Human Capital Management Market is expected to grow to USD 22.51 billion by 2022

LONDON, July 20, 2017 /PRNewswire/ -- Highlights

·         The simplified management of geographically spread workforce, the growing demand for mobile Human Capital Management (HCM) applications, and the increasing demand for talent mobility are driving the HCM market

·         The HCM market size is expected to grow from USD 14.50 billion in 2017 to USD 22.51 billion by 2022, at an estimated Compound

·         Annual Growth Rate (CAGR) of 9.2%. The HCM market is driven by factors, such as the increased adoption of mobile devices and the increasing demand for talent mobility in the organizations.

·         The Core HR (Human Resources) segment is expected to hold the major market share during the forecast period

·         The core HR segment is expected to hold the largest market share during the forecast period.

·         The solutions helps HR personnel effectively manage their employees and maintain a transparent medium between the management and the employees.

·         The Small and Medium-Sized Enterprises (SMEs) segment for HCM is expected to grow at the highest CAGR during the forecast period

·         The SMEs segment is expected to grow at the highest CAGR in the HCM market during the forecast period. The increased competitive market scenario has prompted the SMEs to invest in this business software and adopt the go-to-market strategies, to make efficient decisions for their business growth.

The simplified management of geographically spread workforce, the growing demand for mobile Human Capital Management (HCM) applications, and the increasing demand for talent mobility are driving the HCM market

The HCM market size is expected to grow from USD 14.50 billion in 2017 to USD 22.51 billion by 2022, at an estimated Compound Annual Growth Rate (CAGR) of 9.2%. The HCM market is driven by factors, such as the increased adoption of mobile devices and the increasing demand for talent mobility in the organizations. Organizations are resistant to change the traditional approaches or adopt new solutions, which is expected to hinder the market growth during the forecast period.

The Core HR (Human Resources) segment is expected to hold the major market share during the forecast period
The core HR segment is expected to hold the largest market share during the forecast period. The core HR software is a very basic requirement for any organization to administer its employee for functions, such as payroll and compensation management, benefits and claims management, personnel management, learning management, pension management, compliance management, and succession planning. The solutions helps HR personnel effectively manage their employees and maintain a transparent medium between the management and the employees. With the presence of a number of prominent software vendors in the core HR software space, the market is very competitive with many emerging players who offer niche and differentiated solutions, targeting a particular set of customers.

The Small and Medium-Sized Enterprises (SMEs) segment for HCM is expected to grow at the highest CAGR during the forecast period
The SMEs segment is expected to grow at the highest CAGR in the HCM market during the forecast period. The increased competitive market scenario has prompted the SMEs to invest in this business software and adopt the go-to-market strategies, to make efficient decisions for their business growth. More than larger enterprises, SMEs face a resource crunch and require better methods to solve the complexities for better cost optimization on their assets and requirements.

Asia Pacific (APAC) is expected to witness a high growth potential during the forecast period
North America holds the largest market share in 2017, while APAC is the fastest-growing region in terms of CAGR. The HCM market is evolving globally with the introduction of new software and better analytics, which enhance HCM applications' feature. The analysis shows that the spending on HCM software and services is increasing due to the changing work dynamics, technological advancements, and the increase in cloud and mobile usage.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people. The break-up of profiles of primary participants is given below as:

• By Company Type: Tier 1 – 45%, Tier 2 – 35%, and Tier 3 – 20%
• By Designation: C level – 72%, Director level – 17%, and Manager Level – 11%
• By Region: North America – 45%, Europe – 20%, APAC – 30%, and Rest of the World (RoW)- 5%

The HCM ecosystem comprises major vendors, such as Workday, Inc. (US), Oracle Corporation (US), SAP SE (Germany), Kronos, Inc. (US), Automatic Data Processing, LLC (US), Ultimate Software Group, Inc. (US),International Business Corporation(US), EmployWise, Inc .(India), and Paycom Software, Inc. (US) .

Research Coverage
The HCM market has been segmented by component, deployment type, organization size, industry vertical, and region. The report is expected to help market leaders/new entrants in this market in the following ways:
The report segments the HCM market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers were then further split across different verticals and regions.

Reasons to buy the Report
The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.

It also helps stakeholders understand the competitors better and gain more insights to enhance the position of their businesses. There is a separate section on competitive landscape, including the competitor ecosystem, and mergers and acquisitions. Besides, there are company profiles of 14 players, who offer services in this market. In this section, market internals are also provided that can put the stakeholders ahead of their competitors.
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