Human capital management (HCM) provides solutions to streamline human resource functions, which include the management of employee profile, time & attendance, payroll & compensation, benefits & perks, training & development, and workforce analytics. Several key industry players, such as Cornerstone OnDemand, Kronos, SAP SE, and IBM Corporation, offer solutions to cater to the need of process automation for various user types, including small & medium enterprises (SMEs) and large enterprises. Moreover, compared to on-premises and other traditional alternatives, adoption of cloud-based HCM solutions is on an increase due to benefits such as low cost of deployment, reduced maintenance expenses, unlimited storing capacity, and remote access through web and mobile from any place, and at any time.
Increase in adoption of cloud-based HCM solutions across several industry verticals, such as banking, financial services, and insurance (BFSI), retail, healthcare, manufacturing, telecommunication & IT drives the HCM market. In addition, the growth in need to streamline human resources operations fuels the market. Further, need for improved workforce management and need to automate HR processes drives the HCM market towards growth. However, data security and privacy concerns due to cloud-based deployment is expected to hinder the market growth. In addition, stringent government regulations and resistance to change the traditional approach or adopt new solutions is anticipated to hamper the HCM market.
The global human capital management market is segmented on the basis of component, deployment type, industry vertical, and geography. Further on the basis of solution, it is divided into core HR, recruiting, workforce management, compensation & payroll, and others. On the basis service, it is categorized into managed service and professional service. By deployment model, it is categorized into cloud and on-premises. By industry vertical, it is divided into BFSI, retail, IT & telecommunication, healthcare, hospitality, government, manufacturing, and others (education, transportation, energy & utilities, and media & entertainment). By geography, it is analysed across North America, Europe, Asia-Pacific, and LAMEA including country-level analysis for each region.
Significant players operating in the human capital management market are ADP LLC, Cornerstone OnDemand, Epicor Software Corporation, IBM Corporation, Infor Incorporation, Kronos Incorporated, Oracle Corporation, SAP SE, SumTotal Systems, and Ultimate Software. These players are involved in various strategic developments, such as partnerships, product portfolio expansions, collaborations, and others to increase their penetration in the market.
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