In a recently published report, Human Capital Management Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Human Capital Management Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
Global Human Capital Management Market is valued approximately USD 16.70 Billion in 2019 and is anticipated to grow with a healthy growth rate of more than 6.70% over the forecast period 2020-2027. Human capital management solutions are defined as refined set of practices associated with people resource management committed towards accomplishing management needs of enterprises. It provides expansion of different functions including sourcing & recruiting, payroll & compensation, workforce scheduling, applicant tracking and time & attendance management etc. The global spread of COVID-19 is expected to drive the demand for human capital management software and solutions due to the implementation of work from home services in various organizations across the globe.
To prevent spread of coronavirus and maintaining social distancing will leads organizations to adopt work from home practices across the globe which stimulated the demand for Human capital management software to monitor, analyze and control the workforce and its performance from distance. The human capital management become essential tool for every enterprise or organization to efficiently recruit, monitor and manage workforce of an organization and is expected to grow over the forecast years due to the rise in small medium enterprises across the developing economies.
For instance: as per Evoma.com, in 2017, the number of SMEs in India was estimated at 42.50 million which is growing with annual growth rate of about 10%. Also, as per the National Bureau of Statistics China, the medium-sized, small, and micro enterprises rose with 115% from 2013-2018 and reached to the total number of 18.07 million in 2018. In addition, integration of artificial intelligence and machine learning in Human capital management solution is creating a lucrative opportunity for the growth of market over the forecast years. However, security concerns over cloud-based deployment is the factor hampering the growth of market.
The regional analysis of global Human Capital Management Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the presence of many HCM vendors and increasing adoption of cloud-native technologies. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as increasing demand for workforce optimization and increase in mobile applications would create lucrative growth prospects for the Human Capital Management Market across Asia-Pacific region.
Major market player included in this report are:
SAP AG
Oracle Corporation
Workday, Inc.
Ultimate Software Group, Inc.
ADP, LLC.
Ceridian HCM Holding Inc.
Infor
Kronos Incorporated
Meta4 Global
Talentia Software
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Deployment offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Solution:
Payroll management
Talent management
Workforce management
By Deployment:
On-premise
Cloud-based
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Human Capital Management Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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