ID: MRFR/ICT/0916-HCR | February 2021 | Region: Global | 100 pages
The Human Capital Management Software Market is experiencing strong growth. What has been driving this growth is a dramatic increase in the number of people working in companies and the increasing complexity of the infrastructure in these organizations. Indeed, Human Capital Management Software has made it much easier for organizations to hire, fire, and manage people.
The Human Capital Management Software Market is helping organizations to get their hands on the real-time data of the employees. Also, many people analytics suites have been launches that will help the organizations to make the required changes in their plan of hiring. Human Capital Management Software Market is expected to grow at USD 28.93 billion by 2023, at a CAGR of 8.2% during the forecast period 2020-2030.
COVID-19 has accelerated growth in the HCM Software Market. Both employers and employees have been impacted. While COVID-19 has now given employers the upper hand in terms of hiring, salary packages, benefits, and more it has made employees more conscious about their health.
They have wanted to work remotely and pursue education through distance learning. They have also insisted that employers use technology to interview and hire workers remotely. Various governments around the world have implemented policies and initiated laws that are designed to accelerate growth in the Human Capital Management Software Industry.
Human Capital Management Software Market Dynamics:
Asides from COVID-19, the major factors that have been driving growth in the human capital management software industry are increasing advances in Artificial Intelligence (AI). The new generation of AI is now capable of learning about human behaviors and acting accordingly. The new generation of HR tools is also being increasingly automated. This is another key factor that is driving growth in the Human Capital Management Software Market.
Some opportunities in the Human Capital Management Software Market include HR management, workforce management, talent management, and payroll and compensation. The application of human capital management software is expected to help HR departments make better decisions in terms of planning for hiring and managing talented workers.
One major factor that is keeping companies from adopting human capital management software on a large-scale basis is the fact that many companies have been negatively impacted by the COVID-19 pandemic and the global recession that this has created. Many companies are finding that they can’t afford to adopt human capital management software because the software is very expensive. Added to this is the fact that human capital management software is oftentimes very difficult to use and understand without proper training.
Human Capital Management Software Market Challenges:
Some of the Challenges that the Human Capital Management Software Market faces are:
Cumulative Growth Analysis:
The long-term outlook for the Human Capital Management Software Market is bright. This is because more and more companies are adopting these technologies in the post-COVID-19 pandemic world!
Technology and Value Chain Analysis:
Because Human Capital Management Software is largely powered by AI, which is constantly advancing, its value in companies is huge. The HCM Software Industry is experiencing strong growth largely because it’s very efficient in terms of identifying an organization’s most talented individuals and utilizing their talent in areas that will bring organizations profit and make them more efficient and productive.
In this sense, Human Capital Management Software is very important in terms of an organization’s overall value chain.
Human Capital Management Software Market Segment Overview:
Human Capital Management Software has many uses as a service. For example, it is currently being used in software, HR services, and analytics, workforce management, sourcing and recruiting, and tracking of applicants. It also helps staff do a better job of tracking and managing vendors.
The technologies that power the Human Capital Management Software Industry are constantly improving as AI becomes more efficient, powerful, and better able to learn human psychology and behavior patterns. It can help HR departments better manage talent. It can also help HR departments better manage and administer employee benefits, track the hiring and training of people, help train people who are being promoted internally, and monitor employees as they are working. It can also help HR departments keep better track of the hours that employees are working.
Companies in many industries are using human capital software. These include large multinational corporations and SMEs. companies in a variety of industries are increasingly relying on Human Capital Management Software to stay profitable, productive, and competitive. Some of these industries include:
Companies of all sizes and in all industries are using Human Capital Management Software to better integrate HR departments and practices, support and maintain companies by making HR departments more efficient and productive, and allowing companies to enter into the area of Human Capital Management Software Consulting.
Companies in various regions around the world are increasingly using and benefiting from a Human Capital Management Software. These regions include:
Growth is currently strongest in North America largely because of better infrastructure and better-educated workers. Europe is next in terms of growth and overall growth potential. This is followed by the Asia-Pacific region with India, China, and Japan experienced the strongest growth. The rest of the world comes in fourth place.
There is a lot of competition in the Human Capital Management Software Industry largely because of the many emerging opportunities and high growth/profit potential. This is the reason why many entrenched players and many new startups are entering the industry at breakneck speed. There is money to be made in this industry but companies - both entrenched and new arrivals - must be innovative in terms of doing so.
One major player in this industry is Oracle Corporation. This company is based in America. Oracle is currently ‘leading the pack’ in terms of capturing a large slice of the Human Capital Management Software Market Share largely because of innovation in its service offerings. These use state-of-the-art technologies that allow workers - talented or not - to be their most productive and add real value to the companies in the process.
The Main Companies in the Human Capital Management Software Market are:
Oracle Corporations and SAP SE, are making attempts in expanding their market presence by adopting various business strategies like geographical expansions, strategic alliances, collaborations, and product developments. There is an increase in the adoption of the electronic and mobile trends that are related to cloud computing in geographical locations like Japan, Singapore, China, as well as Australia.
Also, there is an increasing growth in the adoption of services related to cloud-based deployment models in both developing and developed countries like China, Mexico, Russia, as well as India.
The report stated that the Human Capital Management Software Market enjoys strong growth in terms of CAGR of 9% for the next few years largely because it allows HR departments to use cutting-edge AI in ways that will make them more profitable, efficient, and productive. There are many key players in the market and many more that are trying to enter the market.
The Human Capital Management Industry is all set to extend its services to major key players in the world for expansion. There have been attempts for easy tasks, aas well asfficient management of the workforce with respect to the acquisitions and optimizations. Also, this report shows that with these services, it is now possible for organizations to view the performance and take decisions accordingly.
Frequently Asked Questions (FAQ) :
The global market of human capital management software can thrive at 9% CAGR and value at USD 28.93 billion by 2030.
SAP SE (Germany), NetSuite Inc. (U.S.), and International Business Machines Corporation (U.S.) are notable players of the human capital management (HCM) software market.
Integration, consulting, and support and maintenance are services that are offered by human capital management (HCM) software.
The fact that more companies are hiring more and more extremely talented and well-educated workers.
Market Growth is Strongest in the North American Region.