According to a new report published by Allied Market Research, titled, Human Capital Management Market by Component, Deployment Type and Industry Verticals: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global HCM market was valued at $13,004 million in 2016, and is projected to reach at $22,174 million by 2023, growing at a CAGR of 7.8% from 2017 to 2023. Managed services segment is anticipated to witness the highest growth rate during the forecast period.
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North America was the highest revenue contributor in the global market in 2016, due to increase in need to automate HR processes such as talent management, performance management, and compensation management. In addition, increase in adoption of cloud-based solutions and low deployment cost & maintenance expense fuel the growth of the market. In addition, Asia-Pacific is anticipated to witness a significant growth rate during the forecast period, owing to the growth in need to streamline HR function, increase in adoption of HCM solution among SMEs, and other factors.
In 2016, the services segment accounted for the highest share in the market. Further the managed services is anticipated to witness the highest growth rate from 2017 to 2023, owing to reduced time and cost linked with optimizing the system in the initial phase of deployment, post production support and empowering organizations to transition smoothly.
The key players profiled in the study include ADP LLC, Cornerstone OnDemand, Epicor Software Corporation, IBM Corporation, Infor, Kronos, Inc., Oracle Corporation, SAP SE, SumTotal Systems, LLC, and Ultimate Software Group, Inc. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to expand the growth of the HCM market.
Key Findings of the Human Capital Management Market:
- The services segment accounted for the highest share in the global human capital management market in 2016, growing at a CAGR of 7.8% from 2017 to 2023.
- Managed services is projected to witness the highest growth rate of 10.4%.
- North America generated the highest share of $7,439 million, in terms of revenue, in 2016.