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Human Capital Management (HCM) Software Market 2018: Oracle, SAP SE, IBM, NetSuite, Workday, Ultimate Software, ADP, Infor, Kronos, Sage Group, Cornerstone OnDemand, Benefitfocus, BambooHR, PeopleFluent, CakeHR, Epicor Software

02-23-2018 09:17 AM CET | IT, New Media & Software

Press release from: Market Research Future

Human Capital Management (HCM) Software Market 2018: Oracle,

Human Capital Management Software Market – Cloud HR solutions to drive the rock solid growth due to attractive benefits such as lower costs, hassle free of maintenance and installation and remote connectivity.

Market Synopsis of Human Capital Management Software Market:
Human capital management (HCM) is comprehensive software used for optimizing recruitment, management, and development of human resources of an organization. The global human capital management software market is anticipated to generate USD ~24 billion by 2023, and grow at a CAGR of ~9% between the forecast periods of 2017-2023.

Industry trends
May 2017 - Saba’s completed acquisition of Halogen Software so as to take advantage of complementary expertise of both companies, generate greater value and innovation, and market development to break out of the North American market.
September 2016 - Cornerstone on Demand, launched people analytics suite which will benefit the organizations from the real-time data of people afforded by its cloud platform.

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Market Dynamics of Human Capital Management Software Market:
Drivers
Increasing number and size of organizations is the greatest driver of the market. The rapid manpower growth has increased the complexity, need for documentation, and need for efficiency in human resource management operations. The growing information adoption technology is another strong driver of the market. Thus the falling incremental cost to serve additional objectives of an organization with a strong initial I.T. base is a very attractive proposition for the market. Technological convergence between other I.T. systems and the growing power of analytics has added to the other benefits of the market. The greater efficiency and optimization of workforce results in greater returns on investments, and negates the cost of installation and maintenance.

The growing need for continuous performance management to maintain employee morale and need for faster appropriate decisions based on the performance is other driver of the market. Growing mergers and acquisitions is another market opportunity as it results in larger workforce with concurrent increase in human resource management complexity such as demand for transparent processes. The greater buying power of the merged companies also acts as a driver of the market.

Restraints
High cost of installation and maintenance and the need for strong in-house I.T. skills is the critical restraint of the market. Opposition from labor organizations, constant need for data upgrade, data security concerns and lack of trained manpower are another constraints of the market.

Segmentation of Human Capital Management Software Market:
Software - core HR, workforce management, sourcing and recruiting, applicant tracking system, staffing vendor management and others.
Services - integration, support and maintenance, consulting and others.
Deployments - on premise & on cloud
Organizations – small, mid-size and large enterprises.
Applications - analytics, training and recruitment, payroll, HR planning and others.
End users - BFSI, manufacturing, healthcare, telecom, energy, retail, logistics and transportation and others

Regional Analysis of Human Capital Management Software Market:
The market for human capital management software is segmented into region such as Asia pacific, North America, Europe and Rest of the World. North America leads the world in terms of market share as well as value, with the U.S. forming for the bulk of the market. Europe region is led by Germany, France, and the U.K. and is expected to be the second largest market. However the market is expected to generate a momentous shift in favor of the Asia-Pacific countries such as China, Japan, and India due to their huge unmet needs, rapidly developing economic and industrial base etc. The Middle East and Africa market is expected to generate lower growth due to lower industrial development and presence of small scale sector with low buying power.

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Key Players of Human Capital Management Software Market:
International Business Machines Corporation, Kronos Incorporated, Oracle Corporation, Cornerstone OnDemand, SAP SE, NetSuite Inc., Workday, Inc., CakeHR, Ultimate Software Group, Inc., ADP, LLC, WebHR, BambooHR, The Sage Group plc. People Fluent, Ultimate Software Group, Inc., Benefit focus Inc., Zoho Corporation, Epicor Software Corporation, Infor, and others.

About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com

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