According to Market Research Future (MRFR), the global human capital management market size is expected to touch a market value of USD 22 billion at a CAGR of 10% from 2016 to 2022 (forecast period). The study explores and assesses the influence of the COVID-19 outbreak on the global human capital management industry, including opportunities and challenges, drivers, and risks.
Human capital management is a collection of practices related to people resource management focused on the organizational need to provide specific competencies. These practices are implemented in three major categories: human capital management, workforce optimization, and workforce acquisition. Human capital management is an approach to employee staffing that identifies people as assets like human capital. In human capital management, the human capital’s current value can be calculated, and its future value can be enhanced through investment.
The study shows that the increasing demand for workforce optimization and mobile applications are driving the global human capital management market. Moreover, growing adoption of the cloud-based business model and rising demand for talent mobility are some of the factors expected to accelerate the global market for human capital management. Furthermore, the introduction of Artificial Intelligence into the human capital management system is likely to fuel market demand.
The global human capital management market growth has been segmented into components, deployment type, organization size, and end-user.
On the basis of components, the global human capital management market has been segmented into software solutions and services. The software solutions segment is further divided into workforce analytics, competency management, time and expense management, e-learning, e-recruiting, e-boarding, core HR, talent management, performance management, and payroll and tax. The study shows that, due to the growing use of e-recruiting solutions, many organizations have begun to implement such solutions for on-boarding, training, e-learning, candidate management, and selection management. Moreover, the services segment is further segmented into transformation services, implementation services, consulting services, support and maintenance, and others.
Based on the deployment type, the global human capital management market has been segmented into the cloud and on-premise.
Based on organization size, the global human capital management market has been segmented into SMEs and large enterprises.
Based on end-user, the global human capital management market has been segmented into manufacturing, BFSI, IT/ITES, healthcare, transportation, government, and others.
The regional analysis of the global human capital management market is being studied for regions such as Asia Pacific, North America, Europe, and the Rest of the World.
The study shows that the North American region dominates the human capital management market due to increased internet penetration and technological advances. The research also indicates that cloud deployment is a driving force for the Asia Pacific region to develop significantly in the human capital management market by the forecast period. In addition to this, the growing acceptance of IT services is also driving the market for human capital management.
The industry giants in the global human capital management (HCM) market are IBM (U.S.), SAP SE (Germany), Kronos Inc. (U.S.), Software AG (Germany), Workforce Software (U.S.), LinkedIn (U.S.), ADP LLC (U.S.), WORKDAY (U.S.), Ultimate Software (U.S.), Infor (U.S.), Oracle Corporation (U.S.), Talentsoft (France), Zenefits (U.S.), among others.