Market Highlights
Human capital management (HCM) is comprehensive software used for optimizing recruitment, management, and development of human resources of an organization. The global human capital management software market is anticipated to generate USD ~24 billion by 2023, and grow at a CAGR of ~9% between the forecast periods of 2017-2023.
Industry trends
May 2017 - Saba’s completed acquisition of Halogen Software so as to take advantage of complementary expertise of both companies, generate greater value and innovation, and market development to break out of the North American market.
September 2016 - Cornerstone on Demand, launched people analytics suite which will benefit the organizations from the real-time data of people afforded by its cloud platform.
Market Dynamics of Human Capital Management Software Market:
Drivers
Increasing number and size of organizations is the greatest driver of the market. The rapid manpower growth has increased the complexity, need for documentation, and need for efficiency in human resource management operations. The growing information adoption technology is another strong driver of the market. Thus the falling incremental cost to serve additional objectives of an organization with a strong initial I.T. base is a very attractive proposition for the market. Technological convergence between other I.T. systems and the growing power of analytics has added to the other benefits of the market. The greater efficiency and optimization of workforce results in greater returns on investments, and negates the cost of installation and maintenance. The growing need for continuous performance management to maintain employee morale and need for faster appropriate decisions based on the performance is other driver of the market. Growing mergers and acquisitions is another market opportunity as it results in larger workforce with concurrent increase in human resource management complexity such as demand for transparent processes. The greater buying power of the merged companies also acts as a driver of the market.
Restraints
High cost of installation and maintenance and the need for strong in-house I.T. skills is the critical restraint of the market. Opposition from labor organizations, constant need for data upgrade, data security concerns and lack of trained manpower are another constraints of the market.
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Segmentation:
Software - core HR, workforce management, sourcing and recruiting, applicant tracking system, staffing vendor management and others.
Services - integration, support and maintenance, consulting and others.
Deployments - on premise & on cloud
Organizations – small, mid-size and large enterprises.
Applications - analytics, training and recruitment, payroll, HR planning and others.
End users - BFSI, manufacturing, healthcare, telecom, energy, retail, logistics and transportation and others
Regional Analysis of Human Capital Management Software Market:
The market for human capital management software is segmented into region such as Asia pacific, North America, Europe and Rest of the World. North America leads the world in terms of market share as well as value, with the U.S. forming for the bulk of the market. Europe region is led by Germany, France, and the U.K. and is expected to be the second largest market. However the market is expected to generate a momentous shift in favor of the Asia-Pacific countries such as China, Japan, and India due to their huge unmet needs, rapidly developing economic and industrial base etc. The Middle East and Africa market is expected to generate lower growth due to lower industrial development and presence of small scale sector with low buying power.
Key Players of Human Capital Management Software Market:
International Business Machines Corporation, Kronos Incorporated, Oracle Corporation, Cornerstone OnDemand, SAP SE, NetSuite Inc., Workday, Inc., CakeHR, Ultimate Software Group, Inc., ADP, LLC, WebHR, BambooHR, The Sage Group plc. People Fluent, Ultimate Software Group, Inc., Benefit focus Inc., Zoho Corporation, Epicor Software Corporation, Infor, and others.
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Global Human Capital Management Software Market, By Software (Core HR, Workforce Management, Staffing Vendor Management), Services (Integration, Consulting), Deployment (on Premise, On Cloud), End User (Healthcare, Telecom, Energy) Forecast till 2023
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The human capital management software supports the organizations to take the appropriate decisions about employees by monitoring their performance throughout.Get a FREE Sample with Complete TOC @ https://www.marketresearchfuture.com/sample_request/1425The North America region is experiencing higher demand from various sectors such manufacturing, healthcare, telecom, energy, retail, logistics and transportation and others.
These software helps the companies find the right talent, improve capabilities, and grow their business.
The prominent companies such as 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.
Due to the changing market trends & emerging opportunities, human capital management software market is estimated to grow rapidly with a huge demand in the market.The global human capital management software market is expected to reach USD 24 billion at a CAGR of over 9% by the end of the forecast period.Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report.
Avail the in-depth table of content TOC & market synopsis on “The Global Human Capital Management Software Market Research Report -Forecast to 2023”.Global Human Capital Management Software Market SegmentationThe global human capital management software market is segmented into software, services, organizations, deployment, application, end users, and region.
The services are segmented into integration, support and maintenance, consulting and others.
