BANGALORE, India, May 7, 2021 /PRNewswire/ -- The Human Capital Management Market is Segmented by Type (Talent Acquisition, Talent Management, HR Core Administration, HCM), by Application (Healthcare, Financial Services, Government/Non-Profit, Retail/Wholesale, Professional/Technical Services, Manufacturing). The report covers global opportunity analysis and industry forecast from 2021 to 2026. It is published on Valuates Reports in the Software & Services Category.
The global Human Capital Management market size is projected to reach USD 26080 Million by 2026, from USD 17230 Million in 2019, at a CAGR of 6.1% during the forecast period 2021-2026.
Major factors driving the growth of the Human Capital Management market:
Advancements in IT coupled with the introduction of predictive analytics in HR processes are expected to boost the growth and increasing Demand for Intelligent Workforce Management Solution
The increasing demand for workforce management and performance management solutions due to the dispersed workforce amid the COVID-19 pandemic is driving the human capital management market size.
HCM vendors are expected to benefit from factors such as growing cloud adoption among small and medium businesses to efficiently manage field and office staff.
Various Human capital management solution providers are providing cutting-edge solutions that integrate emerging technology into human resource structures to boost organizational efficiency. Participants in the industry have also created solutions/software that can be integrated with mobile apps, allowing workers and employers to access information through their mobile devices.
TRENDS INFLUENCING THE GROWTH OF HUMAN CAPITAL MANAGEMENT (HCM) MARKET
Increasing Demand for Intelligent Workforce Management solutions is expected to increase human capital management market size. Organizations all over the world are working to create a digital workplace that promotes high efficiency, versatility, and mobility, as well as the use of modern communication tools. This shift in business processes from legacy systems to digital HR is assisting in the centralization of HR data across all branches of an enterprise, making data more available. This trend, in turn, is expected to drive the growth of the human capital management market.
Rising Focus on Talent Mobility and Cloud-Based Business Models for Workforce Planning is expected to increase the human capital management market. By enhancing employee engagement and retention, talent mobility allows businesses to build a strong leadership pipeline. The growing emphasis on talent mobility is expected to increase the demand for talent management solutions in companies. End-user demand for cloud-based business models incorporating HRM services is expected to grow during the forecast period.
Furthermore, The HCM market is expected to expand as machine learning, data analytics, artificial intelligence, and the internet of things become more widely adopted. Various HCM solution providers provide cutting-edge solutions that integrate emerging technology into human capital management processes to improve organizational efficiency. Participants in the industry have also created solutions/software that can be integrated with mobile apps, allowing workers and employers to access information through their mobile devices.
Based on region, North America is expected to be one of the most lucrative regions. The region's market is expected to expand as mobile platforms, employee engagement tools, and workforce analytics solutions become more widely adopted.
Due to the high demand for automation of various HR functions in the department, the HR Core Administration segment is expected to be the most lucrative during the forecast period. Payroll management, time and attendance, and HR enforcement activities are among the software's main features. It is becoming more widely adopted due to advantages such as simplicity and quick access to data.
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