Market Boosters and Top Barriers
Market Research Future (MRFR) expects the global human capital management software market to touch a valuation of USD 24 billion by the year 2023. MRFR also reports that during the forecast period (2017-2023), the market can potentially record a growth rate of 9%, indicating decent future growth prospects.
There has been a high focus on offering employee engagement solutions, helping employees become highly efficient by developing employee experience platforms as well as suitable collaboration solutions. Given the current workforce conditions, HR leaders are investing more in technology that helps with tasks like management, optimizing and recruitment in the organization.
The global market for human capital management has noted significant growth in recent years, thanks to the mounting demand for talent mobility as well as the rising adoption of cloud-based business models within HRM services. To illustrate, in 2018, Infor had acquired Alfa-Beta solutions with the aim to utilize cloud-based solutions in HRM services. This acquisition led to the launch of CloudSuite HCM. CloudSuite HCM refers to an advanced collection of cloud-based HCM software that provides secure processes, workflows as well as systems with refined automated technology. In addition, the surge in artificial intelligence (AI), as well as machine learning technology, has driven the market growth to a great extent.
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Platform as a service (PaaS) within HCM has emerged as a significant trend in the human capital management market. It acts as an application toolkit that is offered by the HR software vendors. Some advantages of PaaS include better integration of extended capability that goes beyond its configuration possibilities in an HCM suite, boosting its demand among multiple vendors.
Significant vendors in the worldwide market for human capital management software include The Sage Group plc. (U.S), Workday, Inc. (U.S.), NetSuite Inc. (U.S.), Oracle Corporation (U.S.), Cornerstone OnDemand (U.S.), Infor (U.S), Kronos Incorporated (U.S), Ultimate Software Group, Inc. (U.S.), SAP SE (Germany), Epicor Software Corporation (U.S), Benefitfocus Inc. (U.S.), BambooHR (U.S), PeopleFluent (U.S), Ultimate Software Group, Inc. (U.S), Zoho Corporation (India), WebHR (U.S), CakeHR (U.K), ADP, LLC (U.S.), International Business Machines Corporation (U.S.), to mention a few.
WorkForce Software has received a substantial equity investment from the Evergreen Coast Capital Corp., which is the technology-focused private equity part of the Elliott Management Corporation. The investment manes that Evergreen will now become partners with Insight Partners, a major investor in WorkForce Software since the year 2014.
The global market for human capital management software has been considered for software, services, deployment, organizations, application and end users.
The software segment can be divided into workforce management, core HR, applicant tracking system, sourcing and recruiting, staffing vendor management and others.
The services-based market segments are integration, support and maintenance, consulting and others.
The deployment-wise segments covered in the report are on-premise & on cloud.
The organizations in the market, based on their size, include small- mid-size and large enterprises.
The applications covered in the report are training and recruitment, segmented analytics, HR planning, payroll, and others.
End users in the worldwide market are manufacturing, BFSI, telecom, healthcare, retail, energy, transportation, logistics, and others.
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The regional segmentation of the worldwide market for human capital management software includes Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW).
North America stands as the most distinguished market for human capital management software, thanks to the implementation of successful workforce analytics, advancements in employee experience platforms coupled with the emergence of mobile applications for HR.
Emerging countries in APAC like India, China and Japan stand at the vanguard of the human capital management software market and are expected to achieve the highest growth in the years to come. Steadily expanding cloud solutions benefits the market and has made APAC the fastest-growing market on a global scale. Also, workers in the region, mostly in China, are making their way from the agricultural and manufacturing sector to services owing to the expansion of the aging population, which works in favor of the human capital management software market.
In Europe, the rising need to configure as well as automate the workforce management tasks to induce efficiency and compliance is boosting the market growth for human capital management software. Moreover, increasing focus on combining the global workforce transactions and reporting to facilitate local decision-making favors the growth of the HCM solutions market in the region.
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