Key Market Players in the Human Capital Management Market and Its Opportunities for growth

Posted on 2019-10-22 by MarketsandMarkets in Technology // 0 Comments

The global Human Capital Management Market size is expected to grow from $14.50 Billion in 2017to $22.51 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period, as per a report by MarketsandMarkets.

The key factors driving the graph database market include growing demand for systems’ capability of processing low latency queries, and the adoption of Artificial Intelligence (AI)-based graph database tools and services.

How growing shift toward cloud-based software solutions to open an opportunity?

The cloud-based deployment model has gained significant traction since the past decade. As per Cisco Global Cloud Index Forecast, the global cloud IP traffic is expected to grow at a CAGR of 30% during 2015–2020. The cloud-based deployment offers benefits over on-premises, such as lucrativeness, easy and high speed of deployment, and more agile management and operations of the software. The cloud platform serves the needs of geographically dispersed business units by providing one consolidated platform. In order to leverage the benefits of this technology, organizations are shifting from on-premises HCM solutions to solutions on cloud. Considering the demand for cloud solutions, HCM vendors are focusing on providing SaaS-based solutions, resulting in lower cost and higher Return on Investment (ROI) for the companies. For instance, in January 2017, Sage launched a cloud-based HCM (Sage People) in Canada that is targeted to cater to the HCM needs of mid-sized enterprises. Furthermore, in 2014, Lumesse and Salesforce.com partnered to develop cloud HCM apps.

The transition from the on-premises deployment to the cloud-based deployment is an upcoming opportunity for most vendors, as on-premises implementations are costly and risky compared to the SaaS-based deployment, which offers flexibility and stability to most organizations. Furthermore, it also limits capital expenditure and optimizes the return on assets. Thus, the transition to cloud is an added opportunity for HCM vendors.

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Key Market Players for Human Capital Management Market

The Human Capital Management Market consists of major players such as Workday, Inc. (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Kronos, Inc. (U.S.), Automatic Data Processing, LLC (U.S.), Ultimate Software Group, Inc. (U.S.), IBM Corporation (U.S.), SumTotal Systems, LLC (U.S.), Employwise (India), Paycom Software, Inc. (U.S.), Ceridian HCM, Inc. (U.S.), and PeopleStrategy, Inc. (U.S.) in this market.

The key players also adopted the strategy of partnerships, agreements, and collaborations. For example, Epicor entered into a strategic partnership with ADP to expand the integration of ADP Workforce Now, an HCM platform with integrated features of Epicor ERP and HCM. In another development, Ceridian and WorkAngel partnered to form a new employee engagement company.

HCM solution vendors across the world are constantly adding innovation to their products and services to offer augmented solution offerings and serve them in a better manner. HCM solutions and services are being increasingly adopted across various industries, which have led to the growth of the market across the globe. North America is expected to hold the largest market share during the forecast period, whereas APAC is expected to exhibit potential growth opportunities for the HCM ecosystem players to explore and cater to new clients.

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