The human capital management (HCM) solutions market is expected to grow by USD 8.97 billion during 2020-2024, according to the latest market research report by Technavio.
Recruitment is one of the most difficult tasks in the HCM process. Most multinational companies (MNCs) require many employees. But finding out the best candidate takes recruiters a long time. This is because the complete offline recruitment profile involves manual shortlisting of the candidates from thousands of applications. This requires large investments in terms of money, time, and effort. Advances in technology have made HCM solutions capable of automating recruitment processes. The HCM software shortlists candidates according to the profile, sends interview invitations, and confirms interview slots. This process reduces the overall time, effort, and cost of the process and increases the chances of recruiting the right candidates. Thus, the growing demand for automated recruitment processes is expected to boost the growth of the market.
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As per Technavio, the emergence of cloud-computing services will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Human Capital Management (HCM) Solutions Market : Emergence of Cloud-Computing Services
The emergence of cloud-computing services is one of the major trends being witnessed in the market. Cloud computing is one of the emerging trends in the IT industry. Owing to the adoption of the latest technologies in HCM solutions, organizations also use cloud storage for storing critical information at remotely cheap rates. The use of cloud storage allows the central administration to have control over all the resources and HR activities. It also eradicates the need for users to update and maintain IT infrastructure. Services and maintenance activities are usually taken care of by service providers. Thus, users do not have to install additional packages as all updates, during the contract period, are also be taken care of by the service providers.
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“Factors such as the increased popularity of advanced workforce analytics, increasing workforce diversity, and the growing demand from SMEs will have a significant impact on the HCM solutions market growth during the forecast period,” says a senior analyst at Technavio.
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