Increase in adoption of cloud based human capital management software, growth in requirement to streamline HR operations, and rise in demand for unified human capital management suite augment the growth of the global Human Capital Management Market. The region across North America dominated the global human capital management market in 2016, with the highest revenue contribution, and would maintain the lead position throughout the forecast period.
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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. 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.
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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. 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.
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COVID-19 Scenario-
- The novel coronavirus outbreak has not severely impacted the industry. Surge in adoption of remote working system due to lockdown measures has fueled the demand for digitalized human capital management system.
- In addition, increase in need to restructure HR operations for the transformed working environment has further augmented the market growth.
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