According to a research report “Human Capital Management Market with COVID-19 Impact Analysis, by Component, Software (Core HR, Applicant Tracking System, HR Analytics, & Workforce Management), Services, Deployment Model, Organization Size, Vertical & Region – Global Forecast to 2026″ published by MarketsandMarkets, the global HCM market size is expected to grow from USD 22.3 billion in 2021 to USD 32.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period. HCM advancements can be related to a number of factors; however, some of the major factors include the adoption of AI and ML technologies in HR processes and cost reduction achieved using HR software, which is the primary driver, enabling the adoption of HCM technologies within enterprises. Cloud security remains a restraint for adopting HCM cloud among enterprises users, specifically in the highly regulated verticals, such as BFSI, healthcare, and energy and utilities. The opportunities in adjacent markets, such as contingent workforce management and AI-based recruitment, open up new revenue prospects for vendors in the HCM market.
Browse and in-depth TOC on “Human Capital Management Market”
531 – Tables
64 – Figures
370 – Pages
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=193746782
SMEs segment to hold a larger market size during the forecast period
The adoption of HCM is high among SMEs as these enterprises must manage huge volumes of personnel information for employees, especially to be managed virtually after the pandemic outbreak. SMEs are located across geographies and need a centralized system to manage this information. Increased attrition rates, high recruitment costs, and competitive market have prompted SMEs to invest in HCM software and adopt go-to-market strategies to make informed decisions for their business growth.
BFSI segment to grow at the highest CAGR during the forecast period
BFSI segment is expected to have the highest adoption of HCM software where this vertical is expected to outperform other verticals in terms of growth. The vertical has mainly adopted HCM software to have a centralized system to manage the information of all employees have efficient coordination with enhanced performance especially during pandemic outbreak. Economic changes significantly affect this vertical. Advanced technologies and various software and services can help this vertical prioritize its actions and manage its workforce smoothly. Hence, the BFSI vertical is a major contributor to the HCM market growth.
Asia Pacific to account for the highest market share during the forecast period
Asia Pacific has been a major region when it’s about adopting advanced technologies and has depicted a high adoption of HCM. Many companies in Asia Pacific are increasingly adopting HCM software to gain holistic visibility into their employees and improve the overall performance of their system. There is a huge untapped market for HCM in China, Japan, and several other countries of the Asia Pacific; this has proven to be a major driver for HCM solution providers in the region. Moreover, a direct presence of some HCM vendors in Asia Pacific has further added to the high adoption of HCM software in Asia Pacific.
Request a Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=193746782
The report also studies various growth strategies, such as mergers and acquisitions, partnerships and collaborations, and developments, adopted by the major players to expand their presence in the global HCM market. The HCM market comprises major software providers, such as Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Kronos Group (US), Ceridian (US), SumTotal (US), Infor (US), Cegid (France), EmployWise (India), PeopleStrategy (US), Cornerstone OnDemand (US), Meta4 (US), Ramco Systems (India), Bamboo HR (US), Namely (US), Workforce Software (US), Zoho (India), Sage Group (UK), Epicor Software (US), Zenefits (US), Paylocity (US), Gusto (US), Bitrix (US), Benefitfocus (US), WebHR (US), Talentia Software (France), PeopleFluent (US), Vibe HCM (US), Rippling (US), Ascentis (US), and, BizMerlinHR (US).
Browse Adjacent Markets @ Software and Services Market Research Reports & Consulting
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
MnM Blog: https://mnmblog.org/
Visit Our Website: https://www.marketsandmarkets.com