Human Capital Management Market – Snapshot
Human Capital Management (HCM) refers to a set of norms and practices related to the management of human resources. This concept has recently gained in importance, which is expected to benefit the global human capital management market in the coming years. These practices emphasize the organizational goals and needs to offer certain competencies, and these practices are implemented in three different categories, namely:
- Personnel optimization
- Human resource management
- Acquisition of labor
The integration of various new technologies such as machine learning (ML) and artificial intelligence (AI) into human capital management software has become one of the leading growth drivers for the global human capital management market in the near future.
In addition, it is estimated that the increasing adoption of cloud technology by medium and small businesses to efficiently manage office and field workers will create growth opportunities for the human capital management system in the coming years.
Cloud-based applications are easy to use, offer a wide range of functions, and significantly improve data capacity. These characteristics are expected to encourage the adoption of cloud technologies through several enterprise application solutions. Human capital management and customer relationship management (CRM) will initially be transferred to cloud technology. With these cloud-based human capital management solutions, companies can create opportunities for effective tools for employee retention. It makes optimum use of the APIs (Social Media Integration and Application Programming Interfaces) for recruiting, coaching and learning tools.
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However, the spread of SARS-CoV-2 induced Covid-19 disease has caused unexpected and unprecedented damage to several industries around the world. The governments of many countries have stopped production activities and banned them across the country to contain the spread of the disease. These factors are likely to adversely affect the global human capital management market in the coming months.
Human capital management is a set of practices related to human resource management. These practices focus on the needs of organizations to provide specific functionality and are implemented in three categories: acquisition, management, and optimization. Human Capital Management is also a comprehensive package of solutions that enables companies to implement full HR processes for recruiting through retirement that support their long-term business strategy. HCM encompasses scalable, flexible and easy-to-integrate solutions that enable customers to control their existing technology investments. It helps customers achieve a low total cost of ownership. Additionally, HCM enables companies to leverage their existing technology investments and expand their human capital management skills with the capabilities they need, when they need them. The solution set includes multiple languages, currencies, banks, tax definitions, benefits and security configurations. The HCM software helps improve management efficiency. This is due to the ease with which the HCM function is integrated with other aspects of corporate governance. Most HCM programs have modules that may or may not be included depending on business needs, and it is also possible to link external software such as accounting and other reporting software to streamline all aspects of business management. HR software solutions also improve corporate security by reducing paperwork and the associated security risks.
The global human capital management market has been segmented based on deployment, company size, solution, industry, and region. In terms of deployment, the market has been divided into cloud, on-premise and hybrid. The global market is divided into company sizes for small and medium-sized enterprises (SMEs) and large companies. The segment of small and medium-sized enterprises (SMEs) comprises the income from the sale of human capital management to companies with a strength of 1 to 500 employees. The large company segment reflects the income from the sale of human capital management to companies with more than 500 employees. In large companies, the adoption of human capital management is already high as it is an inexpensive process. Based on the solution, the global human capital management market will be divided into software and services. On the basis of the industry, the market is divided into Banking, Financial Services and Insurance (BFSI), Telecommunications and IT, Transportation and Logistics, Healthcare, Manufacturing, and others. Geographically, the market has been divided into North America, Europe, the Asia-Pacific region, the Middle East and Africa, and South America.
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The North America region dominates the introduction of human capital management. The high level of acceptance of digital technology in all major industries is helping the market in North America, especially in the USA and Canada, to grow. The market is in its early stages in the Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA) regions. These regions therefore offer immense scope for the introduction of human capital management solutions. In addition, the growing technological developments in the cloud, analytics and the advent of mobile technologies have led to a high level of acceptance of human capital management in key industries such as banking, financial services and insurance (BFSI), transportation and logistics. and healthcare
This report on the global Human Capital Management Market includes an analysis of the market revenue of the various major players. Key players featured in the report include Workday, Inc., Infor, Inc., SAP SE, Epicor Software Corporation, Kronos Incorporated, Ultimate Software Group, Automatic Data Processing, Inc., Oracle Corporation, Paycor, Inc . and Paycom Software, Inc., Paylocity Corporation, Sage Group plc. and Paychex, Inc.
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