According to a new market research report “India HCM Market in SMB Sector, by Vertical (IT & ITES, Manufacturing, Professional Services, Retail & Wholesale, Automobile, Healthcare, Textile, Hospitality), & City (Bengaluru, Mumbai, NCR, Hyderabad, Chennai, Pune, Rest of India) – Forecast to 2022″ published by MarketsandMarkets™, The India HCM market size is expected to grow from USD 133 million in 2018 to USD 214 million by 2022, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period.
The major factors fueling the market growth are the reduction of business costs in all departments, simplified core Human Resource (HR) operations, recruitment requirements for SMEs, and user interface and advanced security features. Growth in millennial/ GenY workforce, the growing preference for transparent performance management system, the hiring and onboarding processes evolving for SMEs, and the development of leadership programs (training modules) could provide growth opportunities for the vendors in the market.
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IT and ITES vertical to hold the largest market size during the forecast period
IT and ITES is one of the most attractive verticals among the Small and Medium-sized Business (SMBs) for hardware adoption. IT and ITES companies ensure that employees undergo rigorous training and learning to understand the working of the current technical environment. Therefore, advanced technologies and various software and solutions can push this vertical to prioritize its actions and manage its workforce smoothly.
Bengaluru to have the largest market size during the forecast period
Bengaluru emerges as the biggest city in terms of adopting HCM software among the SMBs. The reason behind the highest adoption in Bangalore can be contributed to the number of startups in India, and Bengaluru is called the IT hub of India. These companies are focusing on automation of processes, such as new hires, and are therefore, focusing on integrating HCM software into operations to streamline various business processes.
Hospitality, and healthcare and life sciences are fastest growing verticals
Hospitality, and healthcare and life sciences are expected to be fastest growing verticals in the India HCM market. Various vendors in the market are trying to find opportunities across these verticals. Hospitality and healthcare would grow at fast rate, as players in the market are focusing on targeting various hospitals to get untapped opportunities.
Ahmedabad and Pune are the fastest growing cities
Ahmedabad and Pune are expected to be the fastest growing cities in the India HCM market. The increasing focus of vendors, the increasing number of initiatives toward the adoption of HCM software would act as a growth driver for the adoption of HCM software across these cities.
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Major vendors in the India HCM market include Keka (Hyderabad), Darwinbox (Hyderabad), greytHR (Bengaluru), ZingHR (Mumbai), People Works (Bengaluru), and Zoho (Chennai). These vendors have adopted various growth strategies in the India HCM market.
ZingHR is one of the key players in the market that is undertaking various growth strategies; for instance, the company is focusing on the product development and enhancements strategy. This is evident from the fact that, in June 2018, the company launched a new feature on its website that is related to pricing. This feature allows customers select and customize desired module and pay for only those modules.
Keka is another significant player in the market that concentrates on direct selling and leverages its Unique Selling Proposition (USP) on special features and customer support, such as customer winning user interface and consistent and free support services to enter new market or acquire new customers. The company is primarily focused on product development and enhancement. This is evident from the fact that, in July 2018, Keka made enhancements to its Core HRMS module by improving the features on its desk dashboard and reports.
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