This Human Capital Management market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Human Capital Management market.
Human Capital Management Market: - An Overview
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.
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.
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 -
- Workday, Inc.
- 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.
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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
- Professional Services
- Training and Education
- Reporting and Dashboards
- Support and Maintenance
- Managed Services
By Deployment Mode, human capital management market is segmented into-
By Vertical, human capital management market is segmented into-
- Banking, Financial Services, and Insurance (BFSI)
- IT and Telecom
- Energy and Utilities
- Transportation and Logistics
- 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
Frequently Asked Questions
What research methodology is used to develop the Human Capital Management Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Human Capital Management Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Human Capital Management Market report?
In addition to up-to-date market figures and customized of the Human Capital Management Market, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.