Human Capital Management Market Size 2018-2023|Competition, Status, and Forecast, Market by Players, Regions,

(AmericaNewsHour via Comtex)

The global human capital management (HCM) market is expected to be worth USD 29.9 billion by 2023, expanding at a CAGR of 8.7%. Automation in the administration of employees, policies, and procedures in regional as well as global firms is a crucial driver for the HCM market. A significant share of the market is dominated by large global players such as SAP, Oracle, Workday, Ramco, ADP, Microsoft, Ultimate Software, and Cornerstone. These companies are focusing on acquiring smaller vendors to provide end-to-end solutions in all categories to the customers.

Download Sample of This Strategic Report:- -https://www.kennethresearch.com/sample-request-10081513

Segmentation based on component
HCM software accounted for 66.5% of the overall market revenue in 2018, mainly driven by the demand for cloud-based SaaS applications. Pricing flexibility has acted as the key driving force of growth in software and has led to the movement of on-premises or datacenter customers to SaaS-based HR software. Services segment includes various aftersales activities such as maintenance, upgradation, agreement renewal, and consultation. The market share of this segment is estimated to increase by 7% from 2018 to 2023 owing to rising demand for migration services, extension, and plug-in development.

Segmentation based on software
Based on software, the HCM market is segmented by core HR, payroll & compensation management, performance management, learning, talent acquisition, workforce management, benefits administration, and others. Workforce management software dominated the global market, with a market size of USD 4.4 billion in 2018. Augmented need for automation in absence & leave management and time & attendance tracking has bolstered the demand for workforce management software. The learning software segment is anticipated to witness a significant increase in market share, expanding at a CAGR of 12.8% from 2018 to 2023. Spurring demand for self-directed agile learning tools, next-generation learning management systems, and micro-learning platform have been key trends over the past few years.

Segmentation based on deployment type
Based on the deployment type, the cloud-based HCM solutions achieved the largest share of the global market, garnering a market size of USD 15.4 billion in 2018. Flexibility, cost-effectiveness, easy accessibility, and adaptability across platforms have motivated the demand for cloud-based HCM software more than the on-premises segment to maintain HR operations across offices located in different geographies.

Request For Sample-https://www.kennethresearch.com/sample-request-10081513

Segmentation based on organization size
Based on organization size, the HCM market is categorized into large and SME. Large enterprises with more than 2,500 employees were the early consumers of HCM solutions; however, the SME segment with employees less than 2,500 has emerged rapidly and accounted for a market share of 52.5% in 2018. The market is anticipated to witness a promising trend in the SME segment, especially in emerging economies.

Segmentation based on vertical
Manufacturing, energy & utilities, consumer goods & retail, healthcare, transportation, telecom & IT, and BFSI are the major industry verticals adopting HCM solutions. The HCM market is expected to witness a spurring demand from government and manufacturing sectors. The shift of workforce from baby boomers to millennial is projected to encourage the adoption of HCM solutions to automate talent acquisition and workforce management operations. The demand from the manufacturing vertical is expected to reach USD 3.8 billion in 2023. 

Regional insights
North America became the largest consumer of HCM solutions in 2018, accounting for 56.5% of the market share and is predicted to continue to be the leading regional segment over the forecast period. A group of software vendors, customers, developers, and system integrators has encouraged the high market share of the region. The Asia-Pacific region is estimated to experience a significant gain in market share of 3.3% from 2018 to 2023. The rise of corporate culture owing to the expanding footprint of global companies in emerging economies like China, India, and the ASEAN countries is expected to drive the market growth in the Asia Pacific.
Companies covered

Request For full report-https://www.kennethresearch.com/sample-request-10081513


? Oracle
? ADP
? SAP SE
? Workday, Inc.
? Ultimate Software Group, Inc.
? Kronos Incorporated
? Ceridian HCM, Inc.
? IBM Corporation

Customizations available:

About Us

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

Contact Us
Name: Kenneth research
Email:[email protected]
Phone: +1 313 462 0609

The post Human Capital Management Market Size 2018-2023|Competition, Status, and Forecast, Market by Players, Regions, appeared first on America News Hour.