CHICAGO, Dec. 2, 2019 /PRNewswire/ -- According to a new market research report "Human Capital Management Market by Software (Core HR, Applicant Tracking System, HR Analytics, Workforce Management), Service, Deployment Type (cloud and on-premises), Organization Size, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global HCM market size is expected to grow from USD 16.7 billion in 2019 to USD 26.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period.
Integration of emerging technologies, such as Artificial Intelligence (AI) and Machine Learning (ML), with HCM solutions has emerged as one of the strongest factors for HCM solution and services adoption across regions
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Large enterprises segment to hold a larger market size during the forecast period
The adoption of HCM is high among large enterprises as these enterprises have to manage huge volumes of personnel information for employees located across geographies and need a centralized system to manage this information.
Consumer goods and retail segment to grow at the highest CAGR during the forecast period
Consumer goods and retail segment is expected to have the highest adoption of HCM solutions where this vertical is expected to outperform other verticals in terms of growth. The vertical has mainly adopted HCM solutions to have a centralized system to manage the information of all employees irrespective of store location.
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North America to account for the highest market share during the forecast period
North America has always been at the forefront of adopting advanced technologies and has depicted a high adoption of HCM. Many companies in North America are increasingly adopting HCM solutions to gain holistic visibility into their employees and improve the overall performance of their system. Moreover, a direct presence of many major HCM vendors in North America has further added to the high adoption of HCM solutions in North America.
The major players in the Human Capital Management Market are Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Software (US), Ceridian (US), SumTotal (US), Kronos (US), Infor (US), Cornerstone (US), Meta4 (US), Ramco Systems (India), Bamboo HR (US), Namely (US), and Workforce Software (US). The study includes the in-depth competitive analysis of key players in the HCM market with their company profiles, recent developments, and key market strategies.
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