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The global human capital management market size is projected to be worth USD 30.55 Billion by 2026. The market was valued at USD 15.04 Billion in 2018. According to a report by Fortune Business Insights, titled “Human Capital Management (HCM) Market Size, Share & Industry Analysis, By Offering (Solutions and Services), By Deployment (On-Premise and Cloud), By Organization Size (SMEs and Large Enterprises), By Industry (IT & Telecom, BFSI, Government, Retail, Healthcare, Education, Manufacturing, Others) and Regional Forecast, 2019-2026” the global market is anticipated to expand at a healthy CAGR of 9.4% during the forecast years.
Human capital management or HCM technology is gaining significant attention across industries owing to the rising need for effective data processing. Some of the HCM services include sourcing and recruiting, applicant tracking, time and attendance management, payroll and compensation, and workforce scheduling.
HCM software offers three main capabilities which include workforce optimization, workforce acquisition, and workforce management. Moreover, HCM software not only helps in recruiting but manages, develops, and optimizes human resources in an organization. HRs around the world are investing in HCM technology, helping them to support recruitment and managing employees’ data in an organization.
Adoption of Cloud-based HCM Software to Manage Human Capital will Create Growth Opportunities
The rising preference for cloud-based human capital management across organizations will create attractive growth opportunities for the market. With the help of cloud technologies, organizations can use SaaS without the need to invest in it and access data remotely from anywhere. This software has the ability to manage the human capital of organizations via the cloud on all the aspects of HR functions such as payroll, onboarding, employee performance, and training.
These solutions are cost-effective and help an organization to gain in-depth insights into the trends, improvements, and preferences. In addition to this, cloud-based software provides analytics, helping organizations to convert them into actionable insights. This, in turn, will help them to enhance productivity and increase efficiency, thereby increasing the human capital management market growth.
Infor Acquired Alfa-beta Solutions to Ensure Easy and Secure Workflow Processes
The adoption of machine learning and artificial intelligence for data analysis is expected to foster market growth in the forecast years. Talent mobility and cloud-based business models are high in demand, augmenting the market to grow. Machine learning and artificial intelligence are gaining immense popularity in the IT industry and the adoption is increasing in recruitments.
For instance, Infor announced the acquisition of a new cloud-based solution called Alfa-beta for HRM services. This acquisition helped the organization to launch an advanced HCM software called CloudSuite HCM. The software is integrated with cloud-based technology and offers simple, secure, and clean workflows. Another human capital management market trend is the adoption of Platform as a Service (PaaS).
Such trends will help HR personnel to take strategic decisions on talent acquisition, which in turn, will benefit the organization in the long-run. The HCM market size is expected to increase owing to the rising demand for HCM software from BFSI and IT and telecom.
Workday, ADP, Oracle are Among the Leading Players in the Market
The report profiles some of the leading players in the global market. These include Workday, Inc., SAP SE, ADP Inc., Oracle Corporation, and Ultimate Software. These companies hold a strong market position and contribute towards increasing in human capital management market revenue. These companies are putting efforts to bring innovations in HCM software with an aim to fulfil the evolving needs of their customers. These companies are planning to help large and mid-scale enterprises across the world to expand their geographical presence and stay ahead of the competition.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/toc/human-capital-management-hcm-market-100240
The global human capital management market can be segmented as mentioned below:
Value (USD Billion)
By Organization Size