According to Stratistics MRC, the“Global Human Capital Management Market” is accounted for $15.23 billion in 2017 and is expected to reach $36.82 billion by 2026 growing at a CAGR of 10.3% during the forecast period. Increasing adoption of digital HR technology, the growing popularity of workforce analytics solutions, demand for automated recruitment processes and the rise in acceptance of cloud-based HCM software are some of the key factors driving the market growth. In addition, an increase in the shift towards cloud-based software solutions provides ample opportunities for market growth. However, security issues in cloud computing services are limiting market growth.
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Human capital management is the process of managing the employees in order to progress the overall presentation of the organization. Its main focus is on providing a reasonable advantage to the organization and is implemented in three categories such as workforce gaining, human resource management, and workforce optimization. It is a set of practices for recruiting, controlling, developing and optimizing human resources of a business. Its main functions are managing employee reports, payroll & compensation, benefits & perks, recruitment and selection, training & improvement and workforce analytics.
OPPORTUNITY: Technology is advance at a fast pace, and new HR software is pop up to advantage small and big corporations. Due to cloud computing, the way into this innovation is much easier. Companies that accept cloud computing and cloud-based HR solutions are able to stay ahead of technology trends. It makes it more suitable to adapt and to adopt new solutions – this has made it easier for small companies to take part in larger corporations.
ADVANTAGE: Integration of Ai and Ml in HCM Suites
Human capital management (HCM) is undergoing an intense shift. Much like the industrial revolt that transformed manufacturing, technologies like artificial intelligence (AI), machine learning (ML), and deep knowledge are transforming the way human lives, works and communicate. These systems that frequently consume information to get better the accuracy and effectiveness of human responsibilities hold great potential when paired with human innovation.
On the basis of organization size, large enterprises segment has steady growth during the forecast period due to the growing need to manage a diverse workforce, increase employee productivity, and comply with the system are some of the factors responsible for this high growth.
By geography, North America is projected to witness the fastest growth during the forecast period due to the presence of a large number of HCM vendors and the increasing adoption of cloud-native technologies.
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The Global Human Capital Management Market Leaders are Oracle Corporation, Ultimate Software Group, Inc., Sumtotal Systems, LLC (A Skillsoft Company), Paycom Software, Inc., Peoplestrategy, Inc., Cornerstone Ondemand, Inc., Workday, Inc., SAP SE, Automatic Data Processing, LLC, International Business Machines Corporation, Employwise, Inc., Ceridian HCM, Inc., Infor, Talentsoft and Epicor Software Corporation.
IBM: In July 2019, International Business Machines Corporation acquires Red Hat to boost cloud business such as cloud, software and services and away from traditional hardware products. IBM has faced years of income decline as it transition from its legacy computer hardware business into new technology products and services.
SAP SE: In Oct 2019, SAP SE partners with Microsoft for first-in-market cloud migration offerings to offer holistic bundles that provide customers with unified reference architectures, road maps, and market-approved journeys to elucidate a clear path toward the cloud. As part of this shorten customer journey, Microsoft will re-sell the machinery of SAP Cloud Platform beside Azure. This unique contribution is aimed at more easily migrating SAP ERP and SAP S/4HANA customers from on-premises to the public cloud.
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