Report updated on 11th September, 2021: Global Human Capital Management Software Market 2021 (Includes Business Impact of COVID-19)
Global Human Capital Management Software Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights, which offers in-depth insights, revenue details, and other vital information regarding the global human capital management software market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global human capital management software market report has been segmented on the basis of type, deployment type, organization size, vertical, and region.
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The global Human Capital Management Software market size was valued at USD$ 58.61 billion in 2020 and is projected to reach USD $16.58 billion by 2030, and is anticipated to expand at a CAGR of 12.85% over the forecast period from 2020 to 2030.
This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the global market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the global human capital management software market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.
Overview:
Human capital management includes management of employees by recruiting, training process, upgrading skillset, and utilization of knowledge to fullest that in turn benefits the organization and improves overall workflow process.
Dynamics:
Increasing adoption of employee assessment solutions among various information technology (IT) organizations across the globe is a key factor expected to drive growth of the global human capital management software market over the forecast period. In addition, advanced features of human capital management software such as enterprise resource planning (ERP) solution and software as a service (SaaS) are expected to support growth of the target market in the near future.
Growing demand for mobile human capital management application coupled with increasing adoption of human capital management applications in smart phones by human resource department in various organizations is expected to proliferate growth of the global market during the forecast period.
In addition, rising awareness regarding multiple solutions and services of human capital management software such as payroll management, talent management, workforce management, compliance management, automated administration, and many other solutions and services. Aforementioned are among some other factors expected to boost growth of the global human capital management software market.
Furthermore, increasing demand for human capital management automation in business processes to expand service portfolio and increase workforce productivity in various organizations across the globe is current trend in the global market.
However, rising security concerns associated with implementation of human capital management software over cloud-based deployment is a major factor restraining growth of the global human capital management software market.
Segment Analysis:
On the basis of type, the software segment is expected to dominate in the global human capital management software market, owing to increasing awareness regarding multiple services offered by human capital management software in a cost-effective single package among various business organizations.
On the basis of organization size, the large enterprises segment is expected to dominate in the global market, owing to high cost bearing capability of an organization and high investments in software project development in various large scale enterprise across the globe.
Regional Analysis:
Market in North America is expected to dominate in the global market, owing to high preference for talent mobility management software and increasing adoption of advanced technologies among various IT organizations in countries such as US and Canada in the region. In addition, stringent business competition, high adoption of cloud-based services, and increasing need to automate business processes among various industries is another factor expected to proliferate growth of the target market in North America region.
Market in Asia Pacific is expected to witness significant growth the global market in terms of revenue, owing to high penetration of IT management services and solutions across various organizations to achieve increased productivity by various management service offerings in countries such as India, Japan, and China in the region. Furthermore, Market in Europe is expected to witness lucrative growth opportunities followed by market in Latin America and Middle East and Africa.
Global Human Capital Management Software Market Segmentation:
Segmentation by Type:
- Software
- Human Resource Management
- Workforce Management
- Sourcing and Recruiting
- Applicant Tracking System
- Staffing Vendor Management
- Others (On-Boarding, Recruitment Marketing, Talent Management, etc.)
- Service
- Consulting
- Support and Maintenance
- Integration and Deployment
Segmentation by Deployment Type:
- On-Premise Deployment
- Cloud-Based Deployment
Segmentation by Organization Size:
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
Segmentation by Vertical:
- IT and Telecommunications
- Healthcare and Education
- Government and Utilities
- Media & Communication Services
- Banking, Financial Services and Insurance (BFSI)
- Others (Food & Beverages, Real Estate, Automotive, Retail, etc.)
Key Market Players included in the report:
- Automatic Data Processing, LLC
- Ceridian HCM, Inc.
- Employwise, Inc.
- International Business Machines Corporation (IBM)
- Kronos (US).
- Microsoft (US)
- Oracle Corporation
- Paycom Software, Inc.
- SAP (UK)
- Sumtotal Systems, LLC (A Skillsoft Company)
- Ultimate Software Group, Inc.
- Workday (US)
Below are the key development related to Human Capital Management Software Market in 2020 and 2021.
February 2021: Ceridian to Acquire Ascender, a Leading Human Capital Management Provider Across 30 Countries in Asia Pacific Japan. Acquisition to strengthen Ceridians leadership in APJ with a combined 1,500 customers, serving 2.5 million employees. Ceridian (NYSE: CDAY; TSX: CDAY), a global leader in human capital management (HCM) technology, announced it has entered into a definitive share sale agreement to acquire Ascender, a leading payroll and HR solutions provider in Asia Pacific Japan (APJ). Together with Ascender, Ceridian will provide the most comprehensive payroll and human capital management solutions in the region.
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February 2020: Kronos and Ultimate Software Enter Definitive Merger Agreement Creating Company Valued at $22 billion. Merger brings together world-renowned best places to work, with plans to add 3,000 employees over three years. Kronos Incorporated and Ultimate Software announced that they have entered into a definitive merger agreement to form one of the world’s largest cloud companies. By bringing together two industry leaders, the transaction will create the world’s most innovative human capital management (HCM) and workforce management company to help organizations across all industries manage their people more effectively with an unparalleled combination of cloud solutions. The combined company will have enhanced scale and an even stronger position in the fast-growing HCM marketplace.
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