Human Capital Management (HCM) Market Research Report- Global Forecast 2027

Human Capital Management Market, By Component (Service, Software Solution), By Organization size (SMEs, Large Enterprise), By Deployment (Cloud, On Premise), By End-User (Manufacturing, BFSI, IT/ITES, Healthcare, Transportation, Government). - Forecast 2027

ID: MRFR/ICT/1846-HCR | February 2021 | Region: Global | 100 pages

Market Overview


For providing specific competencies in the organization related to people resource management a special set of practices are used that are commonly known as human capital management. All these human capital management mainly implemented into workforce optimization, workforce acquisition, and human capital management. Human capital management is the practice in which people are considered assets in an organization. This system will help in evaluating the current value of human capital and future value is also enhanced by doing investment in them.


The human capital management (HCM) market in the global market is expected to grow at a high CAGR of 10% to reach market value at USD 22 billion during the forecasted period from 2016 to 2022.


COVID 19 Analysis


The global pandemic of COVID 19 has affected the normal lives of human beings as well as businesses in the most negative way. Owing to this global situation and the downfall in the global market, the economies have been pushed towards a forced recession. Because of this global pandemic situation, many organizations have fired many employees because of a decrease in revenue and lockdown situation and due to this, less need for a human capital management system which ultimately hampers the growth of the human capital management market in the global market.


The human capital management (HCM) market is expected to recover at the end of the first quarter and starting of the second quarter in the coming year during the forecasted period from 2016 to 2022.


Market Dynamics


Drivers


Increasing growth of human capital management (HCM) market. The factors that drive the growth of the human capital management (HCM) market are the increasing demand for mobile applications and the increasing demand for workforce optimization. The increasing investment by various Multi-National companies also drives the growth of the human capital management market as they have a lot of employees in each unit and it becomes tedious to manage all the staff by a human resource manager.


Opportunities


The quality of cost-effective assessment in an efficient way of managing the large workforce in a big organization helps in giving growth opportunities to the human capital management market in the global market. Also, the increasing awareness and trend of assessing the employees using advanced technology help in providing opportunities for growth during the forecasted period from 2016 to 2022 in the global market.


Restraints


Although the human capital management market is growing at a high pace in the global market by providing an efficient solution for managing human resource some factors restrain the growth of human capital management markets like the increasing security concerns owing to the adoption of cloud-based deployment and lack of awareness tempers the growth pace.


Value Chain Analysis


The growing use of advanced technology like cloud-based applications and artificial intelligence has made the job of the human resource manager very easier. With the advancement in the human capital management market, employees are treated as an asset like any other tangible asset, and the expenditure is done on employees for their training and development is regarded as an investment. With the human capital management market, it becomes easier to evaluate the performance of workers and it helps in rewarding the employees for their performance.


Study Objectives



  • To provide insights that accelerate the growth of the human capital management (HCM) market in the global market.

  • To provide the bifurcation of market segments based on region, components, deployment type, and organization size.

  • To provide insights into the prospects of the human capital management market.

  • To provide strategic profiling adopted by various prominent market players to expand their customer base in the global market.


Market Segmentation


The human capital management (HCM) market in the global market is divided based on components, deployment type, organization size, and end-user.


Based on Components


The human capital management (HCM) market in the global market is bifurcated based on components into software solutions and services. Both of these components are further sub-divided. The software solutions dividend is divided into workforce analytics, competency management, performance management, time and expense management, e-learning, e-recruiting, e-boarding, Core HR talent Management, and Payroll and Tax. The services dividend is divided into transformation services, implementation services, consulting services, support and maintenance, and others.


Based on Deployment Type


The human capital management (HCM) market in the global market is divided based on deployment type into cloud-based and on premise-based.


Based on Organization Size


The human capital management (HCM) market in the global market is divided based on organization size into large enterprises and small and medium enterprises.


Based on End-user


The human capital management (HCM) market in the global market is divided based on end-user into manufacturing, BFSI, IT/ITES, healthcare, transportation, government, and others.


Regional Analysis


The human capital management (HCM) market is globally divided into Asia-Pacific, North America, Europe, and the rest of the world. The largest share in the human capital management (HCM) market owing to advancement in technology and increased internet penetration is held by the North American region.


The second-largest share in human capital management (HCM) is held by the Asia-Pacific region because of increasing cloud deployment advancement and increasing adoption of IT services during the forecasted period.


Competitive Landscape


The most prominent market players in the human capital management (HCM) market in the global market are as follows:



  • IBM Corporation (U.S.)

  • SAP SE (Germany)

  • Software AG (Germany)

  • Workforce Software (U.S.)

  • ADP LLC (U.S.)

  • WORKDAY (U.S.)

  • Oracle Corporation (U.S.)

  • Kronos Inc. (U.S.)

  • LinkedIn (U.S.)

  • Ultimate Software (U.S.)

  • Infor (U.S.)

  • Zenefits (U.S.)

  • Talentsoft (France)


These are the most prominent players in the global market that uses all the resources to fulfill their customer demand to increase their customer base for expanding their market share in the global market.


Recent Developments



  • In October 2018, to enable the human resource trained bot for answering common human-related questions very easily and quickly, Artificial Intelligence capabilities have been launched by Oracle Corporations in the human capital management (HCM) market.

  • In May 2019, Microsoft has announced its partnership with Workday for running workday adaptive planning for expanding its cloud-based enterprise in planning software for providing ease to their customers.

  • In July 2019, Employee File Management has been launched by Ultimate Software that will assist the Human Resource manager to easily share the information and required documents of the candidates to any location with third parties and hence helps reduces the burden of the Human Resource manager.

  • In May 2020, a multi-national enterprise namely Infor has launched its Workforce management solutions (WFM) by integrating with China for providing effective and most efficient workforce utilization and staff scheduling.

  • In April 2021, it is expected that Cezanne HR Ltd will launch its new integrated payroll module that is specifically designed for UK-based organizations for providing online pension management and payroll solutions in the UK and Scotland.


Report Overview


This global human capital management (HCM) market research report consists of the following aspects:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Value Chain Analysis

  • Study Objectives

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments


This global human capital management market research report contains information related to driving factors that accelerates the growth of the human capital management market. This report also contains opportunities and restraints of the human capital management market. The impact of COVID 19 on the market is also mentioned. The future growth rate is also estimated and mentioned.



Frequently Asked Questions (FAQ) :


Human Capital Management can be described as a set of practices that are associated with people resource management and are highly focused on the organizational requirement to offer certain competencies.

The human capital management market has been studied with respect to segments like components, deployment type, organization size and end-user.

Human capital management offers a variety of benefits including better recruitment, organizational management, advanced time management, better payroll processing, personnel administration, and others.

Human Capital Management security issues that are associated with software as a service-based human capital management solution can dissuade the human capital management market growth in the forthcoming years.

Surge in cloud deployment and the increasing adoption of IT services are the primary growth boosters in the APAC market.