Transforming industrial scenario all around is hinting at an infrastructural development that requires more hand for safe operation. This increases the amount of documentation. Human Capital Management Software (HCMS) eases up this entire procedure with the assistance of information technology and simplifies workforce acquisition, management and ensures optimization of the acquired workforce to confirm the maximum benefit for the company. The global HCMS market can climb up to a stellar valuation of USD 24 billion with an overwhelming CAGR of 9% during the forecast period (2017-2023). Market Research Future in a perceptive report documents a holistic report of the said market to have a comprehensive look at the foreseeable future. The report takes a peek into the market’s drivers and reveals that sectors such as banking, financial services, and insurance (BFSI), healthcare, manufacturing, retail, telecommunication & IT, and media & entertainment are now heavily relying on this software to get access to real-time data and also records regarding attendance and performance. Among other drivers, automated recruitment processes have proven their worth as efficient recruiters. The software can shortlist candidates, send interview invitations, confirm interview slots, which reduces the overall time, effort, and cost of the process.
However, cloud computing has its own risk as it is vulnerable to cyber-attacks which can easily leak valuable information and make private documents public. This threat can hinder the smooth ride HCMS is enjoying so far.
SAP SE is planning to launch a new on-premise HCM product that will work alongside SAP S/4HANA that will help companies in managing the record of an individual employee more efficiently. On the other hand, Oracle NetSuite is now going to collaborate with ERA Consulting Group, Smartbridge, Softengine and Vibrant Inc. to assist the client in improving efficiency and providing insights that would help the company in growth. Workday Advances are taking initiatives in the same line to enhance the performance of employees that would better the chance of career and performance development.
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The global HCMS market can be segmented by software, services, deployment, organizations, application, and end-users.
By software, the market can be segmented into core HR, workforce management, sourcing and recruiting, applicant tracking system, staffing vendor management, and others.
Based on services, the market includes integration, support and maintenance, consulting and others.
Deployment-wise the market can be segmented into on-premise & on-cloud.
By organizations, the market comprises small & mid-size and large enterprises.
Application-based segmentation consists analytics, training and recruitment, payroll, HR planning, and others.
Based on end-users, the market is segmented into BFSI, manufacturing, healthcare, telecom, energy, retail, logistics and transportation, and others.
Region-specific segmentation of the market spans across Asia Pacific (APAC), North America, Europe and Rest-of-the-World (RoW).
Automation has percolated every sphere of the North American market owing to which HCMS is finding huge traction in this region. The region also earns the most in the world from this sector. Its affinity for technological upgradation has laid the building blocks for the market and assisted it in achieving the most market revenue. Developing future leaders, installing transparent processes, and implementing digital HR experience in the organizations are also triggering the growth significantly. Europe is also expecting a similar kind of growth as the region shares the same type of attributes like North America. However, emerging economies of the APAC region are touted to adopt this technology the most which can give the region a resonating boost with which it can pick up the highest CAGR during the forecast period.
The market has a lot of service providers who keep it competitive and strategies they often deploy mergers and acquisitions. For instance, Ultimate Software is planning to acquire PeopleDoc for HR service.
Some of the prominent players in the global human capital management software market are Oracle Corporation (U.S.), SAP SE (Germany), International Business Machines Corporation (U.S.), Workday, Inc. (U.S.), Ultimate Software Group, Inc. (U.S.), ADP, LLC (U.S.), Cornerstone OnDemand (U.S.), Benefitfocus Inc. (U.S.), BambooHR (U.S), PeopleFluent (U.S), Ultimate Software Group, Inc. (U.S), Zoho Corporation (India), WebHR (U.S), CakeHR (U.K), Epicor Software Corporation (U.S), Infor (U.S), Kronos Incorporated (U.S), The Sage Group plc. (U.S) and others.
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Human Capital Management Market, By Component (Service, Software Solution), By Organization size (SMEs, Large Enterprise), By Deployment (Cloud, On Premise), By End-User (Manufacturing, BFSI, IT/ITES, Healthcare, Transportation, Government). - Forecast 2022
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