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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.
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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:
Further Report Findings:
The HCM Market is Segmented into:
Value (USD Billion)
By Organization Size