CHICAGO, June 17, 2020 /PRNewswire/ -- According to the new market research report "Human Capital Management Market by Software (Core HR, Applicant Tracking System, HR Analytics, Workforce Management), Services, Deployment Model (cloud and on-premises), Organization Size, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global HCM Market size is expected to grow from USD 17.6 billion in 2020 to USD 24.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period. Integration of emerging technologies, such as Artificial Intelligence (AI) and Machine Learning (ML), with HCM software has emerged as one of the strongest factors for HCM software and services adoption across regions.
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Large enterprises segment to hold a larger market size during the forecast period
The adoption of HCM is high among large enterprises as these enterprises have to manage huge volumes of personnel information for employees located across geographies and need a centralized system to manage this information.
Consumer goods and retail segment to grow at the highest CAGR during the forecast period
Consumer goods and retail segment is expected to have the highest adoption of HCM software where this vertical is expected to outperform other verticals in terms of growth. The vertical has mainly adopted HCM software to have a centralized system to manage the information of all employees irrespective of store location.
North America to account for the highest market share during the forecast period
North America has always been at the forefront of adopting advanced technologies and has depicted a high adoption of HCM. Many companies in North America are increasingly adopting HCM software to gain holistic visibility into their employees and improve the overall performance of their system. Moreover, a direct presence of many major HCM vendors in North America has further added to the high adoption of HCM software in North America.
The major players in the Human Capital Management Market are Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Software (US), Ceridian (US), SumTotal (US), Kronos (US),Infor (US), Talentsoft (France), EmployWise (India), PeopleStrategy (US),Cornerstone (US), Meta4 (US), Ramco Systems (India), Bamboo HR (US), Namely (US), Workforce Software (US), Zoho (India), Sage Group (UK), Epicor Software (US), Zenefits (US), Paylocity (US), Gusto (US), Bitrix (US), Benefitfocus (US), WebHR (US), Talentia Software (France), PeopleFluent (US), Vibe HCM (US), Rippling (US), Ascentis (US), and BizMerlinHR (US). The study includes the in-depth competitive analysis of key players in the HCM Market with their company profiles, recent developments, and key market strategies.
HR Analytics Market by Component, Application Area (Workforce Management, Recruitment, and Employee Development), Organization Size, Deployment Type, Vertical (BFSI, Manufacturing, and IT and Telecom), and Region - Global Forecast to 2024
Workforce Management Market by Component, Solution (Time and Attendance Management, Workforce Scheduling, Leave and Absence Management), Service, Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2025
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