Human Capital Management Software Market Overview
A human capital management software is a cloud-based solution that offers a variety of applications designed to assist a human resource manager. It helps in the acquisition, tracking, and development of the firm’s employees by effectively automating and streamlining the processes. With a rise in digitization, the industrial scenario is transforming, paving the way towards better infrastructural development. This demands a higher number of people for safer operation. However, with a rise in the number of employees, the documentation and paperwork skyrockets. A human capital management software aids in effectively simplifying the process of acquiring the workforce and other processes necessary post-acquisition.
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. By Software, Services, Deployment, End User Forecast till 2030. The market research report offers the most up-to-date market data on the actual market situation, trends, demands, future outlook and Human Capital Management Software Market Analysis.
The latest report issued by Market Research Future (MRFR) states that the global human capital management software market is estimated to garner a robust CAGR of 9% during the assessment period. Various factors are driving the market including an increasing organizational infrastructure and growing need for more manpower in industries. Moreover, a sift of operations by organizations towards cloud-based solutions is also prognosticated to influence lucrative market growth for human capital management software. Furthermore, there are many benefits that companies can avail upon adoption of a human capital management software such as better economies of scale, better tracking of employee performance, and efficient & easier management of human resources as a whole. These benefits are pushing organizations from various industrial sectors to adopt human capital management software, further propelling demand for the same.
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Some of the key players profiled by Market Research Future, in their latest report for human capital management software market include Oracle Corporation (U.S.), SAP SE (Germany), International Business Machines Corporation (U.S.), Workday, Inc. (U.S.), BambooHR (U.S.), Ultimate Software Group, Inc. (U.S.), ADP, LLC (U.S.), Cornerstone OnDemand (U.S.), Zoho Corporation (India), Benefitfocus Inc. (U.S.), PeopleFluent (U.S.), Ultimate Software Group, Inc. (U.S.), WebHR (U.S.), Epicor Software Corporation (U.S.), Infor (U.S.), Kronos Incorporated (U.S.), CakeHR (U.K.), and The Sage Group plc. (U.S.).
The global HCMS market is segmented on the basis of software, services, deployment, organizations, application, and end user. The market is segmented into core HR, workforce management, sourcing & recruiting, applicant tracking system, and staffing vendor management on the basis of software. By services, the HCMS market is segmented into consulting, support & maintenance, and integration. By deployment, the human capital management software market is segmented into the premise and on the cloud. The market is segmented into small & mid-size enterprises and large enterprises by organization. By application, the market segments studied by MRFR include analytics, training & recruitment, payroll, and HR planning. By end users, the human capital management software market has been segmented into BFSI, manufacturing, healthcare, telecom, energy, retail, and logistics & transportation.
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Detailed Regional Analysis
The human capital management software market is segmented by region into Europe, Asia Pacific (APAC), North America, and Rest of the World (RoW). North America is prophesied to hold the largest market share for human capital management software in terms of revenue during the forecast period. Such domination can be accredited to percolation of automation in the region and its affinity for faster technological up-gradation. Further, the implementation of a digital HR experience and installation of transparent processes are also contributing to higher growth in the region.
Europe is predicted to project significant growth for human capital management software due to similar attributes shared by the region with North America. Alternatively, various emerging economies in the Asia Pacific are prophesied to witness the highest growth rate during the forecast period due to a skyrocketing adoption of such technology. Due to proliferated digitization and industrialization in the countries, the rise in demand for human capital management software is prominent. Increasing shift to digital platforms for management of operations is also boosting the CAGR recorded in the Asia Pacific during the forecast period.
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