Dublin, June 08, 2022 (GLOBE NEWSWIRE) -- The "Human Capital Management Market by Component (Software and Service), Deployment Mode, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global human capital management market was valued at $17,435.2 million in 2020, and is projected to reach $42,131.1 million by 2030, growing at a CAGR of 9.6% from 2021 to 2030.
The term HCM can refer both to a business strategy and a set of modern IT applications and other technologies that are used to implement that strategy. Furthermore, it not only encompasses the same processes of hiring, job & position management, HR compliance, and reporting but also includes workforce rewards & talent and workforce management. Furthermore, cloud-based HCM usage is increasing due to features such as remote data access, limitless storage capacity, decreased cost and maintenance charges, and access through web and mobile from any location and at any time.. Thus, the demand for HCM is growing significantly.
Furthermore, the COVID-19 pandemic had a positive impact on the market as employees were working remotely due to lockdown restrictions. HCM helped to keep track of the employees working status and helped the HR department to recruit remotely. The global human capital management market is segmented into cloud and on-premise type based on deployment. In addition, the market studies several industry verticals such as BFSI, retail, IT & telecommunication, healthcare, hospitality, government, manufacturing, and others (education, transportation, energy & utilities, and media & entertainment).
Moreover, rise in the cloud based HRM software helped human resource departments to transfer the work schedule of the employees to cloud as the employees worked remotely. These are the major growth factors for the HCM market. In addition, increase in need for streamline HR operations and unified HR suite are the major driving factors for the market. However, data security and privacy concerns related to implementation of cloud-based deployment of HCM is hampering the market growth. Moreover, the need for complying with government regulations is a major restraining factor for the market. On the contrary, increase in adoption of workforce analytics solutions and rise in adoption of digital HR technology will provide major lucrative opportunities for the market growth.
The report focuses on growth prospects, restraints, and trends of the human capital management market analysis. The study provides Porter's Five Forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the human capital management market.
Segment Review
The human capital management market is segmented on the basis of component, deployment mode, industry vertical, and region. Furthermore, component is classified into software and service. On the basis of solution, it is segmented into core HR, recruiting, workforce management, compensation & payroll, and others. On the basis of service, the market is segmented into managed service and professional service. On the basis of deployment model, the market is categorized into on-premise and cloud. On the basis of industry vertical, it is segmented into IT & telecommunication, retail, BFSI, healthcare, hospitality, government, manufacturing, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the human capital management market such as ADP, Inc., Cornerstone, Epicor Software Corporation, IBM Corporation, Infor, Kronos Incorporated, Oracle, SAP SE, Sumtotal Systems, LLC, and UKG Inc.. These players have adopted various strategies to increase their market penetration and strengthen their position in the human capital management market.
COVID-19 Impact Analysis
The COVID-19 has shaken all organizations, creating a complex and challenging environment for managers and human resource management (HRM) practitioners, who need to find ingenious solutions to ensure the continuity of their companies and to help their employees to cope with this crisis. The human capital management has helped HRs to retain and nurture talent by providing professional learning and growth opportunities to employees. In addition, it has helped in managing time & labor, scheduling, and related expenses, maintaining expenses for specific projects and other costs and build a pay-for-performance culture during the COVID-19 pandemic. Therefore, the human capital management market had a positive impact during the pandemic.
Top Impacting Factors
Rise in Adoption of Cloud-based HCM software
Several industry verticals, such as BFSI, retail, healthcare, manufacturing, IT & telecommunication, and media & entertainment are adopting cloud-based HCM solution at a rapid pace. These solutions provide a secure access to various administrative tasks through an HR employee access portal. This allows employees to access their data through mobile or desktop devices virtually from any location.
Increase in Demand for HCM Unified Solution
Enterprises across the globe focus on optimal usage of resources along with improving productivity. The implementation of a unified HCM solutions enables enterprises to simplify HR and people processes and deliver business strategy alignment, team execution, and maximum employee performance to the organization. The HCM suite integrates modules such as onboarding, social business & collaboration, performance management, and learning management.
Data Security and Privacy Concerns Related to Cloud Deployment
Cloud solutions are quite cost-effective, as they do not require installation cost and expensive upgrades and maintenance. However, with cloud, the data is stored with a third-party cloud service provider. This increases the possibility of losing sensitive data. Furthermore, storing information in the cloud could make the organization vulnerable to external attacks and threats.
