PUBLISHER: Allied Market Research | PRODUCT CODE: 1192959
PUBLISHER: Allied Market Research | PRODUCT CODE: 1192959
Human capital management (HCM) is the set of practices an organization uses for recruiting, managing, developing, and optimizing employees to increase their value to a company. The main goal of any organization is to train employees to become efficient resources. In human capital management, an organization treats its employees as a key resource that plays a key role in the its productivity. Moreover, individual development and management along with key areas of responsibility not only make employee an essential resource in the future, but also ensures 100% contribution to the organization. Furthermore, human capital management provides a process for optimizing performance and efficiency of staff of a company. It provides an overall strategy to guide talent attraction, recruitment, onboarding, employee training, development, performance appraisal, and feedback.
Advent of cloud-based HR management software has allowed HR departments to move their work schedules to the cloud while they work remotely. This is the main growth driver for the market. In addition, simplification of HR operations and increase in need for integrated HR suites are the major drivers for the market. However, data security and privacy concerns associated with implementing cloud-based HCM deployments hinder the market growth. Moreover, the need to comply with government regulations is a major restraining factor for the market growth. Conversely, increase in adoption of workforce analytics solutions and rise in adoption of digital HR technologies offer significant lucrative opportunities for the market growth.
The global human capital market is segmented on the basis of component, deployment mode, industry vertical, and region. On the basis of component, the market is segmented into solution and service. Moreover, on the basis of solution, it is segmented into HR, workforce management, recruiting, compensation & payroll, and others. Furthermore, on the basis of services, it is segmented into professional services and managed services. On the basis of deployment mode, the market is segmented into on-premise and cloud. By industry vertical, the market is segmented into BFSI, retail, healthcare, IT & telecom, government, manufacturing, hospitality, and others. On the basis of region, the market is segmented into North America, Europe, Asia-Pacific and LAMEA.
Some of the major players in the market are ADP, INC., Cornerstone, Epicore Software Corporation, IBM Corporation, INFOR, Workday, Inc., Oracle Corporation, SAP SE, Sumtotal Systems, LLC, and UKG, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
By Industry Vertical
By Component
By Deployment Mode
By Enterprise Size
By Region