Northrook, IL -- (SBWIRE) -- 10/28/2019 -- The Human Capital Management Market expected to grow from $14.50 Billion in 2017 to $22.51 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period, as per a report by MarketsandMarkets.

How growing shift toward cloud-based software solutions to open an opportunity?

The cloud-based deployment model has gained significant traction since the past decade. As per Cisco Global Cloud Index Forecast, the global cloud IP traffic is expected to grow at a CAGR of 30% during 2015–2020. The cloud-based deployment offers benefits over on-premises, such as lucrativeness, easy and high speed of deployment, and more agile management and operations of the software. The cloud platform serves the needs of geographically dispersed business units by providing one consolidated platform. In order to leverage the benefits of this technology, organizations are shifting from on-premises HCM solutions to solutions on cloud. Considering the demand for cloud solutions, Human Capital Management market vendors are focusing on providing SaaS-based solutions, resulting in lower cost and higher Return on Investment (ROI) for the companies. For instance, in January 2017, Sage launched a cloud-based HCM (Sage People) in Canada that is targeted to cater to the HCM needs of mid-sized enterprises. Furthermore, in 2014, Lumesse and Salesforce.com partnered to develop cloud HCM apps.

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The transition from the on-premises deployment to the cloud-based deployment is an upcoming opportunity for most vendors, as on-premises implementations are costly and risky compared to the SaaS-based deployment, which offers flexibility and stability to most organizations. Furthermore, it also limits capital expenditure and optimizes the return on assets. Thus, the transition to cloud is an added opportunity for HCM vendors.

Why prevalent concerns about deployment and usage is a key challenge?

Proper training and education is required to implement HCM software and make optimum use of its multifunctional features. In fact, knowledge about various integrations of this software with the business applications and enterprise software is highly essential to reap its benefits. The problem increases manifold when non-technical business users or HR teams are forced to use an HCM solution that is specifically designed for IT use. It creates a knowledge gap and discourages the person from using the software. Hence, remedial actions in the form of proper training and education program should be organized by the companies to facilitate correct implementation of HCM software. Moreover, appropriate decision-making power is required to analyze the data; hence, care should be taken while assigning the HR team. Another factor restricting the adoption of HCM solutions is the time taken in installing HCM software. This delay is due to the time taken for the approval of new software, programming, IT support and training requirements, time taken in procurement, and software configuration. However, on comparing the deployment time of on-premises and on-cloud HCM solution, the latter can be deployed within a week, which is 3–4 times faster than the former.

One of the most innovative developments in the HCM market is the introduction of cloud-based HCM solutions that are capable of providing backend technical expertise, with no installation costs or ongoing maintenance costs. The application combines up-to-date HR solutions, without having to negotiate with the Information Technology (IT) team for resources or technical infrastructure. This results in low investment costs and reduces the investment in building the IT infrastructure, which consists of multiple servers, databases, and operating systems. The need for cloud-based solutions has increased in the past few years, as organizations experience higher scalability and agility over cloud deployment.

The HCM component segment comprises the software and services segments. The services segment is expected to exhibit a high growth during the forecast period. The rise in demand among enterprises for better workforce management and a high performance software is expected to drive the Human Capital Management Market. The major factors responsible for the substantial growth of this market is the need to have automated systems to speed up the HR activities. Additionally, the need to automate HR processes, boost customer service, and improve the overall productivity for organizations is expected to drive the growth of the HCM market, further.

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