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Human Capital Management Market Size Poised for Takeoff in the Coming Years | ADP LLC, Cornerstone OnDemand, Inc., Epicor Software Corporation, IBM Corporation
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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market.Global ICT exports are anticipated to increase 3.9% on average year fromUS$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by228.2%year over year, while Sierra Leone has decreased by 61.7% year over year.
By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.
Increase in adoption of cloud-based HCM solutions across several industry verticals, such as banking, financial services, and insurance (BFSI), retail, healthcare, manufacturing, telecommunication & IT drives the HCM market. In addition, the growth in need to streamline human resources operations fuels the market. Further, need for improved workforce management and need to automate HR processes drives the HCM market towards growth. However, data security and privacy concerns due to cloud-based deployment is expected to hinder the market growth. In addition, stringent government regulations and resistance to change the traditional approach or adopt new solutions is anticipated to hamper the HCM market.
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The global human capital management market is segmented on the basis of component, deployment type, industry vertical, and geography. Further on the basis of solution, it is divided into core HR, recruiting, workforce management, compensation & payroll, and others. On the basis service, it is categorized into managed service and professional service. By deployment model, it is categorized into cloud and on-premises. By industry vertical, it is divided into BFSI, retail, IT & telecommunication, healthcare, hospitality, government, manufacturing, and others (education, transportation, energy & utilities, and media & entertainment). By geography, it is analysed across North America, Europe, Asia-Pacific, and LAMEA including country-level analysis for each region.
Significant players operating in the human capital management market are ADP LLC, Cornerstone OnDemand, Epicor Software Corporation, IBM Corporation, Infor Incorporation, Kronos Incorporated, Oracle Corporation, SAP SE, SumTotal Systems, and Ultimate Software. These players are involved in various strategic developments, such as partnerships, product portfolio expansions, collaborations, and others to increase their penetration in the market.
KEY BENEFITS FOR STAKEHOLDERS
The report provides in-depth analysis of the human capital management market, outlining current trends, key driving factors, and potential areas for product investments.
Key players are analyzed with respect to their primary offerings, recent investments, and future development strategies.
Holistic approach of segmentation is carried out through in-depth market study and discussions with several industries expertise globally for the market.
The report provides highlights of top investment pockets, key impacting factors, and wining strategies for the market.
Key players positioning is derived with thorough consideration of their industry penetration, product expansion, and strategic developments in the recent years.
KEY PLAYERS
ADP LLC
Cornerstone OnDemand, Inc.
Epicor Software Corporation
IBM Corporation
Infor
Kronos, Inc.
Oracle Corporation
SAP SE,
SumTotal Systems, LLC
Ultimate Software Group, Inc.
KEY MARKET SEGMENTS
BY COMPONENT
Software
Core HR
Recruiting
Workforce Management
Compensation & Payroll
Others
Service
Managed Service
Professional
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BY DEPLOYMENT TYPE
Cloud
On-Premises
BY INDUSTRY VERTICALS
Banking Financial Services and Insurance (BFSI)
Retail
It & Telecommunication
Healthcare
Hospitality
Government
Manufacturing
Others
BY REGION
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Russia
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
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