Human Capital Management Market – Snapshot
Human capital managementis a set of practices related to human resource management. These practices are concentrated on the needs of organizations to provide specific capabilities and are implemented in three categories: acquisition, management, and optimization. Human capital management is also an all-inclusive set of solutions that helps companies implement complete recruitment-to-retire HR processes that support their long-term business strategy.HCM includes scalable, flexible, and easy-to-integrate solutions that allow customers to control their existing technology investments.
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It helps clientsto achieve low total cost of ownership. In addition, HCM enables companies to leverage their existing technology investments and choose to expand their human capital management capabilities with the functionality they need and when they need it. The solution set accommodates multiple languages, currencies, banks, tax definitions, benefits, and security configurations. HCM software helps to improve business management efficiency. This is due to easy integration of the HCM function into other aspects of business management. Most HCM software has modules that can be included or not according to enterprise requirements and it is also possible to link external software such as accounting and other reporting software to streamline all aspects of business management. HR software solutions also improve enterprise security by reducing the amount of paperwork and related security risks.
The global human capital management market has been segmented in terms of deployment, enterprise size, solution, industry, and region. In terms of deployment, the market has been segmented into cloud, on-premise, and hybrid. The global market is divided by enterprise size intosmall & medium enterprises (SME’s) and large enterprise. The small and medium enterprises (SME’s) segment comprises the income generated from the sale of human capital managementto enterprise/companies with strength of 1-500 employees. Large enterprise segment reflects the revenue generated from the sale of human capital management to enterprise/companies with a labor force of more than 500 employees. In large enterprises, adoption of human capital management is already high as it is a cost effective process. Based on solution, the global human capital management market is categorized into software and services. On the basis of industry, the market is divided into banking, financial services, and insurance (BFSI), telecom and IT, transportation & logistics, healthcare, manufacturing and others. Geographically, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
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The North America region is dominant in the adoption of human capital management. The high adoption of digital technology across all major verticals helps the market to grow in North America, particularly in the U.S and Canada. The market is in the emerging stage in the regions of Asia Pacific (APAC), Latin America, and Middle East & Africa (MEA). Therefore, these regions offer immense scope for the adoption of human capital management solutions. Additionally, the growing technological developments in the field of cloud, analytics, and the emergence of mobile technologies have led to the high adoption of human capital management in major verticals such as banking, financial services, and insurance (BFSI), transportation and logistics, and healthcare
This report on the global human capital managementmarket provides market revenue share analysis of the various vital participants. Some of the key players profiled in the report include Workday, Inc, Infor, Inc., SAP SE, Epicor Software Corporation, Kronos Incorporated, Ultimate Software Group, Automatic Data Processing, Inc., Oracle Corporation, Paycor, Inc., Paycom Software, Inc., Paylocity Corporation, Sage Group plc. and Paychex, Inc.