360 Research Reports offers the latest published report on “Global Human Capital Management Software Market – Segmented by Solutions, Deployment (On-premise, Cloud), and Region (North America, South America, Europe, APAC, ME&A) – Growth, Trends, and Forecast (2019 – 2023)” delivering key insights and providing a competitive advantage to clients through a detailed report.
Global Human Capital Management Software Market 2019-2023 considers the past, current and future state of the industry while encapsulating modest landscape analysis, manufacturers, marketing strategies, industry effect factor analysis. An unbiased and detailed analysis of the on-going trends, opportunities/ high growth areas has been included to help stakeholders to device and align Human Capital Management Software market strategies according to the current and future market. All enterprise profiles of the main players and brands are shown in this research. The report presents the drivers and restrictions of the market that have been explained by SWOT analysis.
Human Capital Management Software Market Segmentation by Major Players:
SAP AG, Oracle Corporation, Workday, Inc., Ultimate Software Group, Inc., ADP, LLC. , Ceridian HCM, Inc., Infor, Kronos Incorporated, Meta4, Talentia Software, Ramco Systems, IBM Corporation, Cornerstone OnDemand Inc. , SumTotal Systems, Inc. , PeopleFluent, Inc. (Learning Technologies Group Plc)
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Overview of Human Capital Management Software Market Report:
The Human Capital Management Software Market is expected to register a CAGR of over 6.4% during the forecast period (2019 – 2023).
The human capital management (HCM) software, an enterprise application solution has been the need across all the enterprises as they automate the cumbersome clerical tasks related to employee data, payroll, and benefits administration. However, the growth of the HCM software market in the recent time is due to the huge opportunities arising from the growing SMEs across regions and the need to manage the increasing workforce in the enterprises. Enterprises’ global expansion focus also facilitates the need for effective workforce management and therefore, the HCM software. The employee mobile-centric internet usage patterns are persuading the enterprises to deploy mobile application for extending the employee management functions to enhance the culture i.e., people management, thus providing growth prospects to the HCM vendors. As several companies have the same HR software for over seven years, which needs to be updated in order to stay on par with the market, such factors are expected to influence the growth of human capital management software market.
The HCM software market has witnessed consolidation (since 2011) and is dominated by software giants, like Oracle, SAP, Workday, ADP, and also consists of Enterprise Resource Planning (ERP) providers like Netsoft, IBM, Epicor etc. However, new players are sustaining in the market, like Namely Inc., Greenhouse Software Inc., BambooHR, etc., that are specializing in specific services over cloud, like Application tracking, Employee Onbording.
Growing Demand for Mobile HCM Apps
Internet usage shift from browser to mobile phone is influencing the HCM vendors to develop mobile applications on their web-based systems. It is estimated that approximately more than 40% of candidates apply for jobs through mobile phones, and more than 60% of all online video is now consumed on mobile device. Also according to Aruba Networks’s survey, a networking company, 64% of employees believe usage of mobile devices made them more productive. In addition to these statistics, the features, like embedded video, gamification, and analytics features that mobile apps offer contributing to enhanced employee onboarding and employee engagement also persuade the enterprisers to use mobile-based HCM. Oracle, SAP, Workday, ADP, Ceridian, Infor, Ultimate Software, Cornerstone, and other big players in the HCM market developed mobile apps with complete HR solutions in the light of this trend. This shift towards mobile-based HCM services thus, contribute to the growth of the market.
Growing adoption of Cloud-based Solutions
The feature-richness, ease of use, and data capacity characteristics of the cloud-based applications are driving the cloud adoption across all enterprise application solutions of which CRM and HCM were the first to be taken to the cloud. The cloud-based HCM solutions are enabling enterprises to make effective employee engagement tools leveraging the social media integration, and other APIs for learning, coaching and recruiting tools that disrupt the market. In 2019, Oracle in their cloud predictions forecasted that by 2020, 50% of production workloads in regulated industries will migrate to the cloud. Anticipating the growth in the cloud adoption across enterprises, the HCM vendors are also offering cloud-based solutions while continuing their on-premise offerings, but with lesser focus on innovation compared to the cloud-based solutions. Therefore, the push from the vendors and the expected growth in the cloud migration contributes to the growth in the cloud-based segment of HCM software during the forecast period.
Asia-Pacific expected to witness the Highest Growth
Asia-Pacific is expected to have the highest growth rate considering the increasing labor force, and SME growth in the region during the forecast period. The high cloud adoption and mobile-centric internet usage in developed regions are also influencing the growth of the market.
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Important factors that are mentioned in the Human Capital Management Software Market report 2023…
Key Market Dynamics: The Global Human Capital Management Software Market research report provides complete forecasts on the latest market trends, development methods, and research methodologies. Some of the factors that are directly in affecting the market including the Strategic Production and Methods, development platforms, and the product model itself, and even a minute change within the product profile would result in a huge amount of changes within the mentioned factors. All of these factors are explained in detail in the research study.
Major Growth Prospects: The report also focuses on some of the Key growth prediction, including new product launches, Mergers and Acquisitions, Research and Development, joint ventures, collaborations, agreements, partnerships, and growth of the key Manufacturers working effectively in the market, both in terms of regional and global scale depending on geography.
Key Market Highlights: The report gives us an in-depth Market analysis on some of the Human Capital Management Software Market key factors, including revenue, cost, capacity, capacity utilization rate, production, production rate, consumption, supply, demand, Market share, CAGR, and gross margin. Additionally, the report presents a comprehensive study of the market growth factors and their latest trends, along with related Market sections and subsections.
Potential Customers: The Human Capital Management Software Market report provides significant insights to readers, service providers, suppliers, distributors, manufacturers, stakeholders, and individuals who are interested in evaluation and self-studying the Human Capital Management Software market.