Human Capital Management (HCM) Market to 2023 (CAGR of 7.8% Registered) - The services segment accounted for the highest share in the global market

Human capital management (HCM) provides solutions to streamline human resource functions, which includes the management of employee profile, time & attendance, payroll & compensation, benefits & perks, training & development, and workforce analytics. Further, several key industry players, such as Cornerstone OnDemand, Kronos, SAP SE, and IBM Corporation, offer solutions to cater to the need of process automation for various user types, including small & medium enterprises (SMEs) and large enterprises.

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The global HCM market was valued at $13,004 million in 2016, and is projected to reach at $22,174 million by 2023, growing at a CAGR of 7.8% from 2017 to 2023. Managed services segment is anticipated to witness the highest growth rate during the forecast period.

North America was the highest revenue contributor in the global market in 2016, due to increase in need to automate HR processes such as talent management, performance management, and compensation management. In addition, increase in adoption of cloud-based solutions and low deployment cost & maintenance expense fuel the growth of the market. In addition, Asia-Pacific is anticipated to witness a significant growth rate during the forecast period, owing to the growth in need to streamline HR function, increase in adoption of HCM solution among SMEs, and other factors.

Dominating Segments:

In 2016, the services segment accounted for the highest share in the market. Further, the managed services are anticipated to witness the highest growth rate from 2017 to 2023, owing to reduced time and cost linked with optimizing the system in the initial phase of deployment, post-production support and empowering organizations to transition smoothly.

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Key Findings of the Human Capital Management Market:

•The services segment accounted for the highest share in the global human capital management market in 2016, growing at a CAGR of 7.8% from 2017 to 2023.
•Managed services is projected to witness the highest growth rate of 10.4%.
•North America generated the highest share of $7,439 million, in terms of revenue, in 2016.

Key players of HCM Market profiled

•ADP LLC
•Cornerstone OnDemand
•Epicor Software Corporation
•IBM Corporation
•Infor
•Kronos Inc.
•Oracle Corporation
•SAP SE
•SumTotal Systems LLC
•Ultimate Software Group Inc.

Growth Drivers:

The rise in Adoption of Cloud-Based HCM Software:

Several industry verticals such as banking, financial services, and insurance (BFSI), healthcare, manufacturing, retail, telecommunication & IT, media & entertainment, and others adopt cloud-based HCM software at a rapid pace. The software provides secure access to various administrative tasks through an HR employee access portal. This allows employees to access their data through mobile or desktop devices from virtually any location.

Data Security and Privacy Concern Related to Cloud Deployment:

Cloud solutions are quite cost-effective, as they do not require installation cost and expensive upgrades and maintenance. However, with cloud, the data is stored with a third-party cloud service provider. This increases the possibility of losing sensitive data. Further, storing information in the cloud also make the organization vulnerable to external attacks and threats.

Increasing Adoption of Digital HR Technology:

There is an increase in the adoption of digital HR technology due to advantages such as ability to manage time & attendance automatically, determine appointments and meeting locations, and deliver on-demand video learning to participants. These factors are expected to boost the growth of the HCM market in the coming years.

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