The global Human Capital Management (HCM) market would grow from USD 16.7 billion in 2019 to USD 26.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.7%
Dec 12, 2019, 09:20 ET
NEW YORK, Dec. 12, 2019 /PRNewswire/ --
Increasing government regulations and growing need to monitor entire employee lifecycle are the major factors that will drive the adoption of HCM solutions across enterprises
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The global Human Capital Management (HCM) market would grow from USD 16.7 billion in 2019 to USD 26.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period. Integration of emerging technologies, such as Artificial Intelligence (AI) and Machine Learning (ML), with HCM solutions is expected to be one of the strongest factors for HCM solution and services adoption across regions.
Cloud deployment type is expected to grow at a higher CAGR during the forecast period
Majority of HCM solutions are expected to be deployed in cloud, and so cloud based deployment will outperform the on-premises deployment and will have a higher CAGR during the forecast period. Enterprises are moving toward cloud based deployment to minimize operational cost and achieve greater ease in sharing data with multiple parties.
BFSI industry vertical to hold the highest market share in 2019
The Banking, Financial Services, and Insurance (BFSI) vertical is one of the early adopters of HCM solutions to effectively manage the entire lifecycle of employees.The same trend is expected to be there in coming years, and the vertical is expected to adopt HCM solutions to manage internal as well as external employees.
BFSI enterprises deal with a diverse workforce from office employees, contingent workforce, third-party workforce, and others. As the vertical needs to manage these workforces and comply with government regulations, the vertical will have the highest adoption of HCM solutions and services.
APAC to grow at the highest CAGR during the forecast period
The Asia Pacific (APAC) region is expected to be the top adopter of HCM solutions where the vertical will have the highest growth rate during the forecast period.The APAC region has huge potential in terms of adoption due to the presence of countries such as India, China, and Japan, growing workforce, and huge number of small and medium enterprises.
Small and medium enterprises are expected to have high adoption of HCM solutions in the next 5 years due to the rising demand by these enterprises to manage their workforce.
In-depth interviews were conducted with the Chief Executive Officers (CEOs), Chief Marketing Officers (CMO), Vice Presidents (VPs), Managing Directors (MDs), technology and innovation directors, and related key executives from various key companies and organizations operating in the HCM market.
• By Company: Tier 1–48%, Tier 2–37%, and Tier 3–15%
• By Designation: C-Level Executives–40%, Director Level–34%, and Others–26%
• By Region: North America–42%, Europe–31%, APAC–16%, and RoW – 11%
The HCM market comprises major solution providers, such as Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Software (US), Ceridian (US), SumTotal (US), Kronos (US),Infor (US), Cornerstone (US), Meta4 (US), Ramco Systems (India), Bamboo HR (US), Namely (US), and Workforce Software (US). The study includes an in-depth competitive analysis of key players in the HCM market with their company profiles, recent developments, and key market strategies.
Research Coverage
The HCM market revenue is primarily classified into revenues from solution and services.Solution revenue is associated with HCM tools and software.
Further, services revenue is associated with integration and implementation, consulting, support and maintenance, and training and education services. The market is also segmented on the basis of deployment type, organization size, industry vertical, and region.
Key benefits of the report
The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall HCM market and the subsegments.This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
The report would help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.
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