The “Human Capital Management Market by Software (Core HR, Applicant Tracking System, HR Analytics, Workforce Management), Service, Deployment Type (cloud and on-premises), Organization Size, and Region – Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The HCM market is estimated to be USD 16.7 billion in 2019 and projected to reach USD 26.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period.
The HCM market comprises major solution providers, such as Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Software (US), Ceridian (US), SumTotal (US), Kronos (US), Infor (US), Cornerstone (US), Meta4 (US), Ramco Systems (India), Bamboo HR (US), Namely (US), and Workforce Software (US). The study includes an in-depth competitive analysis of key players in the HCM market with their company profiles, recent developments, and key market strategies.
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Increasing government regulations and growing need to monitor entire employee lifecycle are the major factors that will drive the adoption of HCM solutions across enterprises
The integration of emerging technologies, such as Artificial Intelligence (AI) and Machine Learning (ML), with HCM solutions, is expected to be one of the strongest factors for HCM solution and services adoption across regions.
Cloud deployment type is expected to grow at a higher CAGR during the forecast period
Majority of HCM solutions are expected to be deployed in the 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 costs and achieve greater ease in sharing data with multiple parties.
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BFSI industry vertical to hold the highest market share in 2019
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 the 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.
APAC 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.
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