human capital management market

The report also provides individual market impacting factors and changes in market regulations that impact current and future market trends.

PORTLAND, PORTLAND, OR, USA, Nov. 10, 2022 /EINPresswire.com/ — The surge in HR process automation, increased adoption of cloud-based HCM solutions, and an increase in The demand for unified HCM solutions are the factors propelling the growth of the global human capital management market over the forecast period. Additionally, the simplification of HR operations has had a positive impact on the needs of the human capital management industry.

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However, data security and privacy issues related to cloud deployment are expected to hamper the human capital management market during the forecast period. On the contrary, technological advancements such as AI, ML, and RPA in HCM solutions are expected to provide remunerative opportunities for the expansion of human capital management market forecast.

Based on enterprise size, the large enterprise segment dominated the overall human capital management market in 2021 and is expected to continue this trend during the forecast period. This is attributed to the need for automated HCM solutions for the smooth running of HR operations in large enterprises.

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However, the SME segment is expected to witness the highest growth owing to the growth in technological advancements of SMEs, which is expected to increase in the coming years and is expected to further fuel the growth of the global human capital management market.

Regionally, the HCM market was dominated by North America in 2021 and is expected to maintain its position during the forecast period, owing to its higher expenditure on technological solutions.

However, Asia-Pacific is expected to witness significant growth over the forecast period, owing to the growth of a number of startups and the expansion of the business sector in the region, which is expected to fuel the growth of the human capital management industry in the region. during the forecast period.

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The impact of COVID-19 has prompted every business and enterprise to shift their business operations to a remote working environment. Also, due to strict guidelines issued by government authorities, people have been forced to be in-house.

This has led to the adoption of human capital management by businesses around the world. Thus, COVID-19 has had a positive impact on the HCM Market. In addition, human capital management is becoming increasingly important, especially as work evolves in connection with COVID-19.

With more employees working remotely and increased demand for specialized skills and workforce data, HCM teams and managers can provide comprehensive support across an organization and bring out the best of each one.

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For example, according to a report published by Glassdoor, in December 2020, more than 51% of job seekers relied on online platforms for new opportunities. Similar trends were witnessed across the globe, which supported the growth of the global human capital management market during the period.

Key players profiled in the Human Capital Management Market analysis are ADP, INC., Cornerstone, Epicore Software Corporation, IBM Corporation, INFOR, Workday, Inc., Oracle Corporation, SAP SE, Sumtotal Systems, LLC, and UKG , Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

KEY FINDINGS OF THE STUDY

• By vertical, the IT & Telecom segment accounted for the largest human capital management market share in 2021.

• By region, North America generated the highest revenue in 2021.

• By enterprise size, the large enterprise segment generated the highest revenue in 2021.

• By mode of deployment, the on-premises segment generated the highest revenue in 2021.

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Finally, this report provides market insights in the most comprehensive manner. The structure of the report has been kept to provide maximum business value. It provides essential insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those looking to enter the market.

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