The global Human Capital Management market size is expected to grow from USD 17.6 billion in 2020 to USD 24.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period. Integration of emerging technologies, such as Artificial Intelligence (AI), and Machine Learning (ML), with HCM software has emerged as one of the strongest factors for HCM software and services adoption across regions.
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 software where this vertical is expected to outperform other verticals in terms of growth. The vertical has mainly adopted HCM software to have a centralized system to manage the information of all employees irrespective of store location.
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The HCM market comprises major software providers, such as Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Software (US), Ceridian (US), SumTotal (US), Kronos (US),Infor (US), Talentsoft (France), EmployWise (India), PeopleStrategy (US),Cornerstone (US), Meta4 (US), Ramco Systems (India), Bamboo HR (US), Namely (US), Workforce Software (US), Zoho (India), Sage Group (UK), Epicor Software (US), Zenefits (US), Paylocity (US), Gusto (US), Bitrix (US), Benefitfocus (US), WebHR (US), Talentia Software (France), PeopleFluent (US), Vibe HCM (US), Rippling (US), Ascentis (US), and BizMerlinHR (US). The study includes an in-depth competitive analysis of key players in the HCM market with their company profiles, recent developments, and key market strategies.
The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements; and partnerships, acquisitions, and collaborations, have been the most dominating strategies adopted by the major players from 2017 to 2020, which helped them strengthen their offerings and broaden their customer base.
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Oracle (US) has a strong foothold in the HCM market with its robust offerings. The company adopted various organic growth strategies and continues to enhance its expertise in the market. For instance, in May 2020, the company introduced Oracle Analytics for Cloud HCM. The introduction of analytics is to help organizations derive insight from workforce analytics. It offers self-service analytics capabilities to provide HR executives, analysts, and line-of-business leaders with deeper insight. Moreover, Oracle Analytics for Cloud HCM offers cross-functional data model and more than 50 HR KPIs.Ultimate Software (US) is among the leaders in the HCM market with a prominent geographic presence. The company has alliances with many leading companies and has adopted various organic growth strategies to maintain a strong foothold in the industry. For instance, in July 2019, Ultimate Software launched the Employee File Management, which would help HR professionals to easily share documents with third parties irrespective of their location.
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