PUNE, India, Oct. 1, 2019 /PRNewswire/ -- Human resource strategy plays a crucial role in building skills, technology, ensure employee behavior and motivation to help the business grow. In the age of globalization, firms are adopting smart and advanced technologies to manage data processing. Human capital management is one such solution, helping organizations to manage resources and streamline HR functions. Workday's HCM suite has the ability to prioritize privacy and security of employee data to support GDPR compliance and other regulations in Europe.
According to a published report by Fortune Business Insights in a report, titled "Human Capital Management (HCM) Market: Global Market Analysis, Insights, and Forecast, 2018-2026," studies growth opportunities and threats prevalent in the market. As per the report, the global market is anticipated to chart a healthy CAGR of 9.4% between 2018 and 2026. The report offers qualitative and quantitative insights into the market to help our readers understand the current market scenario. The report further highlights key market drivers, impacting factors, and strategies adopted by key players. As per the report, the global human capital management market was worth USD 15.04 Billion in 2018 and is anticipated to reach USD 30.55 Billion by 2026. Introduction of predictive analytics and digital transformations will boost the HCM market growth.
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Market Segmentation as Per Offering, Organization, and Region
As per offering, HCM solutions are expected to cover the major portion of the HCM market share in the forecast years. Some of the main HCM solutions include core HR, workforce management, talent management, and payroll & compensation. Of these, workforce management and core HR enjoy a leading position in the market, fueling the HCM market demand. These solutions help HR personnel to take strategic decisions while planning initiatives for talent acquisition and recruitment. Core HR solution ensures to maintain transparency between management and employees. Workforce management solution analyzes data for businesses and monitors HR activities. Moreover, the demand for workforce management HCM solution is increasing in migration services, plug-in development, and extension.
The demand for human capital management software is increasing across BFSI, IT & telecom, healthcare, manufacturing, government, education, and others. Of these, IT & telecom and BFSI are expected to see the highest demand for HCM technology, thereby increasing the human capital management market size. In 2018, the IT and telecom sector covered a share of 21.8%. This, along with BFSI, is expected to cover the highest share
in the global market. Organizations working in these sectors continue to focus on finding the best talent and optimizing the potential of their employees to achieve organization's target. The demand for HCM software is increasing across manufacturing, healthcare, and education too. Rapid changes in workforce management creating need for organizations to automate their talent acquisition processes.
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In 2018, the HCM market in North America was valued at USD 7.27 Billion and is expected to maintain its dominance through the forecast years. The growth is attributable to the increasing adoption of workforce analytics and employee experience platforms. Furthermore, the emergence of mobile apps for HR personnel is another factor create growth opportunities for the market in North America. Considering this, the human capital management market revenue is expected to surge over the projected horizon in this region. The rising focus on bringing automation in managing workforce tasks is expected to drive the market in Europe by 2026.
Apart from these two regions, the market in Asia Pacific is anticipated to grow at a faster rate in the forecast years. Rising developments in talent management practices and core HR is likely to augment demand for HCM solution in this region. In addition to this, the rising shift from the agricultural sector to services sector among the people is enabling growth in the market in Asia Pacific. This shift is mainly on account of better lifestyle and higher pay scale.
As per the report, some of the leading players operating in the market are mentioned below:
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