PUNE, India, July 1, 2016 /PRNewswire/ --
According to a new market research report"Human Capital Management MarketSolution (Core HR, Talent Management, Payroll and Tax, Workforce Planning and Analytics, Recruiting), Service (Implementation, Training, Consulting), Deployment, User, Industry Vertical, Region - Global Forecast to 2021" published by MarketsandMarkets, the HCM market is expected to reach USD 19.88 Billion by 2021, at a CAGR of 9.6% during the forecast period.
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HCM is growing gradually and is being adopted by users to standardize processes for both workforce and talent management. The continuous developments in this technology and its solutions have also encouraged users to adopt HCM solutions and services.
Core HR and workforce planning and analytics are expected to be the largest contributor in the global HCM market during the forecast period
In the HCM market, due to the rising demands for advanced HR processes such as personnel tracking and workforce management across all industry verticals, the core HR and workforce planning and analytics in the solutions' segment is expected to contribute the highest in the overall revenue generation during the forecast period.
he transportation and logistics industry vertical is expected to show significant growth rate in terms of adoption of HCM-based solutions and services
Managing multiple resources and meeting customer requirements has become one of the most important aspects of the transportation and logistics sector. The concept of HCM has led the industry to focus more on improving delivery services and managing and attracting talent. Moreover, transportation and logistics companies are compelled to integrate HR systems with operational and financial systems. Furthermore, in this industry, clients demand and expect high quality services to be delivered on time. Therefore, the need to attract talent and best resources is encouraging this industry to adopt HCM solutions at a fast pace.
With growing technological advancements in the countries of North America, the region is expected to be the largest contributor of HCM solutions during the forecast period.
The North America region has been a predominately concerned market regarding the adoption of HCM solutions and services. The high adoption of digital technology across all major industries helps the HCM market to grow in North America, particularly in the U.S. and Canada. The market is in the emerging stage in the regions of Asia-Pacific (APAC), Latin America, and Middle East and Africa (MEA). Therefore, these regions exhibit immense scope for the adoption of HCM solutions. Additionally, the growing technological developments in the field of cloud, analytics, and the emergence of mobile technologies have led to the high adoption of HCM solutions in major industries such as Banking, Financial Services, and Insurance (BFSI), transportation and logistics, and healthcare.
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The HCM market consists of major players such as SAP SE (Germany), ADP (U.S.), Oracle (U.S.), Infor (U.S.), and Ceridian (U.S.). There is also a significant presence of other niche players such as NetSuite (U.S.), Ultimate Software (U.S.), Halogen Software (Canada), Lumesse (U.K.), and Fairsail (U.K.) in this market.
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