NEW YORK, Oct. 17, 2023 /PRNewswire/ -- The Human Capital Management (HCM) Solutions Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the human capital management (HCM) solutions market between 2022 and 2027 is USD 11.20 billion.
The increasing demand for unified solutions for all HR functions is a major driver for the growth of the market. Due to the increased adoption of digital technologies, most companies prefer unified solutions for all HR functions. Also, they automate payroll, recruitment, performance review, onboarding, training, time and attendance management, strategic planning, and operation control processes. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
- Market Challenge -
The rising workforce diversity is a major challenge impeding market growth. As a result of technological developments, the preference for digital technologies has increased. This leads to various open-source software solutions posing stiff competition for HCM solutions. There are multiple companies that offer on-premise and cloud-based open-source software for HCM solutions.
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The human capital management (HCM) solutions market is segmented by Application (Core HR, Talent, and Workforce), Component (Solution and Service), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
- By application, the core HR segment will be significant for overall market growth during the forecast period. These functions include employee recruitment, employee training, payroll, scheduling, benefits administration, internal relations, and safety and compliance. Organizations are rapidly adopting digital technologies. This factor, along with the need for cost reduction and efficient workforce management, will increase the demand for HCM solutions for core HR applications during the forecast period. For instance, Oracle Corp. (Oracle), SAP SE (SAP), and Workday Inc. (Workday) offer various HR functional software solutions, which help in managing basic information about employees and process data for future reference. Hence, with the growth in the use of HCM solutions, more companies are expected to use HCM solutions for core HR applications during the forecast period.
- By geography, North America is estimated to contribute 34% to the growth of the global market during the forecast period. View the Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the human capital management (HCM) solutions market:
Asure Software Inc., Automatic Data Processing Inc., Cegid SA, Ceridian HCM Holding Inc., Cognizant Technology Solutions Corp., EmployWise, Inplenion, Koch Industries Inc., Kronos Inc., OnePoint Human Capital Management, Oracle Corp., PeopleStrategy Corp., Ramco Systems Ltd., Safeguard World International LLC, SAP SE, SolutionDot, Talentia Software Group, The Goldman Sachs Group Inc., Workday Inc., WorkForce Software LLC
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The human resource outsourcing (HRO) market size is estimated to grow at a CAGR of 5.65% between 2022 and 2027. The market size is forecast to increase by USD 13.65 billion.
The recruitment software market share is expected to increase by USD 704.26 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.65%.
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Component
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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SOURCE Technavio
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