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Human Capital Management Solutions Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: Aug 2021
  • Pages: 127
  • SKU: IRTNTR40495
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The human capital management market share is expected to increase by USD 12.16 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 10.57%. This human capital management market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The human capital management market report also offers information on several market vendors, including Automatic Data Processing Inc., Ceridian HCM Holding Inc., Infor Inc., Kronos Inc., Oracle Corp., Ramco Systems Ltd., SAP SE, Talentia Software Group, UKG Inc., and Workday Inc. among others. Furthermore, this report extensively covers human capital management market segmentation by application (core HR, talent, and workforce) and geography (North America, Europe, APAC, South America, and MEA).

What will the Human Capital Management Market Size be During the Forecast Period?

Human Capital Management Solutions Market Size

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Human Capital Management Market: Key Drivers, Trends, and Challenges

The demand for automated recruitment processes is notably driving the human capital management market growth, although factors such as threat from open-source software may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the human capital management industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Human Capital Management Market Driver

One of the key factors driving the human capital management (HCM) solutions market is demand for automated recruitment processes. Recruitment is one of the most difficult tasks in the HCM process. Most multinational companies (MNCs) require many employees. However, finding out the best candidate takes recruiters a long time. This is because the complete offline recruitment profile involves manual shortlisting of the candidates from thousands of applications, which requires large investments in terms of money, time, and effort. Advances in technology have made HCM solutions capable of automating recruitment processes, which is one of the major drivers for the global HCM solutions market. The adoption of HCM software automates and streamlines the entire hiring process. The software shortlists candidates according to the profile, sends interview invitations, and confirms interview slots. This process reduces the overall time, effort, and cost of the process and increases the chances of recruiting the right candidates. Thus, with these emerging technologies in place, automated recruitment processes will drive the global HCM solutions market during the forecast period.

Key Human Capital Management Market Trend

Another key factor driving the human capital management (HCM) solutions market growth is the emergence of cloud-computing services. Cloud computing is one of the emerging trends in the IT industry. With the adoption of the latest technologies in HCM solutions, organizations also use cloud storage for storing critical information remotely at cheap rates. The use of cloud storage allows the central administration to have control over all the resources and HR activities. It also eliminates the need for users to update and maintain IT infrastructure. Services and maintenance activities are usually taken care of by service providers. Hence, users do not have to install additional packages as all updates during the contract period are also be taken care of by the service providers. Service level agreements (SLAs) ensure the reliable delivery, management, and maintenance of services. In addition, cloud technologies enable consumers to use SaaS. In such scenarios, users are not required to buy the software to use it. It enables organizations to access data and services remotely through a web browser without installing and managing application software. Thus, cloud computing services can be the future of HCM solutions.

Key Human Capital Management Market Challenge

Threat from open-source software is one of the key challenges hindering the human capital management (HCM) solutions market growth. With advances in technology, the preference for digital technologies has increased. Hence, various open-source software solutions are posing stiff competition for HCM solutions. Multiple companies offer on-premise and cloud-based open-source software for HCM solutions. For instance, Sapplica offers an open-source HRMS software called Sentrifugo, which can be configured to meet organizational needs. The software offers various features, such as human resource management, performance appraisal, analytics, background checks, leave management, talent acquisition, expense management, and assets management. Thus, the availability of open-source HCM software will become one of the major challenges for the global HCM solutions market during the forecast period. Similarly, some companies offer separate software for HR functions, such as recruitment and performance appraisal. This can become a source of severe threat to HCM solutions during the forecast period. Thus, the availability of multiple open-source software solutions helps companies to choose the best according to their needs.

This human capital management market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global human capital management market as a part of the global systems software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the human capital management market during the forecast period.

Who are the Major Human Capital Management Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Automatic Data Processing Inc.
  • Ceridian HCM Holding Inc.
  • Infor Inc.
  • Kronos Inc.
  • Oracle Corp.
  • Ramco Systems Ltd.
  • SAP SE
  • Talentia Software Group
  • UKG Inc.
  • Workday Inc.

 

This statistical study of the human capital management market encompasses successful business strategies deployed by the key vendors. The human capital management market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.

Product Insights and News

  • Automatic Data Processing Inc.- The company offers HCM solutions such as payroll management, time and attendance management, talent acquisition, benefit management, and HR outsourcing.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The human capital management market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Human Capital Management Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the human capital management market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

 

Which are the Key Regions for Human Capital Management Market?

Human Capital Management Solutions Market Market segmentation by region

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34% of the market's growth will originate from North America during the forecast period. US is the key market for human capital management in North America. Market growth in this region will be slower than the growth of the market in other regions.

