Human Capital Management Market By Component (Solution, Service), By Deployment Mode (On-premise, Cloud), By Industry Vertical (IT and Telecom, Retail and E-commerce, BFSI, Healthcare, Travel and Hospitality, Government, Manufacturing, Others), By Enterprise Size (Large Enterprises, SMEs): Global Opportunity Analysis and Industry Forecast, 2021-2031
Human capital management (HCM) is the set of practices an organization uses for recruiting, managing, developing, and optimizing employees to increase their value to a company. The main goal of any organization is to train employees to become efficient resources. In human capital management, an organization treats its employees as a key resource that plays a key role in the its productivity. Moreover, individual development and management along with key areas of responsibility not only make employee an essential resource in the future, but also ensures 100% contribution to the organization. Furthermore, human capital management provides a process for optimizing performance and efficiency of staff of a company. It provides an overall strategy to guide talent attraction, recruitment, onboarding, employee training, development, performance appraisal, and feedback.
Advent of cloud-based HR management software has allowed HR departments to move their work schedules to the cloud while they work remotely. This is the main growth driver for the market. In addition, simplification of HR operations and increase in need for integrated HR suites are the major drivers for the market. However, data security and privacy concerns associated with implementing cloud-based HCM deployments hinder the market growth. Moreover, the need to comply with government regulations is a major restraining factor for the market growth. Conversely, increase in adoption of workforce analytics solutions and rise in adoption of digital HR technologies offer significant lucrative opportunities for the market growth.
The global human capital market is segmented on the basis of component, deployment mode, industry vertical, and region. On the basis of component, the market is segmented into solution and service. Moreover, on the basis of solution, it is segmented into HR, workforce management, recruiting, compensation & payroll, and others. Furthermore, on the basis of services, it is segmented into professional services and managed services. On the basis of deployment mode, the market is segmented into on-premise and cloud. By industry vertical, the market is segmented into BFSI, retail, healthcare, IT & telecom, government, manufacturing, hospitality, and others. On the basis of region, the market is segmented into North America, Europe, Asia-Pacific and LAMEA.
Some of the major players in the market are ADP, INC., Cornerstone, Epicore Software Corporation, IBM Corporation, INFOR, Workday, Inc., Oracle Corporation, SAP SE, Sumtotal Systems, LLC, and UKG, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
KEY BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the global human capital management market forecast along with the current & future trends to explain the imminent investment pockets.
Information about key drivers, restraints, & opportunities and their impact analysis on global human capital management market trends is provided in the report.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
By Industry Vertical
IT and Telecom
Retail and E-commerce
BFSI
Healthcare
Travel and Hospitality
Government
Manufacturing
Others
By Component
Solution
Solution Type
Core HR Solutions
Recruitment Solutions
Workforce Management Solutions
Payroll and Compensation Solutions
Others
Service
Service Type
Professional Services
Managed Services
By Deployment Mode
On-premise
Cloud
By Enterprise Size
Large Enterprises
SMEs
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Netherlands
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
ADP, Inc.
Please Note: It will take 7-10 business days to complete the report upon order confirmation.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook