The Human Capital Management (HCM) Solutions Market report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the human capital management (HCM) solutions market between 2022 and 2027 is USD 11.20 billion.
The increasing demand for unified solutions for all HR functions is a major driver for the growth of the market. Due to the increased adoption of digital technologies, most companies prefer unified solutions for all HR functions. Also, they automate payroll, recruitment, performance review, onboarding, training, time and attendance management, strategic planning, and operation control processes. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
- Market Challenge –
The rising workforce diversity is a major challenge impeding market growth. As a result of technological developments, the preference for digital technologies has increased. This leads to various open-source software solutions posing stiff competition for HCM solutions. There are multiple companies that offer on-premise and cloud-based open-source software for HCM solutions.
The human capital management (HCM) solutions market is segmented by Application (Core HR, Talent, and Workforce), Component (Solution and Service), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
- By application, the core HR segment will be significant for overall market growth during the forecast period. These functions include employee recruitment, employee training, payroll, scheduling, benefits administration, internal relations, and safety and compliance. Organizations are rapidly adopting digital technologies. This factor, along with the need for cost reduction and efficient workforce management, will increase the demand for HCM solutions for core HR applications during the forecast period. For instance, Oracle Corp. (Oracle), SAP SE (SAP), and Workday Inc. (Workday) offer various HR functional software solutions, which help in managing basic information about employees and process data for future reference. Hence, with the growth in the use of HCM solutions, more companies are expected to use HCM solutions for core HR applications during the forecast period.
