Human Capital Management Market to Witness Significant Incremental Opportunity during 2020-2030

Research Reports

Posted on January 11, 2022

Human capital management is a process or set of practices that are associated to people resource management. The process comprises of recruiting, managing, developing and optimizing the human resources of an organization to drive engagement, productivity, and business value.

Various components of human capital management includes workforce planning and management, performance management, payroll and compensation management, recruitment and others. To deal with ever increasing list of HR processes, various IT players are developing advance human capital management software’s that helps to streamline HR operations.

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The rapid advancements in human capital management software’s with the integration of AI and ML technologies would propel the market growth in the coming years.

Impact of COVID-19 Pandemic Outbreak on Human Capital Management Market

The widespread impact of novel coronavirus pandemic is revealing a significant vulnerability in corporate supply chains. Business process functions across most industries are severely disrupted due to the immense pressure of the pandemic crisis.

As all organizations across the world are in response to the threat of the coronavirus (COVID-19), human capital management functions have important roles to play. The crisis has forced organizations to relook at HR processes and operations. According to estimates, more than 70% of the organizations are now moving to virtual methods of recruitment, with the help of emerging technologies like AI, robotic process automation and ML.

The impact of COVID-19 heighten the supply chain vulnerabilities, and organization are in need of better human capital management solutions. Historically, the market for human capital management has grown by almost 9% globally in the past 5 years.

But after the COVID-19 outbreak, the demand for human capital management solutions has been increased to some extent, with the market projections increase by nearly 3%-4% in Q1-Q2 2020, as organizations are demanding better human capital management software to ensure business continuity; manage virtual workforce; managing employee engagement and other applications.

Human Capital Management Market: – Market Dynamics

Integration of AI and ML Technologies in Human Capital Management Software is spurring the growth of Human Capital Management Market

Over the past few years, there are rapid changes in the global business environment like technological development, emerging-markets growth, changing demographics, regulations and cost are driving the need of advanced human capital management systems.

The integration of AI, ML and Natural Language Processing (NLP) technologies with human capital management systems helps to meet the above challenges. These technologies helps to automate routine HR tasks, deliver personalized experiences, and gain actionable insights from HR data.

Integrating AI models in administrative tasks helps to improve workforce productivity and help organizations to streamline HCM processes. Whereas, the NLP technology helps to improve talent acquisition processes along with identification of skilled and knowledge employees. Hence, various traditional human capital management software providers are leveraging the benefits of these technologies to stay ahead in the market.

Need to Streamline HR Related Operations

The human capital management systems helps to transform traditional administrative operations HR departments. These systems help HR’s by automating various operations including talent acquisition process, employee onboarding, retention, performance management, payroll management and other major HR operations.

These systems also helps to highlight the importance of soft skills and personality development for employees. Moreover, the cloud-based human capital management models offers various benefits like global and mobile access from anywhere, reduces on-premise IT infrastructure and expenses, built-in disaster recovery protection services and among others. These key benefits of human capital management systems would propel the growth of market coming years.

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Human Capital Management Market: – Key Players

Key players in the human capital management market are focusing on product innovation and strategic partnerships with the technology vendors to collaborate for offering advanced human capital management software and services to streamline HR operations. The major players offering human capital management software includes –

Oracle
Workday, Inc.
Ceridian
ADP
SAP
Microsoft
IBM and among others.

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global human capital management market.

The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with human capital management market attractiveness as per segments. The report on human capital management market also maps the qualitative impact of various factors on human capital management market segments and geographies.

Human Capital Management Market: – Segmentation

By Software, human capital management market is segmented into-

HR operations and Payroll Management
Applicant Tracking System
Workforce Management
HR Analytics
Services
Professional Services
Consulting
Training and Education
Reporting and Dashboards
Support and Maintenance
Managed Services

By Deployment Mode, human capital management market is segmented into-

Cloud-Based
On-Premises

By Vertical, human capital management market is segmented into-

Banking, Financial Services, and Insurance (BFSI)
Government
IT and Telecom
Manufacturing
Healthcare
Retail
Energy and Utilities
Transportation and Logistics
Others

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Report Highlights:

A detailed overview of parent market of human capital management market
Changing human capital management market dynamics in the industry
In-depth segmentation of the human capital management market
Historical, current, and projected human capital management market size by value
Recent industry trends and developments in human capital management market
Competitive landscape of the human capital management market
Strategies for key players in human capital management and solutions and services offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on human capital management market performance
Must-have information for Human Capital Management market players to sustain and enhance their market footprint

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