Increase in Popularity of Workforce Analytics Solution
Workforce analytics assists enterprises to develop and improve recruiting methods, optimize organizational structure, and analyze future technological needs. Hence, increase in popularity of workforce analytics will provide a lot of opportunities for market growth in the future as organizations need workforce analytics to gather insights from employees
Key Benefits for Stakeholders
- The study provides in-depth analysis of the global human capital management market share along with current & future trends to illustrate the imminent investment pockets
- Information about key drivers, restrains, & opportunities and their impact analysis on the global human capital management market size are provided in the report
- Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the human capital management market
- An extensive analysis of the key segments of the industry helps to understand the global human capital management market trends
- The quantitative analysis of the global human capital management market size from 2021 to 2030 is provided to determine the market potential
Key Topics Covered:
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Landscape
3.1. Market Definition and Scope
3.2. Key Findings
3.2.1. Top Investment Pockets
3.2.2. Top Winning Strategies
3.3. Porter's Five Forces Analysis
3.3.1. Bargaining Power of Suppliers
3.3.2. Threat of New Entrants
3.3.3. Threat of Substitutes
3.3.4. Competitive Rivalry
3.3.5. Bargaining Power Among Buyers
3.4. Market Share Analysis/Top Player Positioning
3.4.1. Market Share Analysis/Top Player Positioning 2020
3.5. Market Dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. Covid-19 Impact Analysis
3.7. Key Regulation Analysis
3.8. Market Share Analysis
3.9. Competitive Heatmap
3.10. Regulatory Guidelines
Chapter 4: Human Capital Management Market, by Component
4.1. Market Overview
4.1.1Market Size and Forecast, by Component
4.2. Software
4.2.1. Key Market Trends, Growth Factors and Opportunities
4.2.2. Market Size and Forecast, by Region
4.2.3. Market Share Analysis, by Country
4.3. Services
4.3.1. Key Market Trends, Growth Factors and Opportunities
4.3.2. Market Size and Forecast, by Region
4.3.3. Market Share Analysis, by Country
Chapter 5: Human Capital Management Market, by Deployment Mode
5.1. Market Overview
5.1.1Market Size and Forecast, by Deployment Mode
5.2. On-Premise
5.2.1. Key Market Trends, Growth Factors and Opportunities
5.2.2. Market Size and Forecast, by Region
5.2.3. Market Share Analysis, by Country
5.3. Cloud
5.3.1. Key Market Trends, Growth Factors and Opportunities
5.3.2. Market Size and Forecast, by Region
5.3.3. Market Share Analysis, by Country
Chapter 6: Human Capital Management Market, by Industry Vertical
6.1. Market Overview
6.1.1Market Size and Forecast, by Industry Vertical
6.2. It Telecommunication
6.2.1. Key Market Trends, Growth Factors and Opportunities
6.2.2. Market Size and Forecast, by Region
6.2.3. Market Share Analysis, by Country
6.3. Retail
6.3.1. Key Market Trends, Growth Factors and Opportunities
6.3.2. Market Size and Forecast, by Region
6.3.3. Market Share Analysis, by Country
6.4. Bfsi
6.4.1. Key Market Trends, Growth Factors and Opportunities
6.4.2. Market Size and Forecast, by Region
6.4.3. Market Share Analysis, by Country
6.5. Healthcare
6.5.1. Key Market Trends, Growth Factors and Opportunities
6.5.2. Market Size and Forecast, by Region
6.5.3. Market Share Analysis, by Country
6.6. Hospitality
6.6.1. Key Market Trends, Growth Factors and Opportunities
6.6.2. Market Size and Forecast, by Region
6.6.3. Market Share Analysis, by Country
6.7. Government
6.7.1. Key Market Trends, Growth Factors and Opportunities
6.7.2. Market Size and Forecast, by Region
6.7.3. Market Share Analysis, by Country
6.8. Manufacturing
6.8.1. Key Market Trends, Growth Factors and Opportunities
6.8.2. Market Size and Forecast, by Region
6.8.3. Market Share Analysis, by Country
6.9. Others
6.9.1. Key Market Trends, Growth Factors and Opportunities
6.9.2. Market Size and Forecast, by Region
6.9.3. Market Share Analysis, by Country
Chapter 7: Human Capital Management Market, by Region
Chapter 8: Company Profiles
8.1. Adp, Inc.
8.1.1. Company Overview
8.1.2. Key Executives
8.1.3. Company Snapshot
8.1.4. Operating Business Segments
8.1.5. Product Portfolio
8.1.6. Business Performance
8.1.7. Key Strategic Moves and Developments
8.2. Cornerstone
8.3. Epicor Software Corporation
8.4. Ibm Corporation
8.5. Infor
8.6. Kronos Incorporated
8.7. Oracle
8.8. Sap Se
8.9. Sumtotal Systems, LLC
8.10. Ukg Inc.
For more information about this report visit https://www.researchandmarkets.com/r/5rhaxz
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