Pune, India -- (SBWIRE) -- 03/11/2020 -- The Global Human Capital Management Market is foreseen to have gain impressively from expanding digitalization in creating countries, discovers Fortune Business Insights in a report, titled "Human Capital Management Market Size, Share and Global Trend By Applications (Core HR, Employee Collaboration and Engagement, Recruiting and others), By Services (Integration, Support and Maintenance, Training and Consulting), By Deployment (Cloud and On-premises), By Industry Vertical (BFSI, Government, Healthcare and others) and Geography Forecast till 2026."

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Segmentation

1. By Application
Core HR
Employee Collaboration & Engagement
Recruiting
Talent Management
Workforce Planning & Analytics

2. By Services
Integration
Support & Maintenance
Training & Consulting

3. By Deployment
On Cloud
On-premises

4. By Industry Vertical
BFSI
Government
Healthcare
IT & Telecom
Manufacturing
Retail
Others

5. By Geography
North America (the USA and Canada)
Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
Latin America (Brazil, Mexico and Rest of Latin America)
Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)

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Market Segmentation as Per Offering, Organization, and Region

Core HCM Solutions to Derive True Employee Value
As per offering, HCM solutions are expected to cover the major portion of the HCM market share in the forecast years. Some of the main HCM solutions include core HR, workforce management, talent management, and payroll & compensation. Of these, workforce management and core HR enjoy a leading position in the market, fueling the HCM market demand. These solutions help HR personnel to take strategic decisions while planning initiatives for talent acquisition and recruitment. Core HR solution ensures to maintain transparency between management and employees. Workforce management solution analyzes data for businesses and monitors HR activities. Moreover, the demand for workforce management HCM solution is increasing in migration services, plug-in development, and extension.

IT & Telecom Covered 21.8% in 2018 and Will Continue to Lead the Market
The demand for human capital management software is increasing across BFSI, IT & telecom, healthcare, manufacturing, government, education, and others. Of these, IT & telecom and BFSI are expected to see the highest demand for HCM technology, thereby increasing the human capital management market size. In 2018, the IT and telecom sector covered a share of 21.8%. This, along with BFSI, is expected to cover the highest share in the global market. Organizations working in these sectors continue to focus on finding the best talent and optimizing the potential of their employees to achieve organization's target. The demand for HCM software is increasing across manufacturing, healthcare, and education too. Rapid changes in workforce management creating need for organizations to automate their talent acquisition processes.

Rising Shift from Agricultural to Services Sector Will Encourage Market Growth in Asia Pacific
In 2018, the HCM market in North America was valued at USD 7.27 Billion and is expected to maintain its dominance through the forecast years. The growth is attributable to the increasing adoption of workforce analytics and employee experience platforms. Furthermore, the emergence of mobile apps for HR personnel is another factor create growth opportunities for the market in North America. Considering this, the human capital management market revenue is expected to surge over the projected horizon in this region. The rising focus on bringing automation in managing workforce tasks is expected to drive the market in Europe by 2026.

Apart from these two regions, the market in Asia Pacific is anticipated to grow at a faster rate in the forecast years. Rising developments in talent management practices and core HR is likely to augment demand for HCM solution in this region. In addition to this, the rising shift from the agricultural sector to services sector among the people is enabling growth in the market in Asia Pacific. This shift is mainly on account of better lifestyle and higher pay scale.

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Key Market Driver – Growing demand for talent mobility, adoption of paperless or cloud-based business models in HRM services, the growth of AI and machine learning technology

Key Market Restraint - Expensive setup and installed cost of the software, regular updates of software's

Adoption of Cloud-based Business Model to Fuel Demand in Market

Rising adoption of the cloud-based business model and increasing demand for talent mobility are a few factors anticipated to drive the global human capital management market. Furthermore, integration of Artificial Intelligence in human capital management system is likely to fuel the demand in the market.

Technological upgrades taking place in the human capital management software is a major factor facilitating the adoption of software. For instance, Infor. Acquired Alfa-Beta Solutions in 2018. The aim of the acquisition was to deploy cloud-based solution in HRM service. The acquisition led to the introduction of CloudSuite HCM. The software is based on the cloud model and offers refined automated technology, secure operations, and others.

However, the high cost associated with HRM solutions is a major factor that may restrain the market to a certain extent. Besides this, technical complications in the software might hamper the growth in the global market.

Top Players List:

IBM
Cornerstone OnDemand
ADP
Epicor Software
Infor
Kronos Incorporated
Oracle
SumTotal Systems

Oracle to Attain Higher Share in Market Owing to Acquisition of Dyn

The global human capital management market is expected to expand at a promising CAGR. Market players are experimenting with various strategies to lead the market. For instance, Oracle Corporation acquired Dyn, Inc. in 2017. Oracle executed the acquisition to strengthen its cloud-product offering by enhancing functions such as workforce scheduling, sourcing and recruiting, applicant tracking, and time management.

Key Industry Developments

November 2017: Oracle Corporation completely acquired Dyn, Inc. This acquisition with an aim to strengthen Oracles cloud product offerings by optimizing human resource management functions, such as sourcing and recruiting, workforce scheduling, applicant tracking, and time management.
March 2017: Infor acquired Accentia Middle East. This acquisition would offer Infor to expand its HRM business process presence in global regions including the Middle East, North Africa, and India.

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Table of Content

5. Global Human Capital Management (HCM) Market Analysis, Insights and Forecast, 2015-2026
5.1. Key Findings / Summary
5.2. Market Size Estimates and Forecasts
5.2.1. By Offering (Value)
5.2.1.1. Solution
5.2.1.1.1. Core HR
5.2.1.1.2. Talent Management (On-Boarding, Recruiting)
5.2.1.1.3. Workforce Management
5.2.1.1.4. Compensation & Payroll
5.2.1.1.5. Others
5.2.1.2. Services
5.2.2. By Deployment Type (Value)
5.2.2.1. On-Premise
5.2.2.2. Cloud
5.2.3. By Organization Size (Value)
5.2.3.1. Small and Medium-Sized Enterprises (SMEs)
6. North America Human Capital Management (HCM) Market Analysis, Insights and Forecast, 2015-2026
6.1. Key Findings / Summary
6.2. Market Size Estimates and Forecasts
6.2.1. By Offering (Value)
6.2.1.1. Solution
6.2.1.1.1. Core HR
6.2.1.1.2. Talent Management (On Boarding, Recruiting)
6.2.1.1.3. Workforce Management
6.2.1.1.4. Compensation & Payroll
6.2.1.1.5. Others
6.2.1.2. Services
6.2.2. By Deployment Type (Value)
6.2.2.1. On-Premise
6.2.2.2. Cloud
6.2.3. By Organization Size (Value)
6.2.4.5. Healthcare
TOC Continued....!

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