Aug 07, 2020 (Market Insight Reports) -- A research report on US Human Capital Management (HCM) Software Market features a succinct analysis on the latest market trends. The report also includes detailed abstracts about statistics, revenue forecasts and market valuation, which additionally highlights its status in the competitive landscape and growth trends accepted by major industry players.
US Human Capital Management (HCM) Software Market is valued at USD 14.78 Billion in 2018 and expected to reach USD 28.99 Billion by 2025 with the CAGR of 10.1% over the forecast period.
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Market Analysis of US Human Capital Management (HCM) Software –
Human capital management (HCM) is a crucial part of any organization, government entities and other small to large corporations. Due to growing industrialization, the numbers of people in the organization are increasing with a rapid pace. Hence, to handle such a huge number of employees the digitally-controlled software's are being used that performs various functions of accessing the human behavior, performance and collect the day to day activities in the organization. This software helps and supports human resources in the organization and helps to take the appropriate decisions. In addition to this, the human capital management software makes the task easy and more efficient so that to manage employee's management, acquisition, mergers, and optimization of people in the organizations, to develop future leaders, transparent processes, and a digital HR experience in the organizations. Recently, cutting edge technologies like artificial intelligence, machine learning technologies, block chain, cloud based software and many others are being used for the daily accessing of human behavior. In 2018, Workday Software Company acquired Stories.bi for the usage of advanced technology by analytics and adaptive insights for cloud-based enterprise performance management, human capital management and business intelligence. Recently, during the Covid-19 pandemic in April 2020, to face the imposed challenges Oracle had offered free access to its workforce health and safety solution to help HR professionals for its current human capital management cloud customers.
US Human Capital Management (HCM) Software Market is segmented on the basis of product type, services, deployment, application, end-user and region & country level. On the basis of product type, the market is classified as core HR, workforce management, sourcing and recruiting, applicant tracking system, staffing vendor management and others. On the basis of services, the market is segmented into integration, support and maintenance, consulting and others. On the basis of the deployments are segmented into on cloud and on premise. On the basis of applications, the market is segmented as analytics, training and recruitment, payroll, HR planning and others. On the basis of end-users, the market is segmented into BFSI, manufacturing, healthcare, energy, retail, logistics and transportation and others.
Key Players for US Human Capital Management (HCM) Software Market Report-
US human capital management (HCM) software market reports cover prominent players like SAP SE, IBM, Net Suite, Oracle Corporation, Workday, Inc., Ultimate Software Group, Ceridian, Paycom, Cornerstone OnDemand, Beeline, Azure, Benefit focus, Blackboard, Bullhorn, Businessolver, Campus Management, and others.
US Human Capital Management (HCM) Software Market Dynamics-
The key factor driving the growth of global human capital management (HCM) software market is increasing industrialization which leads to surge in manpower which require for human resource management using the information technology, digital platforms & digitalization. According to International Labour Office (ALO) in 2018, the number of employed people were estimated around 3.3 billion globally and around 360 million people in 2018 were contributing as family workers. Hence, to handle such a huge number of employment, the digital platforms using information technology helps to access the human task, behaviors and management of the these people. According to the CompTIA organization in 2020, the global information technology industry is expected to reach USD 5.2 trillion which directly responsible for the growth of human capital management (HCM) software in this sector. In addition to this, rapidly increasing digitalization with advanced technology is also supplementing the market growth. According to United Nations Conference on Trade and Development (UNCTAD), digital platforms companies are increasing rapidly in the world economy, the market capitalization of these companies were USD 7 trillion in 2017 which was USD 100 million more than with 67% higher than in 2015. This massive rise in digital technology is also supplementing the growth of global human capital management (HCM) software market.
However, one of the major factors that restrict the human capital management (HCM) software market is increasing incidences of cybercrime for the personal data breaches in the organizations. In spite of that, rising focus on manufacturing of computer devices with technological advancement using artificial intelligence, IoT, augmented reality and virtual reality, machine learning, block chain technology, etc. for emerging industries like BFSI, energies, healthcare, telecom and retail can create huge opportunity to fuel the further market growth.
US Human Capital Management (HCM) Software Market Regional Analysis-
North America is expected to dominate the global human capital management (HCM) software market with the potential rate due to surge in information technology services with technological advancement using IoT, cloud based platforms, artificial intelligence and electronic industries in this region followed by Europe. According to the CompTIA organization, the United States is the world's largest tech market accounted around 32% of the total global technology shares with an estimation of approximately USD 1.7 trillion for 2020 the size of the U.S. market.
Key Benefits for US Human Capital Management (HCM) Software Market Report-
US market report covers in depth historical and forecast analysis.
US market research report provides detail information about Market Introduction, Market Summary, US market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
US market report helps to identify opportunities in market place.
US market report covers extensive analysis of emerging trends and competitive landscape.
US Human Capital Management (HCM) Software Market Segmentation:-
By Product Type:
Sourcing and Recruiting
Applicant Tracking System
Staffing Vendor Management
Integration, Support and Maintenance