a global leader in enterprise cloud applications for finance and human resources announced that its Human Capital Management has been selected by Wells Fargo & Company to lift the user experience and increase HR efficiencies across the organization for its approximately 260,000 global employees. Furthermore, Workday Prism Analytics, Workday Recruiting, Workday Time Tracking, also Adaptive Insights Business Planning Cloud will help the company to execute, plan and analyze across the enterprise all in one system powered by machine learning. Also, the selection of workdays’ Human Capital Management is expected to Minimize risk with controlled access to data and enhance HR experiences for global team members. It will also benefit greater visibility into its workforce while supporting operations and HR processes. The growing adoption of workforce management platforms is expected to create numerous opportunities for the market owing to the utilization of scalable workforce planning capabilities and analytics to allow HR business partners and organizational leaders.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/human-capital-management-hcm-market-100240


Rising Emphasis on Cloud-Based Business Models to Enable Growth


The rising adoption of cloud-based business models is expected to spur opportunities for the market. Similarly, the increasing knowledge and implementation of talent mobility in organizations will enable speedy expansion of the market. Talent mobility enables enterprises to create a robust leadership pipeline by refining employee engagement and retention. The increasing importance of talent management solutions is expected to fuel demand for HCM, which, in turn, will foster growth. The increasing integration of cloud-based business models with HRM services is expected to propel the growth of the market. Additionally, the growing implementation of HRM solutions among companies is expected to create opportunities for the market. For instance, in March 2020, Ceridian HCM Holding, Inc. announced that Seagrass Boutique Hospitality Group, Australia has chosen Ceridian’s Dayforce, cloud software platform to engage, manage, and pay its entire workforce.


Strategic Collaborations and Ventures to Strengthen Growth


The market is controlled by the major companies operating in the market such as Kronos Incorporated, Cornerstone OnDemand, Inc., Oracle Corporation, and Workday Inc. The adoption of strategies among key players such as acquisitions, partnerships, joint ventures will have an excellent effect on the market. For instance, in February 2020, Cornerstone OnDemand, Inc. announced that it has acquired Saba Software to deliver a differentiated portfolio of talent experience software and people development solutions. Cornerstone aims to leverage its existing product portfolio along with Saba’s capabilities to fast-track business development and establish its presence in the industry.


The Report Lists the Main Companies in the Human Capital Management (HCM) Market:



  • Automatic Data Processing (ADP), Inc. (New Jersey, United States)

  • Ceridian HCM, Inc.  (Minnesota, United States)

  • Cezanne HR Ltd.  (London, United Kingdom)

  • Cornerstone OnDemand, Inc. (California, United States)

  • IBM Corporation (New York, United States)

  • Infor (New York, United States)

  • Kronos, Incorporated (Massachusetts, United States)

  • NetSuite, Inc. (California, United States)

  • Oracle Corporation (California, United States)

  • SAP SE (Walldorf, Germany)

  • Talentsoft (France, Europe)

  • Ultimate Software (Florida, United States)

  • Workday, Inc. (California, United States)


Further Report Findings:



  • Regional Analysis: The market in Asia Pacific is expected to account for the largest share in the global market during the forecast period owing to the increasing implementation of industry 4.0. The rising technological advancement is expected to foster the healthy growth of the market in Asia Pacific.

  • Leading Segment: The core HR solutions are predicted to account for the lion’s share in the global market during the forecast period due to its growing adoption in organizations. According to the Sierra-Cedar HR System survey, 2019-2020 47% of the organizations are likely to increase spending in core HR applications by 2020.


The HCM Market is Segmented into:














































 ATTRIBUTE



 DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



By Offering



  • Solution

    • Core HR

    • Talent Management (On Boarding, Recruiting)

    • Workforce Management

    • Payroll &Compensation

    • Others



  • Services



By Deployment



  • On-Premise

  • Cloud



By Organization Size



  • Small and medium enterprises (SMEs)

  • Large Enterprises



By Industry



  • IT & Telecom

  • BFSI

  • Government

  • Retail

  • Healthcare

  • Education

  • Manufacturing

  • Others Large Enterprises



By Geography



  • North America


    • By Offering

    • By Deployment

    • By Enterprise Size

    • By End-use Industry

    • By Country


      • The U.S.

      • Canada



  • Europe


    • By Offering

    • By Deployment

    • By Enterprise Size

    • By End-use Industry

    • By Country


      • The U.K.

      • Germany

      • France

      • Scandinavia

      • Rest of Europe



  • Asia Pacific


    • By Offering

    • By Deployment

    • By Enterprise Size

    • By End-use Industry

    • By Country


      • China

      • Japan

      • India

      • Southeast Asia

      • Rest of Asia Pacific



  • Middle East & Africa


    • By Offering

    • By Deployment

    • By Enterprise Size

    • By End-use Industry

    • By Country


      • GCC

      • South Africa

      • Rest of Middle East & Africa



  • Latin America


    • By Offering

    • By Deployment

    • By Enterprise Size

    • By End-use Industry

    • By Country


      • Mexico

      • Brazil



  • Rest of Latin America



 

Human Capital Management (HCM) Market
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  • 2019
  • 2016-2018
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