According to a new market research report published by Credence Research “Global Human Capital Management Market (Software (Core HR, Workforce Management, Sourcing & Recruiting, Applicant Tracking System, Staffing Vendor Management, Others); Service (Integration, Support & Maintenance, Consulting); Deployment (Cloud, On-Premise) Application (Banking, Financial Services, and Insurance (BFSI), Government, Manufacturing, Telecom & IT, Consumer Goods & Retail, Healthcare & Life Sciences, Energy & Utilities, Transportation & Logistics, Others)) Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the human capital management market is set to grow with a CAGR of 8.5% during the forecast period, starting from US$ 16.55 Bn in 2018.
The human capital management market is driven by the increasing adoption of mobility solutions among enterprises. As the penetration of the portable devices such as laptops, tablets and smartphones is increasing, employees started using enterprises data via these devices at work place. Therefore, to cater to the growing demand of accessing enterprise data anywhere anytime, human capital management solutions vendors started focusing on the mobile apps. This is acting as a major driver for the growth of the market.
The integration of the advance technologies such as artificial intelligence (AI), Big Data along with cloud-based model is also serving as a factor accelerating the adoption of the human capital management solutions across the organizations. However, the rising incidents of the data breaches and malware attacks among the organizations are holding back the adoption of the human capital management solutions.
The human capital management market is characterized by application into IT & telecom, BFSI, healthcare, retail, manufacturing, energy & utility, and education sector. BFSI and IT & telecom accounts for majority share of over 35% of the revenue. The growth of the market is attributed to the increasing need among organizations to effectively manage data and enhance efficiency of the operational processes. On the other hand, the healthcare sector is estimated to grow substantially during the forecast period due to rapid digitalization across the industry.
Asia Pacific is estimated to gain significant double digit growth during the forecast period. The market is driven by the increasing adoption of cloud services across the region. The wide scale adoption of the human capital management solutions across the SMEs in the emerging countries such as India and China also accelerates the market growth. Furthermore, growing adoption of smartphone and tablets are also leading the development of numerous opportunities for the growth of the market.
The major vendors in the human capital management market Accenture PLC, Automatic Data Processing (ADP), Cezanne HR Ltd, Ceridian HCM, IBM Corporation, Kronos Incorporated, Mercer LLC, NetSuite, Oracle Corporation, PricewaterhouseCoopers, SAP SE, Talentsoft, Ultimate Software, and Workday.
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