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Human Capital Management Market 2020: Strong Performance Predicted by 2023
Human Capital Management Market
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The global HCM market was valued at $13,004 million in 2016 and is projected to reach $22,174 million by 2023, growing at a CAGR of 7.8% from 2017 to 2023. The 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.
North America was the highest revenue contributor in the global market in 2016, due to an increase in the need to automate HR processes such as talent management, performance management, and compensation management. In addition, an increase in the 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.
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The Key Players:
1. ADP LLC
2. Cornerstone OnDemand
3. Epicor Software Corporation
4. IBM Corporation
5. Infor
6. Kronos Inc.
7. Oracle Corporation
8. SAP SE
9. SumTotal Systems LLC
10. Ultimate Software Group Inc.
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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 market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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