Sep 7, 2020 12:00 PM ET
Human Capital Management Market forecast to reach $29.4 billion by 2025
iCrowd Newswire -
Sep 7, 2020
Human Capital Management Market
is forecast to reach $29.4 billion by 2025, after growing at a CAGR of 9.42% during 2020-2025. With the increasing focus of the organizations on the minimizing the HR functions costs, the demand for human capital management is analyzed to increase. Moreover the benefits such as increased workforce productivity, employee engagement and many other benefits associated with the employment of human capital management solutions are the key driving factors for the Human Capital Management Market.
Deployment Model- Segment Analysis
On-premise deployment model is analyzed to hold a major share in 2018. The major market share is majorly attributed to the advantages of on premise deployment model including security, high customization and so on. In the high regulatory industries on-premise deployment is employed as it provides more security when compared to cloud model as it does not necessarily use internet. However the shift of organizations to cloud model large data management is contributing to the significant growth rate of the on-cloud deployment model.
End User- Segment Analysis
IT and Telecom industry held major market share in 2018. HR solutions have revolutionized the IT and telecom industry by providing the organization with employee management, performance management, workforce planning and analytics thereby helping in the improvement of productivity of organization. Therefore the increasing developments such as investments, startups and so on for the deployment of Human Capital Management in the organizations owing to the advantages including productivity, efficiency are boosting the adoption rate of human resource management across various industries such as healthcare, retail and so on.
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Geography – Segment Analysis
North America dominated the Human Capital Management market, followed by APAC and Europe. The major market share is majorly due to the increased adoption of cloud technologies, automation and so on. Moreover the well-established economies of this region is also contributing to the major market share owing to the increased developments for the cloud model deployment. APAC is analyzed to grow at highest CAGR during the forecast period 2020-2025. The major factor contributing to the highest growth rate are the emerging economies such as China, India, South Korea and so on. Moreover the increasing government initiatives towards digitalization and adoption of cloud technologies are further elevating the growth of the Human Capital Management Market.
Drivers – Human Capital Management Market
- Growing demand for cloud based solutions
Cloud based solutions in Human Capital Management helps the organization in remotely monitoring, analyzing the workforce thereby contributing to the growth of the organization. It furthers provides data driven strategic recruiting, big-picture focus, embracing contract workers, remote connectivity, and many other benefits are acting as driving factors for organizations to adopt the cloud based technologies and boosting the Human Capital Management Market.
Challenges – Human Capital Management Market
Security is the major factor hampering the growth of the Human Capital Management Market. Although the Human Capital Management has benefits such as easy deployment, cost effectiveness and so on, security concerns arise when cloud based deployment models are used. Small and Medium scale enterprises widely use public cloud services owing to low cost, thereby increasing the scope for cyber-attacks, data breaches and so on. Therefore the security issues of employing a cloud service is the major factor hampering the adoption of cloud technologies during the forecast period.
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Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Human Capital Management market. In 2018, the market of Human Capital Management has been consolidated by the top five players including Accenture PLC; Automatic Data Processing (ADP), Inc.; Cezanne HR Ltd.; Ceridian HCM, Inc.; IBM Corporation; Kronos Incorporated; among others.
- In June 2019, Workforce software has announced strategic growth investment from Evergreen Coast Capital corp. to accelerate Workforce Software’s global expansion and commitment to customer-first innovation.
- In Feb 2019, SAP AG has acquired a stake in Newgen Software Technologies Limited., which is a software company that provides solutions for Business Process Management and Enterprise Content Management.
- North America dominates the Human Capital Management market owing to adoption of new technologies including automation, cloud-based services and so on.
- Large Enterprises hold the major market share as of 2018 and are analyzed to grow at a significant rate during the forecast period 2020-2025, attributed to the increased focus on efficiency and productivity through these solutions.
- Increased demand for automation of systems for sourcing candidates as per job profile from IT & Telecom, retail and healthcare industries is analyzed to boost the market during the forecast period 2020-2025.
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