Pune, Sept. 02, 2020 (GLOBE NEWSWIRE) -- The global human capital management (HCM) market size is expected to reach USD 32.68 billion by 2027, exhibiting a CAGR of 9.3% during the forecast period. The increasing proclivity of companies towards artificial intelligence (AI) and machine learning embedded RPA to eliminate unnecessary IT costs will foster the growth of the market, states Fortune Business Insights, 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.
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The report on human capital management (HCM) market incorporates:
- Comprehensive analysis of all the segments
- Emerging trends in the industry
- Foremost market drivers
- Present and future insights
- Dominant regions
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Market Driver:
Rising Focus towards Effective Workforce Management to Incite Development
The growing cognizance about HCM among originations owing to its effectiveness and efficiency in managing a large workforce and customer base can accelerate market sales during the forecast period. The increasing adoption of intelligent workforce solutions especially in the time of pandemic will enable speedy expansion of the market. for instance, in May 2020, Infor, a multi-national enterprise software company, headquartered in New York City, United States announced the launch of the workforce management (WFM) solution integrated with intelligent scheduling in China. The robust tool will help the organizations to provide efficient staff scheduling and workforce utilization.
Economic Instability to Retard Market Growth During COVID-19
The unprecedented spike in global unemployment has limited the scope of the market amid coronavirus. For instance, ADP, Inc. states that the United States private sector has expelled 20 million jobs in April 2020. Likewise, the United States Congressional Budget Office estimates that 15% of people are more likely to be unemployed by the third quarter of 2020. The financial loss caused by coronavirus has steered to the downsizing of many organizations, therefore restricting the growth of the market for human capital management. However, new policies and regulations to contain the situation and improve employment rates will consequently create opportunities for the market.
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Regional Analysis:
Globalization and Advancements to Boost Market in North America
The market for human capital management in North America stood at USD 7.86 billion in 2019 and is expected to rise tremendously during the forecast period. The growth in the region is attributed to ongoing technological advancement. The increasing globalization and improved work culture will influence healthy growth in North America. The growing adoption of industry 4.0, data analytics, and cloud computing by organizations is expected to drive the market in Asia Pacific. Europe is expected to witness a substantial growth rate owing to the increasing employment. The advent of startups and businesses are expected to spur opportunities for the market in Europe during the forecast period.
Key Development:
April 2020 – Cezanne HR Ltd unveiled an integrated payroll module for Cezanne's HR suite. The payroll module is specifically designed for UK organizations including Wales and Scotland to provide online payroll and pension management solutions
List Of key 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
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Human Capital Management (HCM) Market Share Analysis and Matrix, 2019
- Key Human Capital Management (HCM) Market Insights and Analysis, By Segments
- Global Human Capital Management (HCM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Offering (Value)
- Solutions
- Core HR
- Talent Management
- Workforce Management
- Payroll & Compensation
- Others
- Services
- Solutions
- By Deployment (Value)
- Cloud
- On-premise
- By Enterprise Size (Value)
- SME’s
- Large Enterprises
- By End-use Industry (Value)
- IT and Telecommunication
- BFSI
- Government
- Retail
- Healthcare
- Education
- Manufacturing
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Offering (Value)
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