Dublin, March 08, 2022 (GLOBE NEWSWIRE) -- The "Global Human Capital Management Market" report has been added to ResearchAndMarkets.com's offering.
The publisher estimates the global Human Capital Management (HCM) market would grow from USD 22.3 billion in 2021 to USD 32.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period.
HCM advancements can be related to a number of factors; however, some of the major factors include the adoption of AI and ML technologies in HR processes and cost reduction achieved using HR software, which is the primary driver, enabling the adoption of HCM technologies within enterprises. Cloud security remains a restraint for adopting HCM cloud among enterprises users, specifically in the highly regulated verticals, such as BFSI, healthcare, and energy and utilities. The opportunities in adjacent markets, such as contingent workforce management and AI-based recruitment, open up new revenue prospects for vendors in the HCM market.
The adoption of the remote work culture by businesses across the globe due to the COVID-19 pandemic is introducing new challenges to HCM software and service providers. The major challenge faced is updating offerings as per the working culture of organizations. HCM providers can advance their software during this pandemic by adding new capabilities, such as tracking employee health and location. This is expected to boost the adoption of HCM software. However, cost cutting and delay in projects by enterprises may offer a restraint in the adoption of HCM software.
Cloud deployment model is expected to grow at a higher CAGR during the forecast period
Majority of HCM solutions are expected to be deployed in cloud, and so cloud based deployment will outperform the on-premises deployment and will have a higher CAGR during the forecast period. Enterprises are moving toward cloud-based deployment to minimize operational cost and achieve greater ease in sharing data with multiple parties.
BFSI industry vertical to hold the highest market share in 2021.
The Banking, Financial Services, and Insurance (BFSI) vertical is one of the early adopters of HCM solutions to effectively manage the entire lifecycle of employees. The same trend is expected to be there in coming years, and the vertical is expected to adopt HCM solutions to manage internal as well as external employees. BFSI enterprises deal with a diverse workforce from office employees, contingent workforce, third-party workforce, and others. As the vertical needs to manage these workforces and comply with government regulations, the vertical will have the highest adoption of HCM solutions and services.
Asia Pacific to grow at the highest CAGR during the forecast period
The Asia Pacific (APAC) region is expected to be the top adopter of HCM solutions where the vertical will have the highest growth rate during the forecast period. The APAC region has huge potential in terms of adoption due to the presence of countries such as India, China, and Japan, growing workforce, and huge number of small and medium enterprises. Small and medium enterprises are expected to have high adoption of HCM solutions in the next 5 years due to the rising demand by these enterprises to manage their workforce.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in Human Capital Management Market
4.2 Market, by Component, 2021 Vs 2026
4.3 Market, by Software, 2021 Vs 2026
4.4 Market, by Service, 2021 Vs 2026
4.5 Market, by Deployment Model, 2021 Vs 2026
4.6 Market, by Organization Size, 2021 Vs 2026
4.7 Market, by Vertical, 2021 Vs 2026
4.8 Market Regional Scenario, 2021-2026
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Integration of Ai and Ml in Hcm Suites
5.2.1.2 Need for Reducing Hr-Related Costs
5.2.2 Restraints
5.2.2.1 Security Concerns Over Cloud-Based Deployment
5.2.3 Opportunities
5.2.3.1 Rising Adoption of Cloud-Based Software Solutions
5.2.3.2 Advancements in Potential Markets
5.2.4 Challenges
5.2.4.1 Data Inconsistency due to Adoption of Multiple Advanced Technologies and Hr Standards Among Businesses
5.2.4.2 Lack of Competent Resources
5.3 COVID-19-Driven Market Dynamics
5.3.1 Drivers and Opportunities
5.3.2 Restraints and Challenges
5.4 Innovation Spotlight
5.5 Case Study Analysis
