The Human Capital Management market is set to grow significantly from 2020-2030, driven by AI and ML technologies, and the impact of COVID-19.
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.
Get Sample of the Report : https://www.futuremarketinsights.com/reports/sample/rep-gb-11793
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.
Ask For Regional Data : https://www.futuremarketinsights.com/ask-regional/rep-gb-11793
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 –
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-
By Deployment Mode, human capital management market is segmented into-
By Vertical, human capital management market is segmented into-
Toc of the Report : https://www.futuremarketinsights.com/toc/rep-gb-11793
Report Highlights:
Explore FMI’s Extensive Coverage on Technology Domain
Talent Acquisition & Staffing Technology and Services Market : Talent Acquisition & Staffing Technology and Services Market By Category (Marketing and Advertising, Technologies), Industry (Education, Manufacturing, BFSI), Platform (Internal Referrals, Social Platforms) & Region Forecast to 2022 – 2028
Cognitive Assessment and Training Market : Cognitive Assessment and Training Market By Component (Software, Services, Training, Consulting, Support & Maintenance), By Type (Personal Computers (PCs), Mobiles & Tablets), By End User (Healthcare, Research Organizations, Education, Others) & Region – Forecast 2022 – 2028
Treasury and Risk Management Application Market : Treasury and Risk Management Application Market By Component (Software, Services), By Application (Account Management, Cash and Liquidity Management, Compliance and Risk Management, Financial Resource Management), By Deployment Type (On-premise, Cloud), & Region – Forecast 2022 – 2028
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact:
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: mailto:sales@futuremarketinsights.com
For Media Enquiries: mailto:press@futuremarketinsights.com
The article discusses the growth and trends in the Human Capital Management market from 2020-2030.
AI is automating HR tasks, improving productivity, and enhancing talent acquisition processes.
COVID-19 has increased the demand for virtual HR solutions and highlighted supply chain vulnerabilities.
Explore more articles in the Research Reports category
