The Human Capital Management (HCM) market comprises all the software and related services that enable enterprises to manage HR processes, reporting, and workflow for better management of activities such as compensation management, payroll, talent management, and performance management.
The HCM market size to grow from USD 12.59 Billion in 2016 to USD 19.88 Billion by 2021, at a CAGR of 9.6%. The HCM market is expected to grow substantially owing to the expansive penetration of mobile devices for data access and the increasing need to streamline HR activities for enhancing services to customers.
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Human Capital Management (HCM) solutions help organizations streamline and automate day-to-day Human Resources (HR) processes to manage administration, payroll, performance, and succession planning, as well as, improve the overall productivity for organizations.
In the verticals segment, Banking, Financial Services, and Insurance (BFSI) is expected to contribute the highest CAGR during the forecast period. Whereas, the other industry verticals, such as consumer goods and retail, healthcare and life sciences, and telecom and IT are expected to create potential opportunities for HCM vendors during the forecast period.
North America is the largest shareholder at present and is expected to remain the same during the forecast period. However, due to the faster adoption of technological advancements, the HCM market is maturing in this region. Asia Pacific APAC is expected to witness the highest growth rate during the forecast period due to the increasing number of mobile device users and many emerging industries in the region.
The key players in the HCM market include Oracle Corporation (U.S.), Infor (U.S.), Cornerstone OnDemand (U.S.), and NetSuite (U.S.), and others. These players have adopted various strategies such as partnerships, acquisitions, expansions, and new product launches and upgradations to achieve growth in the HCM market.
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