Market Scenario:
Human Capital Management is an umbrella term comprising all practices and tools related to people resource management used for optimizing recruitment, human capital management, and development as well as optimization of human resources of an organization. The global human capital management market is projected to grow at a CAGR of 10 % during the forecast period of 2016 and 2022.
Market Dynamics:
Drivers
It’s an irony that physical resources are better arranged than humans. Human capital management is an approach that considers people as capital assets of any process and organization. Human capital management, believes that human capital’s value can be measured and enhanced through investments in training. Thus philosophical shift from considering human capital as stagnant to dynamic and growth oriented is the prime driver of the market.
Technical drivers such as growing adoption of information technology and mobile applications, advancements in analytics, surveillance, and e-recruiting, are driving the market.
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Demand for workforce optimization, increasing number and size of organizations, increased complexity of human resource management, savings due to reduced documentation, and increase in efficiency in human resource management operations have created antecedents in adoption of human capital management solutions. The higher efficiency and optimization of workforce results in greater returns on investments, and overall satisfaction. The growing need for continuous performance management and performance based incentives is other driver of the market. Growing mergers and acquisitions provides another opportunity as it results in larger workforce, human resource management complexity and demand for transparent processes.
Restraints
High cost of installation and maintenance, data security concerns, demand of strong in-house I.T. skills and lack of trained manpower are restraint of the market.
Key Players
The prominent players in the Human Capital Management Market are – IBM (U.S.), SAP SE (Germany), Software AG (Germany), Workforce Software (U.S.), ADP LLC (U.S.), WORKDAY (U.S.), Oracle Corporation (U.S.), Kronos Inc. (U.S.), LinkedIn (U.S.), Ultimate Software (U.S.), Infor (U.S.), Zenefits (U.S.), Talentsoft (France), among others.
Industry Update:
March 6, 2019: Ceridian has announced its acquisition of all of the assets of Clearview Logix, a Richmond, Virginia-based leading decision-support analytics company. Ceridian is a global human capital management cloud-based technology company.
Human Capital Management Market Global Market – Segmentation
- Segmentation by Software Solutions: Workforce Analytics, Competency management, Performance management, Time and expense management, E-learning, E-recruiting, E-boarding, Core HR, Talent Management and Payroll and Tax.
- Segmentation by Services: Transformation services, Implementation Services, Consulting services, Support & Maintenance and Others
- Segmentation by Deployment Type: Cloud and On-premise
- Segmentation by Organization Size: SMEs and Large Enterprise.
- Segmentation by End-user: Manufacturing, BFSI, IT/ITES, Healthcare, Transportation, Government and Others
- Segmentation by Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
Human Capital Management Market Global Market – Regional Analysis
North America is expected to dominate the global human capital management market with the largest market share in the region. This is attributed to technological advancement in the region which made them the early adopters of the technology. Additionally, The U.S and Canada are the leading in the region. Furthermore, Asia Pacific is anticipated to be the fastest growing region is over the forecast period due to increased investment by the local government to boost the domestic solution providers. China, India and japan are the leading countries in the region. At present, India is considered to be the fastest growing country in Asia Pacific region. This is due to increased investment by advanced economies in the country.
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Intended Audience
- Government Organizations
- Enterprise users
- Commercial users
- Industrial users
- Technology investors
- System Integrators
- Research/Consultancy firms
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