Global Human Capital Management Market Report to 2030 – Opportunity Analysis and Industry Forecast – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The report “Human Capital Management Market by Component (Software and Services), Deployment Mode, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030” has been added to from ResearchAndMarkets.com offer.

Global Human Capital Management Market was valued at USD 17,435.2 Million in 2020 and is projected to reach USD 42,131.1 Million by 2030, growing at a CAGR of 9.6% from 2021 to 2030.

The term HCM can refer to both a business strategy and a set of modern computer applications and other technologies used to implement that strategy. Furthermore, it not only encompasses the same processes for hiring, job and position management, HR compliance and reporting, but also includes labor rewards and talent management and workforce. Also, the usage of cloud-based HCM is increasing due to features such as remote data access, unlimited storage capacity, lower maintenance costs and fees, and access via web. and mobile from anywhere, anytime. Thus, the demand for HCM is increasing significantly.

Additionally, the COVID-19 pandemic had a positive impact on the market as employees were working remotely due to lockdown restrictions. HCM helped track the work status of employees and helped the HR department recruit remotely. The global human capital management market is segmented into cloud-based and on-premises based on deployment. Additionally, the market studies several verticals such as BFSI, Retail, IT & Telecom, Healthcare, Hospitality, Government, Manufacturing & Others (Education, Transportation, Energy & Utilities, Media and entertainment).

Additionally, the rise of cloud-based human resource management software has helped human resource departments move employee work schedules to the cloud when employees were working remotely. These are the key growth factors for the HCM market. Additionally, the increasing need for streamlining HR operations and a unified HR suite are the major market driving factors. However, security and data privacy issues related to the implementation of cloud-based HCM deployment are hampering the growth of the market. Additionally, the need to comply with government regulations is a major restraining factor for the market. On the contrary, increasing adoption of workforce analytics solutions and increasing adoption of digital HR technology will provide major lucrative opportunities for market growth.

The report focuses on growth prospects, restraints, and trends in Human Capital Management market analysis. The study provides Porter’s Five Forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and power negotiation of buyers, in the human capital management market.

Main impact factors

Increased adoption of cloud-based HCM software

Several industry verticals, such as BFSI, Retail, Healthcare, Manufacturing, IT & Telecom, and Media & Entertainment are adopting a cloud-based HCM solution at a rapid pace. These solutions provide secure access to various administrative tasks through an HR employee access portal. This allows employees to access their data via mobile or desktop devices from virtually anywhere.

Increase in demand for unified HCM solution

Businesses around the world are focusing on making the best use of resources while improving productivity. Implementing unified HCM solutions enables companies to simplify HR and people processes and ensure business strategy alignment, team execution, and maximum employee performance for the organization. The HCM suite integrates modules such as onboarding, social business and collaboration, performance management and learning management.

Security and Data Privacy Issues Related to Cloud Deployment

Cloud solutions are quite cost effective as they do not require setup costs or expensive upgrades and maintenance. However, with the cloud, the data is stored with a third-party cloud service provider. This increases the possibility of losing sensitive data. Additionally, storing information in the cloud could make the organization vulnerable to external attacks and threats.

Increase in the popularity of the Workforce Analytics solution

Workforce analysis helps companies develop and improve recruitment methods, optimize organizational structure and analyze future technology needs. Hence, the rise in popularity of workforce analytics will provide ample opportunities for market growth in the future as organizations need workforce analytics to collect information from employees.

Main benefits for stakeholders

  • The study provides an in-depth analysis of the global human capital management market share along with current and future trends to illustrate the impending investment pockets.

  • Information on key drivers, restraints and opportunities and their impact analysis on the global human capital management market size is provided in the report.

  • Porter’s Five Forces Analysis illustrates the power of buyers and suppliers operating in the Human Capital Management Market

  • In-depth analysis of key industry segments helps in understanding global human capital management market trends

  • Quantitative analysis of the global human capital management market size from 2021 to 2030 is provided to determine the market potential

Key market segments

By component

  • Software

  • basic HR

  • Recruitment

  • Workforce management

  • Remuneration and payroll

  • Others

  • Service

  • Managed service

  • professional service

By deployment mode

By industry

  • IT & Telecommunications

  • Detail

  • BFSI

  • Health care

  • Hospitality

  • Government

  • Manufacturing

  • Others

By region

  • North America

  • Europe

  • Asia Pacific

  • LAMEA

Main market players

  • ADP, Inc.

  • corner stone

  • Epicor Software Corporation

  • IBM Corporation

  • Information

  • Kronos Incorporated

  • Oracle

  • SAP SE

  • Total Sum Systems, LLC

  • UKG Inc.

For more information about this report visit https://www.researchandmarkets.com/r/l4qqlg

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