Rise in the cloud-based HRM software inclination due to work from home policies and increase in need for streamline HR operations and unified HR suite have boosted the growth of the global human capital management market.
However, surge in privacy concerns and data security related to implementation of cloud-based deployment of HCM impede the market growth. On the contrary, rise in adoption of digital HR technology and workforce analytics solutions is expected to open new opportunities for the market players in the future.
The global human capital management market is segmented on the basis of component, deployment type, industry verticals, and geography. On the basis of component, the market is divided into software and services.
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The services segment held major market share in 2016, accounting for the highest share in the market. Conversely, the managed services segment is anticipated to witness the highest growth rate in between 2017 to 2023.
Based on region, the market is analyzed across Asia-Pacific, Europe, LAMEA, and North America. The region across North America dominated the global human capital management market in 2016, with the highest revenue contribution.
In addition, the region is anticipated to maintain its dominance throughout the forecast period. On contrary, the Asia-Pacific region is anticipated to witness a fastest growth rate during the forecast period.
The key players profiled in the report include Epicor Software Corporation, IBM Corporation, Infor, Kronos, Inc., Oracle Corporation, SAP SE, SumTotal Systems, LLC, and Ultimate Software Group, Inc., and ADP LLC, Cornerstone OnDemand.
Covid-19 scenario:
- The outbreak of Covid-19 has a positive impact on the human capital management market. During the pandemic various companies have implemented incentive resets, pay reductions, and pay premiums, organizations were forced to consider long-term strategies across pay programs, thus accelerating the demand for the human capital management market.
- The pandemic has created a challenging environment for managers and HRs, and they need to find ingenious solutions to ensure the continuity of their companies and assist their employees to cope with this crisis.
- Additionally, Human capital management has helped HRs with emerging issues such as controlling time and labor, scheduling, and related expenses, as well as maintaining the budget for specific projects and other costs and establishing a pay-for-performance culture.
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