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AMR Forecasts a Booming Human Capital Management Market Globally by 2023: Growth Drivers and Trends

04-01-2019 05:35 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

AMR Forecasts a Booming Human Capital Management Market

The HCM market is expected to witness average growth rate of 7.8% during the forecast period, due to increase in demand for unified HCM suite, increase in adoption of cloud-based HCM solution, and growth in need to streamline HR operations.

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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.

In 2016, the services segment accounted for the highest share in the market. Further the managed services is 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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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.

The key players profiled in the study include ADP LLC, Cornerstone OnDemand, Epicor Software Corporation, IBM Corporation, Infor, Kronos, Inc., Oracle Corporation, SAP SE, SumTotal Systems, LLC, and Ultimate Software Group, Inc. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to expand the growth of the HCM market.

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About Us:

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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