5.5.1 Case Study 1: Oracle Provided Solutions to Align and Transform Fujifilm's Business Hr Systems
5.5.2 Case Study 2: Ultimate Software Assisted Vancity in the Migration to Cloud-Native Artificial Intelligence
5.5.3 Case Study 3: Workday Offered Solutions to Air Asia for Migrating to Automated Systems
5.5.4 Case Study 4: Adp Helped Willidan Group in Streamlining Aca Compliance Changes
5.5.5 Case Study 5: Kronos Enabled the Provision of Robust Hcm Cloud Solution on One Platform
5.5.6 Case Study 6: Workday Developed Unified System of Global Hr Records for Brandsmart with Real-Time Reporting
5.5.7 Case Study 7: Ultimate Software Enabled Increased Resource Availability
5.5.8 Case Study 8: Sap Streamlined Hr Operations of Eneco Energie and Enhanced Employee Experience
5.6 Ecosystem
5.7 Supply Chain Analysis
5.8 Pricing Analysis
5.8.1 Introduction
5.9 Patent Analysis
5.10 Technological Analysis
5.10.1 Artificial Intelligence and Machine Learning
5.10.2 Cloud Computing
5.10.3 Analytics
5.10.4 Internet of Things
5.11 Porter's Five Forces Model
5.12 Regulations
5.13 Key Conferences and Events in 2022-2023
6 Human Capital Management Market, by Component
6.1 Introduction
6.1.1 Component: Market Drivers
6.1.2 Component: COVID-19 Impact
7 Human Capital Management Market, by Software
7.1 Introduction
7.1.1 Software: Market Drivers
7.2 Core Hr
7.2.1 Benefits and Claims Management
7.2.2 Payroll and Compensation Management
7.2.3 Learning Management
7.2.4 Succession Planning
7.3 Applicant Tracking System
7.4 Hr Analytics
7.5 Workforce Management
7.5.1 Absence Management
7.5.2 Performance Management
7.5.3 Workforce Scheduling
7.5.4 Time and Attendance Management
7.5.5 Workforce Analytics
8 Human Capital Management Market, by Service
8.1 Introduction
8.1.1 Service: Market Drivers
8.2 Integration and Implementation
8.3 Training and Education
8.4 Support and Maintenance
8.5 Consulting
9 Human Capital Management Market, by Deployment Model
9.1 Introduction
9.1.1 Deployment Model: Market Drivers
9.1.2 Deployment Model: COVID-19 Impact
9.2 On-Premises
9.3 Cloud
10 Human Capital Management Market, by Organization Size
10.1 Introduction
10.1.1 Organization Size: Market Drivers
10.1.2 Organization Size: COVID-19 Impact
10.2 Small and Medium-Sized Enterprises
10.3 Large Enterprises
11 Human Capital Management Market, by Vertical
11.1 Introduction
11.1.1 Vertical: Market Drivers
11.1.2 Vertical: COVID-19 Impact
11.2 Banking, Financial Services, and Insurance
11.3 Government
11.4 Manufacturing
11.5 Telecom and It
11.6 Consumer Goods and Retail
11.7 Healthcare and Life Sciences
11.8 Energy and Utilities
11.9 Transportation and Logistics
11.10 Other Verticals
12 Human Capital Management Market, by Region
13 Competitive Landscape
13.1 Introduction
13.2 Market Evaluation Framework
13.3 Market Share of Top Vendors
13.4 Revenue Analysis of Top Vendors
13.5 Company Evaluation Quadrant
13.5.1 Definitions and Methodology
13.5.2 Star
13.5.3 Emerging Leader
13.5.4 Pervasive
13.5.5 Participant
13.6 Sme Evaluation Quadrant
13.6.1 Definitions and Methodology
13.6.2 Progressive Vendors
13.6.3 Responsive Vendors
13.6.4 Dynamic Vendors
13.6.5 Starting Blocks
13.7 Competitive Benchmarking
13.8 Competitive Scenario
13.8.1 Product Launches and Product Enhancements
13.8.2 Expansions
13.8.3 Partnerships, Agreements, and Collaborations
13.8.4 Mergers and Acquisitions
14 Company Profiles
14.1 Introduction
14.2 Key Companies
14.2.1 Workday
14.2.2 Oracle
14.2.3 Adp
14.2.4 Sap
14.2.5 Microsoft
14.2.6 Ibm
14.2.7 Ultimate Software
14.2.8 Ceridian
14.2.9 Sumtotal
14.2.10 Kronos
14.3 Other Companies
14.3.1 Talentsoft (Now 'Cegid')
14.3.2 Employwise
14.3.3 Peoplestrategy
14.3.4 Infor
14.3.5 Cornerstone Ondemand
14.3.6 Meta4
14.3.7 Ramco Systems
14.3.8 Bamboohr
14.3.9 Namely
14.3.10 Workforce Software
14.3.11 Zoho
14.3.12 Sage Group
14.3.13 Epicor Software
14.3.14 Zenefits
14.3.15 Paylocity
14.3.16 Gusto
14.3.17 Bitrix
14.3.18 Benefitfocus
14.3.19 Webhr
14.3.20 Talentia Software
14.3.21 Peoplefluent
14.3.22 Vibe Hcm
14.3.23 Rippling
14.3.24 Ascentis
14.3.25 Bizmerlinhr
15 Adjacent Market and Related Market
16 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/an2a9d
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