According to a new market research report "Human Capital Management Market by Software (Core HR, Workforce Management, Sourcing and Recruiting, Applicant Tracking System, Staffing Vendor Management), Services, Deployment Type, Organization Size, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the Human Capital Management (HCM) Market size expected to grow from USD 14.50 Billion in 2017 to USD 22.51 Billion by 2022, at an estimated Compound Annual Growth Rate (CAGR) of 9.2%.

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Increasing complexities in managing the widespread workforce is driving the market. Moreover, acquiring the right talent is another major factor contributing to the growth of Human Capital Management market. The HCM solutions offers different software, such as core Human Resources (HR), workforce management, sourcing and recruiting, applicant tracking system, and staffing vendor management.

Core HR and workforce management is Expected to grow during Forecast

In software, sourcing and recruiting, and workforce management segment are expected to have significant market growth rates in the Human Capital Management market during the forecast period from 2017 to 2022. HCM vendors offers various services, such as implementation, training and support, and consulting, in order to help organizations determine the best possible software to fit their specific needs. In the services segment, the support and maintenance service segment is expected to grow at a faster rate. Training and support services facilitate organizations and users to understand the software functionalities, update to the latest features, and also ensure the smooth functionality of the software in the long run.

 Cloud-based HCM Solutions is Gaining Transaction During Forecast

The cloud-based HCM solutions are rapidly gaining traction in the deployment type segment. The cloud deployment type stimulates better access to HCM data, with faster implementation and reduced total cost of ownership. Considering the cost benefits, Small and Medium-Sized Enterprises (SMEs) are likely to adopt the cloud-based deployment model for implementing HCM solutions. Furthermore, higher scalability and speed are the other major factors that support the fast growth of the cloud-based deployment model. The market for cloud is expected to grow in the future, as it provides secure access to various administrative activities through an HR portal and enables users to access personal HR data, such as employee records, health benefit information, and payroll information through mobile and desktop devices, virtually from any device.

North America is the Highest Revenue Generator During the Forecast

The North America region has been predominately concerned regarding the adoption of HCM solutions and services. The high adoption of digital technology across all major verticals helps the HCM Market to grow in North America, particularly in the US and Canada. The market is in the emerging stage in the regions of Asia Pacific (APAC), Latin America, and Middle East and Africa(MEA). Therefore, these regions exhibit immense scope for the adoption of HCM solutions. Additionally, the growing technological developments in the field of cloud, analytics, and the emergence of mobile technologies have led to the high adoption of HCM solutions in major verticals, such as Banking, Financial Services, and Insurance (BFSI), transportation and logistics, and healthcare.

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The HCM ecosystem comprises vendors, such as Workday, Inc. (US), Oracle Corporation (US), SAP SE (Germany), Kronos, Inc. (US), Automatic Data Processing, LLC (US), and Ultimate Software Group, Inc. (US), service providers, system integrators, and enterprises. Other stakeholders of the Human Capital Management market include human resource vendors, distributors, Original Equipment Manufacturers (OEMs), consulting service providers, human resources service providers, resellers, telecom operators, enterprise users, and technology providers.

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