New York, NY -- (SBWire) -- 06/04/2019 --A recent market study on the Human Capital Management market applies both primary and secondary research techniques to identify new opportunities for development for the Human Capital Management market for the forecast period, 2018 -2023. The research further screens and analyses data on the market share, growth rate and size to enable stakeholders, product owners and field marketing executives identify the low-hanging fruits and reap a significant return on their investment. Importantly, the data on the current business environment of the Human Capital Management market proves a boon for companies trying to identify next leg for growth.
The global human capital management (HCM) market is expected to be worth USD 29.9 billion by 2023, expanding at a CAGR of 8.7%. Automation in the administration of employees, policies, and procedures in regional as well as global firms is a crucial driver for the HCM market. A significant share of the market is dominated by large global players such as SAP, Oracle, Workday, Ramco, ADP, Microsoft, Ultimate Software, and Cornerstone. These companies are focusing on acquiring smaller vendors to provide end-to-end solutions in all categories to the customers.
This report focuses on the global top players which are:: Oracle, ADP, SAP SE, Workday, Inc., Ultimate Software Group, Inc., Kronos Incorporated, Ceridian HCM, Inc., IBM Corporation
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Segmentation based on component:
HCM software accounted for 66.5% of the overall market revenue in 2018, mainly driven by the demand for cloud-based SaaS applications. Pricing flexibility has acted as the key driving force of growth in software and has led to the movement of on-premises or datacenter customers to SaaS-based HR software. Services segment includes various aftersales activities such as maintenance, upgradation, agreement renewal, and consultation. The market share of this segment is estimated to increase by 7% from 2018 to 2023 owing to rising demand for migration services, extension, and plug-in development.
Segmentation based on software:
Based on software, the HCM market is segmented by core HR, payroll & compensation management, performance management, learning, talent acquisition, workforce management, benefits administration, and others. Workforce management software dominated the global market, with a market size of USD 4.4 billion in 2018. Augmented need for automation in absence & leave management and time & attendance tracking has bolstered the demand for workforce management software. The learning software segment is anticipated to witness a significant increase in market share, expanding at a CAGR of 12.8% from 2018 to 2023. Spurring demand for self-directed agile learning tools, next-generation learning management systems, and micro-learning platform have been key trends over the past few years.
Segmentation based on deployment type:
Based on the deployment type, the cloud-based HCM solutions achieved the largest share of the global market, garnering a market size of USD 15.4 billion in 2018. Flexibility, cost-effectiveness, easy accessibility, and adaptability across platforms have motivated the demand for cloud-based HCM software more than the on-premises segment to maintain HR operations across offices located in different geographies.
Segmentation based on organization size:
Based on organization size, the HCM market is categorized into large and SME. Large enterprises with more than 2,500 employees were the early consumers of HCM solutions; however, the SME segment with employees less than 2,500 has emerged rapidly and accounted for a market share of 52.5% in 2018. The market is anticipated to witness a promising trend in the SME segment, especially in emerging economies.
Segmentation based on vertical:
Manufacturing, energy & utilities, consumer goods & retail, healthcare, transportation, telecom & IT, and BFSI are the major industry verticals adopting HCM solutions. The HCM market is expected to witness a spurring demand from government and manufacturing sectors. The shift of workforce from baby boomers to millennial is projected to encourage the adoption of HCM solutions to automate talent acquisition and workforce management operations. The demand from the manufacturing vertical is expected to reach USD 3.8 billion in 2023.
Regional insights:
North America became the largest consumer of HCM solutions in 2018, accounting for 56.5% of the market share and is predicted to continue to be the leading regional segment over the forecast period. A group of software vendors, customers, developers, and system integrators has encouraged the high market share of the region. The Asia-Pacific region is estimated to experience a significant gain in market share of 3.3% from 2018 to 2023. The rise of corporate culture owing to the expanding footprint of global companies in emerging economies like China, India, and the ASEAN countries is expected to drive the market growth in the Asia Pacific.
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How geography and sales fit together
The study works as a boon for all business owners trying to identify the exact size of the target audience in a specific geographic location. Human Capital Management enables entrepreneurs to determine the regional market for their business expansion. The study answers the questions below:
- Where do the requirements come from?
- Where do non-potential customers reside?
- What is the buying behaviour of the customers dwelling in a particular area?
- What is the spending power of the customers in a specific region?
Geographically, this report studies the key regions, focuses on product sales, value, market share and growth opportunity in these regions, covering:
- United States
- Europe
- China
- Japan
- Southeast Asia
- India
We can also provide the customized separate regional or country-level reports, for the following regions:
North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa
In this study, the years considered to estimate the market size of Conveyor Ovens are as follows:
History Year: 2013-2017
Base Year: 2017
Estimated Year: 2018
Forecast Year 2018 to 2023
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Most important Topics covered in this report are:
1. Market Trends & Issues
2. Growth Drivers & Enablers
3. Growth Inhibitors
4. Opportunities and Challenges
5. Recent Industry Activity
6. Product Innovations & Trends
7. Coverage of Major & Niche Players
8. Comprehensive Geographic Coverage
9. Extensive Product Coverage
What is covered in the report?
1. Overview of the Human Capital Management market.
2. Current market demand along with future expected demand trend of Human Capital Management services from various types of Human Capital Management including pure and hybrid Human Capital Management.
3. Current and forecasted regional (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) market size data for Human Capital Management market.
4. Current and forecasted market size data for types of client asset segment including pension funds, insurance companies, sovereign wealth funds, high-net-worth individuals and the mass affluent.
5. Analysis of company profiles of major players operating in the market.
6. Key opportunities for the Human Capital Management market.
7. Market trends in the global Human Capital Management market.
8. Value chain analysis in order to optimize the available resources.
9. Market attractiveness analysis in terms of region in order to furnish the competitive advantage of one region over the other.
10. Market positioning of the key players across different regions in 2017.
Why buy?
o Understand the demand for global Human Capital Management to determine the viability of the market.
o Identify the developed and emerging markets where Human Capital Management services are offered.
o Identify the challenge areas and address them.
o Develop strategies based on the drivers, trends and highlights for each of the segments.
o Evaluate the value chain to determine the workflow and to get an idea of the current position where you are placed.
o Recognize the key competitors of this market and respond accordingly.
o Knowledge of the initiatives and growth strategies taken up by the major companies and decide on the direction for further growth.
o Define the competitive positioning by comparing the products and services with the key players in the market.
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Key points from table of content:
Chapter 1: Executive summary
1.1. Key Question Answered In the Study
1.2. Market Definition
1.3. Executive Summary
Chapter 2: Global HCM - assumptions and research methodology
2.1. Market taxonomy - segment definitions
2.2. Research methodology (list of primary and secondary sources)
2.3. Assumptions
Chapter 3: Global HCM market - insights
3.1. Global HCM market - market guideline
Chapter 4: Global HCM market - overview
4.1. Global market drivers
4.2. Global market trends
4.4. Global market opportunities
4.4. Global market challenges
Chapter 5: Global HCM market - based on component
5.1. Software market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), market key market observations
5.2. Services market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), market key market observations
Continued….
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+8% CAGR for Human Capital Management Market : Outlook and in-Depth Analysis 2018-2023 by Top Players: Oracle, ADP, SAP SE, Workday, IBM
This Human Capital Management Market report covers the size, share, trends, forecast, status of import and export, supply chain management, distribution channels, production volume, production capacity, product price, profit, sale and others elements.