About HCM Software
Human capital management (HCM) is crucial for business success as workforce trends and laws add more complexity to recruitment, legislative compliance, retention, and employee management. In today's workstations, workforce management's success needs that HR managers act proactively rather than reactively. Human capital management helps them to do so by bringing HR functions together in one accessible place, such as an HCM software suite. The HCM software is also referred to as a human resource management system (HRMS) or human resource information system (HRIS).
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global HCM Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Oracle Corporation (United States), SAP SE (Germany), International Business Machines Corporation (United States), NetSuite Inc. (United States), Workday, Inc. (United States), Zoho Corporation (India), Ultimate Software Group, Inc. (United States), Cornerstone OnDemand (United States), CakeHR (United Kingdom) and Benefitfocus Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are BambooHR (United States), Epicor Software Corporation (United States), Kronos Incorporated (United States) and The Sage Group plc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global HCM Software market by Type (Core HR, Workforce Management, Sourcing and Recruiting, Applicant Tracking System and Staffing Vendor Management) and Region.
On the basis of geography, the market of HCM Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Mode, the sub-segment i.e. On-Premise will boost the HCM Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Enterprise Size, the sub-segment i.e. Small and Medium Enterprises (SMEs) will boost the HCM Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Banking, Financial Services, and Insurance will boost the HCM Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Use of Cloud-Based Software Solutions
Market Growth Drivers:
Rising Need for Simplified Management of Geographically Spread Workforce and Increasing Demand for Mobile HCM Applications
Challenges:
Slow Adoption Rate of New Solutions in Organizations
Restraints:
Concerns Regarding Security and Data Privacy
Opportunities:
Potential Growth Offered by Emerging Economies
Market Leaders and their expansionary development strategies
In October 2023, Construction firms have unique payroll and HR challenges, such as, job costing, managing government compliance and reporting, attracting and retaining workers, unions and managing multiple projects across different sites. To solve these problems, ADP, a global technology company providing human capital management (HCM) solutions, is launched ADP Workforce Now for Construction, the first comprehensive HCM solution tailored for the construction industry. Built within ADP Workforce Now®, a leading all-in-one HCM solution, this specialized software provides construction firms everything needed to run payroll accurately, manage HR efficiently, and recruit and develop workers more effectively.
On Oct 17, 2019 - Zoho Corporation, a global, privately held company that offers the most comprehensive suite of business software applications in the industry, announced the release of Catalyst, the company's visionary full-stack serverless platform for developers.
Key Target Audience
HCM Software Providers, Software Developers, Software Solution Providers, Network Providers, IT and Telecom Industry, Healthcare Industry, Governmental Bodies and Research Firms
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.