Growth in job opportunities and an increase in the number of job seekers due to globalization, wider penetration of social media in recruitment processes, and increased need for cost optimization will facilitate the human capital management market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 pandemic had a mixed impact on the growth of the market in 2020. It led to the imposition of strict lockdowns and a slowdown in sales in most businesses in North America. This resulted in an increase in workplace closure, which, in turn, led to a rise in unemployment in most countries. In April 2020, US employers laid off 7.7 million workers. However, on a positive note, the rising number of COVID-19 cases led major corporates and business organizations in the region to digitalize their business activities. Organizations started using digital solutions and other business management solutions to simplify their business operations during the pandemic. For instance, in July 2020, ZIM Integrated Shipping extended its contract with Orange Business Services for cloud-based contact center and collaboration services, including network connectivity and audio and web conferencing. Such developments are expected to provide high growth opportunities for the vendors in the region during the forecast period.

What are the Revenue-generating Application Segments in the Human Capital Management Market?

Human Capital Management Solutions Market Segmentation

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The human capital management market share growth by the core HR will be significant during the forecast period. Core HR functions include employee recruitment, employee training, payroll, scheduling, benefits administration, internal relations, and safety and compliance. Core HR applications under HCM include basic HR responsibilities and are expected to grow rapidly during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the human capital management market size and actionable market insights on post COVID-19 impact on each segment.

 

Human Capital Management Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 10.57%

Market growth 2021-2025

USD 12.16 billion

Market structure

Fragmented

YoY growth (%)

9.52

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 34%

Key consumer countries

US, Germany, India, UK, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Automatic Data Processing Inc., Ceridian HCM Holding Inc., Infor Inc., Kronos Inc., Oracle Corp., Ramco Systems Ltd., SAP SE, Talentia Software Group, UKG Inc., and Workday Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Human Capital Management Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive human capital management market growth during the next five years
  • Precise estimation of the human capital management market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the human capital management industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of human capital management market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value Chain Analysis: Systems software

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
  • 3.4 Market outlook: Forecast for 2020 - 2025
    • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
    • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 08: Five forces analysis 2020 & 2025
  • 4.2 Bargaining power of buyers
    • Exhibit 09: Bargaining power of buyers
  • 4.3 Bargaining power of suppliers
    • Exhibit 10: Bargaining power of suppliers
  • 4.4 Threat of new entrants
    • Exhibit 11: Threat of new entrants
  • 4.5 Threat of substitutes
    • Exhibit 12: Threat of substitutes
  • 4.6 Threat of rivalry
    • Exhibit 13: Threat of rivalry
  • 4.7 Market condition
    • Exhibit 14: Market condition - Five forces 2020

5 Market Segmentation by Application

  • 5.1 Market segments
    • Exhibit 15: Application - Market share 2020-2025 (%)
  • 5.2 Comparison by Application
    • Exhibit 16: Comparison by Application
  • 5.3 Core HR - Market size and forecast 2020-2025
    • Exhibit 17: Core HR - Market size and forecast 2020-2025 ($ million)
    • Exhibit 18: Core HR - Year-over-year growth 2020-2025 (%)
  • 5.4 Talent - Market size and forecast 2020-2025
    • Exhibit 19: Talent - Market size and forecast 2020-2025 ($ million)
    • Exhibit 20: Talent - Year-over-year growth 2020-2025 (%)
  • 5.5 Workforce - Market size and forecast 2020-2025
    • Exhibit 21: Workforce - Market size and forecast 2020-2025 ($ million)
    • Exhibit 22: Workforce - Year-over-year growth 2020-2025 (%)
  • 5.6 Market opportunity by Application
    • Exhibit 23: Market opportunity by Application

6 Customer landscape

  • 6.1 Customer landscape
    • Exhibit 24: Customer landscape

7 Geographic Landscape

  • 7.1 Geographic segmentation
    • Exhibit 25: Market share by geography 2020-2025 (%)
  • 7.2 Geographic comparison
    • Exhibit 26: Geographic comparison
  • 7.3 North America - Market size and forecast 2020-2025
    • Exhibit 27: North America - Market size and forecast 2020-2025 ($ million)
    • Exhibit 28: North America - Year-over-year growth 2020-2025 (%)
  • 7.4 Europe - Market size and forecast 2020-2025
    • Exhibit 29: Europe - Market size and forecast 2020-2025 ($ million)
    • Exhibit 30: Europe - Year-over-year growth 2020-2025 (%)
  • 7.5 APAC - Market size and forecast 2020-2025
    • Exhibit 31: APAC - Market size and forecast 2020-2025 ($ million)
    • Exhibit 32: APAC - Year-over-year growth 2020-2025 (%)
  • 7.6 South America - Market size and forecast 2020-2025
    • Exhibit 33: South America - Market size and forecast 2020-2025 ($ million)
    • Exhibit 34: South America - Year-over-year growth 2020-2025 (%)
  • 7.7 MEA - Market size and forecast 2020-2025
    • Exhibit 35: MEA - Market size and forecast 2020-2025 ($ million)
    • Exhibit 36: MEA - Year-over-year growth 2020-2025 (%)
  • 7.8 Key leading countries
    • Exhibit 37: Key leading countries
  • 7.9 Market opportunity by geography
    • Exhibit 38: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

  • 8.1 Market drivers
  • 8.2 Market challenges
    • Exhibit 39: Impact of drivers and challenges
  • 8.3 Market trends

