Covid-19 Impact on Human Capital Management Market Overview
Human capital management is a comprehensive set of practices for recruiting, managing, developing, and optimizing the human resources of an organization. Organizations have started seeing their employees as assets to invest into and manage, rather than costs to the organization. Such shift in perspective has led to a rising demand for human capital management systems across multiple verticals. Various functions carried out under human capital management include hiring, managing, training and retaining talented, and high performing employees.
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Factors driving the Human Capital Management (HCM) Market include a rising adoption of digitization within organizations, higher economies of scale, and easier tracking & management of human resources. In addition, easier integration of HCM with other ERPs and rising demand for workforce optimization are spurring growth in the global human capital management market. The latest report published by Market Research Future projected a 10% CAGR in the human capital management market during assessment period.
Key Players
The prominent players in the Covid-19 Impact on Human Capital Management Market are – IBM (U.S.), SAP SE (Germany), Software AG (Germany), Workforce Software (U.S.), ADP LLC (U.S.), WORKDAY (U.S.), Oracle Corporation (U.S.), Kronos Inc. (U.S.), LinkedIn (U.S.), Ultimate Software (U.S.), Infor (U.S.), Zenefits (U.S.), Talentsoft (France), among others.
Market Segmentation
The global Human Capital Management Market has been segmented by component, deployment type, organization size, region, and end-user. Based on component the market is segmented into software solutions and services. The segment of software solutions is sub-segmented into workforce analytics, competency management, performance management, time & expense management, e-learning, e-recruiting, e-boarding, core HR, talent management, and payroll & tax. The segment of services has been further segmented into transformation services, implementation services, consulting services, and support & maintenance.
Based on deployment type, the market has been bifurcated into cloud and on-premise. In 2017, the segment of cloud boasted the largest market revenue share and is expected to do the same during the forecast period. Based on organization size, the market has been segmented into SMEs and large enterprises. Adoption of human capital management is witnessed rapidly by the large enterprises segment owing to the cost effectiveness of the process.
Based on end user, the human capital management market is segmented into manufacturing, BFSI, IT/ITES, healthcare, transportation, and government. Growing technological advancements in the fields of cloud, analytics, and the emergence of mobile technologies are propelling growth in the adoption of human cloud management systems in major verticals such as BFSI, transportation, healthcare as well as logistics.
Detailed Regional Analysis
The human capital management market has been regionally segmented into North America, Asia Pacific (APAC), Europe, and Rest of the world (RoW). North America is estimated to dominate the global human capital management market owing to increased internet penetration and technological advancements in the region. The MRFR study claims that Asia Pacific is driven by cloud deployment and rising adoption of IT services in the region. Moreover, Asia Pacific is expected to garner the highest CAGR during the forecast period owing to a rise in the adoption of mobile trends and cloud computing in countries such as China, Australia, Singapore, and Japan.
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Table of Contents:
List Of Figures
Figure 1 Research Network Software Solutions
Figure 2 Human Capital Management Market: By Component (%)
Figure 3 Human Capital Management Market: By Organization Size (%)
Figure 4 Human Capital Management Market: By Deployment (%)
Figure 5 Human Capital Management Market: By End-User (%)
Figure 6 Human Capital Management Market: By Region
Figure 7 North America Human Capital Management Market, By Component (%)
Figure 8 North America Human Capital Management Market, By Organization Size (%)
Figure 9 North America Human Capital Management Market, By Deployment (%)
Figure 10 North America Market, By End-User (%)
Figure 11 Europe Market, By Component (%)
Figure 12 Europe Market, By Organization Size (%)
Figure 13 Europe Market, By Deployment (%)
Figure 14 Europe Market, By End-User (%)
Figure 15 Asia-Pacific Human Capital Management Market, By Component (%)
Figure 16 Asia-Pacific Human Capital Management Market, By Organization Size (%)
Figure 17 Asia-Pacific Human Capital Management Market, By Deployment (%)
Figure 18 Asia-Pacific Human Capital Management Market, By End-User (%)
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