According to the latest report from the IMARC group, entitled “human capital management market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,“The global human capital management market has shown strong growth over the period 2015-2020. Looking ahead, IMARC Group expects the market to grow at a CAGR of around 11% during the period 2021-2026.
Year considered to estimate the market size:
Reference year of the analysis: 2020
Historical period: 2015-2020
Forecast period: 2021-2026
Human Capital Management (HCM) represents a set of practices used to recruit, assess, optimize, develop and enhance the value of employees within an organization. It covers various core administrative and strategic processes, including payroll, training, compliance, onboarding, workforce planning, performance management, and more. employee and self-service, retirement services, etc. Many organizations use HCM solutions because they offer specific skills to effectively manage employees while improving overall productivity.
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Note: We regularly track the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
Market Trends and Drivers:
The increasing digitization of business processes is primarily driving the global human capital management market. Additionally, the growing e-commerce industry, where customer engagement and retention are key, is also catalyzing product demand. Apart from this, shifting preferences towards online platforms for ordering essential items due to the sudden onset of the COVID-19 pandemic is increasing the HCM market. Additionally, many leading companies deliver HCM services on cloud-based platforms using the Software-as-a-Service (SaaS) delivery model. In the coming years, the growing emphasis on creating an agile workplace, which helps to analyze thousands of suitable CVs and ensure coordination of personnel, is expected to fuel the market for human capital management to worldwide.
The competitive landscape:
The competitive landscape of the market has been studied in the report along with the detailed profiles of key players operating in the market.
Automatic Data Processing Inc., Ceridian HCM Inc., Infor Inc. (Koch Industries Inc.), International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, PeopleFluent Inc. (Learning Technologies Group plc), Ramco Systems Limited, SAP SE, SumTotal Systems LLC (Skillsoft Limited), UKG Inc. and Workday Inc.
For more information on this report, visit: https://bit.ly/3gfWKhQ
human capital management market Analysis and segmentation 2021-2026:
The report has segmented the market based on region, component, deployment type, and industry verticals.
Breakdown by component:
- basic HR
- Workforce management
- Remuneration and Payroll
- Managed Service
Breakdown by type of deployment:
Breakdown by vertical sectors:
- IT and Telecommunications
- Health care
Breakdown by region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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