9 Vendor Landscape

  • 9.1 Vendor landscape
    • Exhibit 40: Vendor landscape
  • 9.2 Landscape disruption
    • Exhibit 41: Landscape disruption
    • Exhibit 42: Industry risks
  • 9.3 Competitive Landscape

10 Vendor Analysis

  • 10.1 Vendors covered
    • Exhibit 43: Vendors covered
  • 10.2 Market positioning of vendors
  • 10.3 Automatic Data Processing Inc.
    • Exhibit 45: Automatic Data Processing Inc. - Overview
    • Exhibit 46: Automatic Data Processing Inc. - Business segments
    • Exhibit 47: Automatic Data Processing Inc. – Key news
    • Exhibit 48: Automatic Data Processing Inc. - Key offerings
    • Exhibit 49: Automatic Data Processing Inc. - Segment focus
  • 10.4 Ceridian HCM Holding Inc.
    • Exhibit 50: Ceridian HCM Holding Inc. - Overview
    • Exhibit 51: Ceridian HCM Holding Inc. - Business segments
    • Exhibit 52: Ceridian HCM Holding Inc. – Key news
    • Exhibit 53: Ceridian HCM Holding Inc. - Key offerings
  • 10.5 Infor Inc.
    • Exhibit 54: Infor Inc. - Overview
    • Exhibit 55: Infor Inc. - Product and service
    • Exhibit 56: Infor Inc.– Key news
    • Exhibit 57: Infor Inc. - Key offerings
  • 10.6 Kronos Inc.
    • Exhibit 58: Kronos Inc. - Overview
    • Exhibit 59: Kronos Inc. - Product and service
    • Exhibit 60: Kronos Inc. - Key offerings
  • 10.7 Oracle Corp.
    • Exhibit 61: Oracle Corp. - Overview
    • Exhibit 62: Oracle Corp. - Business segments
    • Exhibit 63: Oracle Corp. - Key offerings
    • Exhibit 64: Oracle Corp. - Segment focus
  • 10.8 Ramco Systems Ltd.
    • Exhibit 65: Ramco Systems Ltd. - Overview
    • Exhibit 66: Ramco Systems Ltd. - Business segments
    • Exhibit 67: Ramco Systems Ltd. – Key news
    • Exhibit 68: Ramco Systems Ltd. - Key offerings
    • Exhibit 69: Ramco Systems Ltd. - Segment focus
  • 10.9 SAP SE
    • Exhibit 70: SAP SE - Overview
    • Exhibit 71: SAP SE - Business segments
    • Exhibit 72: SAP SE – Key news
    • Exhibit 73: SAP SE - Key offerings
    • Exhibit 74: SAP SE - Segment focus
  • 10.10 Talentia Software Group
    • Exhibit 75: Talentia Software Group - Overview
    • Exhibit 76: Talentia Software Group - Product and service
    • Exhibit 77: Talentia Software Group – Key news
    • Exhibit 78: Talentia Software Group - Key offerings
  • 10.11 UKG Inc.
    • Exhibit 79: UKG Inc. - Overview
    • Exhibit 80: UKG Inc. - Product and service
    • Exhibit 81: UKG Inc. - Key offerings
  • 10.12 Workday Inc.
    • Exhibit 82: Workday Inc. - Overview
    • Exhibit 83: Workday Inc. - Business segments
    • Exhibit 84: Workday Inc. – Key news
    • Exhibit 85: Workday Inc. - Key offerings

11 Appendix

  • 11.1 Scope of the report
  • 11.2 Currency conversion rates for US$
    • Exhibit 86: Currency conversion rates for US$
  • 11.3 Research methodology
    • Exhibit 87: Research Methodology
    • Exhibit 88: Validation techniques employed for market sizing
    • Exhibit 89: Information sources
  • 11.4 List of abbreviations
    • Exhibit 90: List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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Human Capital Management (HCM) Solutions Market market growth will increase by $12.16 bn during 2021-2025.
The human capital management (hcm) solutions market market is expected to grow at a CAGR of 10.57% during 2021-2025.
Technavio has segmented the human capital management (hcm) solutions market market by application (Core HR, Talent, and Workforce) ,geography (North America, Europe, APAC, South America, and MEA) , and geographic (North America, Europe, APAC, and South America).
Automatic Data Processing Inc., Ceridian HCM Holding Inc., Infor, Kronos Inc., Oracle Corp., Ramco Systems Ltd., SAP SE, Talentia Software Group, The Ultimate Software Group Inc., Workday Inc. are a few of the key vendors in the human capital management (hcm) solutions market market.
North America will register the highest growth rate of 34% among the other regions. Therefore, the human capital management (hcm) solutions market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the human capital management (hcm) solutions market market growth are:
  • demand for automated recruitment processes
  • emergence of cloud-computing services
The human capital management (hcm) solutions market market vendors should focus on grabbing business opportunities from the core hr segment as it accounted for the largest market share in the base year.
  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?
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