Human capital management (HCM) refers to a set of norms and practices that are related to the management of people resources. This concept has been gaining traction in recent times, which is estimated to work in favor of the global human capital management market in the years to come. These practices emphasize on the organizational goals and need so as to offer certain competencies and these practices are implemented in three different categories, which are
- Workforce optimization
- Workforce management
- Workforce acquisition
Integration of various emerging technologies, such as Machine Learning (ML) and Artificial Intelligence (AI) with the human capital management software has emerge as one of the leading growth factors for the global human capital management market in the near future.
In addition to that, increased adoption of cloud technology by both medium and small-scale enterprises to manage office and field personnel efficaciously are further estimated to create growth opportunities for the human capital management system in the forthcoming years.
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Cloud-based applications come with hassle-free use, richness of features, and much improved data capacity and these qualities are estimated to drive the adoption of cloud technologies by several enterprise application solutions. Of these, human capital management and customer relationship management (CRM) are first taken onto cloud technology. These cloud-based human capital management solutions allow enterprises to create opportunities for efficacious employee engagement tools. It makes the most of social media integration and application programming interfaces (APIs) for recruiting, coaching, and learning tools.
However, the spread of SARS-CoV-2 induced Covid-19 disease has caused unexpected and unprecedented damage to several industries across the globe. Governments of many countries have shut down manufacturing activities and placed nationwide lockdown to contain the spread of the disease. These factors are likely to impact the global human capital management market adversely in the few months to come.
Human capital managementis a set of practices related to human resource management. These practices are concentrated on the needs of organizations to provide specific capabilities and are implemented in three categories: acquisition, management, and optimization. Human capital management is also an all-inclusive set of solutions that helps companies implement complete recruitment-to-retire HR processes that support their long-term business strategy.HCM includes scalable, flexible, and easy-to-integrate solutions that allow customers to control their existing technology investments. It helps clientsto achieve low total cost of ownership. In addition, HCM enables companies to leverage their existing technology investments and choose to expand their human capital management capabilities with the functionality they need and when they need it. The solution set accommodates multiple languages, currencies, banks, tax definitions, benefits, and security configurations. HCM software helps to improve business management efficiency. This is due to easy integration of the HCM function into other aspects of business management. Most HCM software has modules that can be included or not according to enterprise requirements and it is also possible to link external software such as accounting and other reporting software to streamline all aspects of business management. HR software solutions also improve enterprise security by reducing the amount of paperwork and related security risks.
The global human capital management market has been segmented in terms of deployment, enterprise size, solution, industry, and region. In terms of deployment, the market has been segmented into cloud, on-premise, and hybrid. The global market is divided by enterprise size intosmall & medium enterprises (SME’s) and large enterprise. The small and medium enterprises (SME’s) segment comprises the income generated from the sale of human capital managementto enterprise/companies with strength of 1-500 employees. Large enterprise segment reflects the revenue generated from the sale of human capital management to enterprise/companies with a labor force of more than 500 employees. In large enterprises, adoption of human capital management is already high as it is a cost effective process. Based on solution, the global human capital management market is categorized into software and services. On the basis of industry, the market is divided into banking, financial services, and insurance (BFSI), telecom and IT, transportation & logistics, healthcare, manufacturing and others. Geographically, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
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The North America region is dominant in the adoption of human capital management. The high adoption of digital technology across all major verticals helps the market to grow in North America, particularly in the U.S and Canada. The market is in the emerging stage in the regions of Asia Pacific (APAC), Latin America, and Middle East & Africa (MEA). Therefore, these regions offer immense scope for the adoption of human capital management solutions. Additionally, the growing technological developments in the field of cloud, analytics, and the emergence of mobile technologies have led to the high adoption of human capital management in major verticals such as banking, financial services, and insurance (BFSI), transportation and logistics, and healthcare
This report on the global human capital managementmarket provides market revenue share analysis of the various vital participants. Some of the key players profiled in the report include Workday, Inc, Infor, Inc., SAP SE, Epicor Software Corporation, Kronos Incorporated, Ultimate Software Group, Automatic Data Processing, Inc., Oracle Corporation, Paycor, Inc., Paycom Software, Inc., Paylocity Corporation, Sage Group plc. and Paychex, Inc.
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