The Global Human Capital Management Market is anticipated to have gain considerably from increasing digitalization in developing nations, finds Fortune Business Insights in a report, titled “Human Capital Management Market Size, Share and Global Trend By Applications (Core HR, Employee Collaboration & Engagement, Recruiting and others), By Services (Integration, Support & Maintenance, Training & Consulting), By Deployment (Cloud & On-premises), By Industry Vertical (BFSI, Government, Healthcare and others) and Geography Forecast till 2025.”
As per a report published by the Society for Human Resource Management, globally 66% of organizations have adopted human capital management solution. This in response is anticipated to increase growth in the global market.
On the basis of region, North America held a considerable share in 2017. The region is also expected to emerge dominant over the forecast period 2018-2025. The market has witnessed huge investments, especially in the U.S. and Canada, to technologically upgrade the human capital management software. This is expected to encourage the adoption of automated human resource (HR) process such as talent management and performance management.
“Key players are anticipated to promote digitalization in developing nations, backed by increasing Internet penetration. This is further expected to increase the adoption of human capital management software and increase growth rate in the market.” Said a lead analyst at Fortune Business Insights.
Adoption of Cloud-based Business Model to Fuel Demand in Market
Rising adoption of the cloud-based business model and increasing demand for talent mobility are a few factors anticipated to drive the global human capital management market. Furthermore, integration of Artificial Intelligence in human capital management system is likely to fuel the demand in the market.
Technological upgrades taking place in the human capital management software is a major factor facilitating the adoption of software. For instance, Infor. Acquired Alfa-Beta Solutions in 2018. The aim of the acquisition was to deploy cloud-based solution in HRM service. The acquisition led to the introduction of CloudSuite HCM. The software is based on the cloud model and offers refined automated technology, secure operations, and others.
However, high cost associated with HRM solution is a major factor that may restrain the market to a certain extent. Besides this, technical complications in the software might hamper the growth in the global market.
Oracle to Attain Higher Share in Market Owing to Acquisition of Dyn
The global human capital management market is expected to expand at a promising CAGR. Market players are experimenting with various strategies to lead the market. For instance, Oracle Corporation acquired Dyn, Inc. in 2017. Oracle executed the acquisition to strengthen its cloud-product offering by enhancing functions such as workforce scheduling, sourcing and recruiting, applicant tracking, and time management.
Top Players List:
- Cornerstone OnDemand
- Epicor Software
- Kronos Incorporated
- SumTotal Systems
View Related Reports: