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Global Human Capital Management Market 2018-2023 - ResearchAndMarkets.com

May 6, 2019

DUBLIN--(BUSINESS WIRE)--May 6, 2019--The “Global Human Capital Management Market (2018-2023)” report has been added to ResearchAndMarkets.com’s offering.

The global human capital management (HCM) market is expected to be worth USD 29.9 billion by 2023, expanding at a CAGR of 8.7%. Automation in the administration of employees, policies, and procedures in regional as well as global firms is a crucial driver for the HCM market. A significant share of the market is dominated by large global players such as SAP, Oracle, Workday, Ramco, ADP, Microsoft, Ultimate Software, and Cornerstone. These companies are focusing on acquiring smaller vendors to provide end-to-end solutions in all categories to the customers.

Segmentation based on component

HCM software accounted for 66.5% of the overall market revenue in 2018, mainly driven by the demand for cloud-based SaaS applications. Pricing flexibility has acted as the key driving force of growth in software and has led to the movement of on-premises or datacenter customers to SaaS-based HR software. Services segment includes various aftersales activities such as maintenance, upgradation, agreement renewal, and consultation. The market share of this segment is estimated to increase by 7% from 2018 to 2023 owing to rising demand for migration services, extension, and plug-in development.

Segmentation based on software

Based on software, the HCM market is segmented by core HR, payroll & compensation management, performance management, learning, talent acquisition, workforce management, benefits administration, and others. Workforce management software dominated the global market, with a market size of USD 4.4 billion in 2018. Augmented need for automation in absence & leave management and time & attendance tracking has bolstered the demand for workforce management software. The learning software segment is anticipated to witness a significant increase in market share, expanding at a CAGR of 12.8% from 2018 to 2023. Spurring demand for self-directed agile learning tools, next-generation learning management systems, and micro-learning platform have been key trends over the past few years.

Segmentation based on deployment type

Based on the deployment type, the cloud-based HCM solutions achieved the largest share of the global market, garnering a market size of USD 15.4 billion in 2018. Flexibility, cost-effectiveness, easy accessibility, and adaptability across platforms have motivated the demand for cloud-based HCM software more than the on-premises segment to maintain HR operations across offices located in different geographies.

Segmentation based on organization size

Based on organization size, the HCM market is categorized into large and SME. Large enterprises with more than 2,500 employees were the early consumers of HCM solutions; however, the SME segment with employees less than 2,500 has emerged rapidly and accounted for a market share of 52.5% in 2018. The market is anticipated to witness a promising trend in the SME segment, especially in emerging economies.

Segmentation based on vertical

Manufacturing, energy & utilities, consumer goods & retail, healthcare, transportation, telecom & IT, and BFSI are the major industry verticals adopting HCM solutions. The HCM market is expected to witness a spurring demand from government and manufacturing sectors. The shift of workforce from baby boomers to millennial is projected to encourage the adoption of HCM solutions to automate talent acquisition and workforce management operations. The demand from the manufacturing vertical is expected to reach USD 3.8 billion in 2023.

Companies covered

  • Oracle
  • ADP
  • SAP SE
  • Workday, Inc.
  • Ultimate Software Group, Inc.
  • Kronos Incorporated
  • Ceridian HCM, Inc.
  • IBM Corporation

  • Executive summary
  • Global HCM - assumptions and research methodology
  • Global HCM market - insights
  • Global HCM market - overview
  • Global HCM market - based on component
  • Global HCM market - based on software
  • Global HCM market - based on deployment type
  • Global HCM market - based on organization size
  • Global HCM market - based on vertical
  • Global HCM market - based on region
  • Competitive landscape
  • Conclusion

For more information about this report visit https://www.researchandmarkets.com/r/54wg5k

View source version on businesswire.com:https://www.businesswire.com/news/home/20190506005292/en/

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INDUSTRY KEYWORD: PROFESSIONAL SERVICES CONSULTING

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 05/06/2019 05:05 AM/DISC: 05/06/2019 05:05 AM

http://www.businesswire.com/news/home/20190506005292/en