The human capital management software market is expected to exhibit a strong 9% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The human capital management software market is majorly driven by the growing demand for automation and data-driven solutions in the corporate sector. The human capital management software market is expected to reach a valuation of USD 24 billion by 2023, according to the MRFR report. The human capital management software market is studied in great detail in the latest report from Market Research Future (MRFR), which includes a detailed analysis of the market’s historical growth trajectory and present condition. Major trends operating in the global human capital management software market are examined in the report. Based on this information, accurate and reliable projections for the market’s likely growth trajectory over the forecast period till 2022 are presented in the report.
Leading drivers and restraints operating on the global human capital management software market are examined in the report. The impact of these major drivers and restraints on the global human capital management software market is examined in detail in the report. Thus, the major factors enabling the market’s growth are enlisted and profiled in the report. Leading players operating in the global human capital management software market are also profiled in the research report. The competitive landscape of the global human capital management software market is thus examined in detail in the report. The report also examines the impact of the COVID-19 pandemic on the global human capital management software market.
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Human capital management software is software that does the job of traditional human resources departments. Various parts of the traditional HR’s functions can be automated with the advent of powerful software solutions. Activities such as scouting and talent acquisition can be better handled by machine intelligence, which can find the relevant and accessible options much quicker than human users. Once the candidates are hired, management of the hired employees can also be better handled by software, which eliminates human error and provides detailed, categorized information on various aspects of the employee’s performance. This allows better long-term management of the employee, including salary cycles, performance-related benefits and incentives, and other concerns. The comfort provided by human capital management software has enabled growing demand for the same from the corporate sector in recent years. Growing awareness about human capital management software and the increasing reluctance to use paper-based data storage mechanisms in HR operations are likely to be the major drivers for the global human capital management software market over the forecast period.
Human Capital Management Software Market Key Players:
Leading players in the global human capital management software market include -
- Oracle Corporation (U.S.)
- SAP SE (Germany)
- International Business Machines Corporation (U.S.)
- NetSuite Inc. (U.S.)
- Workday, Inc. (U.S.)
- Ultimate Software Group, Inc. (U.S.)
- ADP, LLC (U.S.)
- Cornerstone OnDemand (U.S.)
- Benefitfocus Inc. (U.S.)
- BambooHR (U.S)
- PeopleFluent (U.S)
- Ultimate Software Group, Inc. (U.S)
- Zoho Corporation (India)
- WebHR (U.S)
- CakeHR (U.K)
- Epicor Software Corporation (U.S)
- Infor (U.S)
- Kronos Incorporated (U.S)
- The Sage Group plc. (U.S)
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Human Capital Management Software Market Segmentation:
The global human capital management software market is segmented on the basis of software, service, deployment, organization size, application, end use, and region.
By software, the global human capital management software market is segmented into core HR, workforce management, sourcing and recruiting, applicant tracking system, staffing vendor management, and others.
By service, the global human capital management software market is segmented into integration, support and maintenance, consulting, and others.
By deployment, the global human capital management software market is segmented into cloud and on-premise.
By organization size, the global human capital management software market is segmented into SMEs and large enterprises.
By application, the global human capital management software market is segmented into analytics, training and recruitment, payroll, HR planning, and others.
By end use, the global human capital management software market is segmented into BFSI, manufacturing, healthcare, telecom, energy, retail, logistics and transportation, and others.
Human Capital Management Software Market Regional Analysis:
North America is the leading regional market for human capital management software due to the widespread awareness about this type of software in the region. Asia Pacific countries such as Japan, China, and India are also likely to emerge as major regional markets for human capital management software over the forecast period.
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