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(IT-NEWSWIRE.COM, October 08, 2019 ) MarketsandMarkets forecasts the a new market research report “The HCM market is estimated to be USD 14.50 billion in 2017 and is expected to reach the market size of USD 22.51 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 9.2%. The rise in demand among enterprises to improve the workforce management for maximizing the employee contribution through systematic feedback and goal setting is expected to be helping this market to grow significantly.
Human Capital Management (HCM) solutions help organizations streamline and automate day-to-day Human Resources (HR) processes to manage administration, payroll, performance, and succession planning, as well as, improve the overall productivity for organizations.
Browse 65 market data Tables and 71 Figures spread through 139 Pages and in-depth TOC on "Human Capital Management Market - Global Forecast to 2022"
One of the most innovative developments in the HCM market is the introduction of cloud-based HCM solutions that are capable of providing backend technical expertise, with no installation costs or ongoing maintenance costs. The application combines up-to-date HR solutions, without having to negotiate with the Information Technology (IT) team for resources or technical infrastructure. This results in low investment costs and reduces the investment in building the IT infrastructure, which consists of multiple servers, databases, and operating systems. The need for cloud-based solutions has increased in the past few years, as organizations experience higher scalability and agility over cloud deployment.
The HCM component segment comprises the software and services segments. The services segment is expected to exhibit a high growth during the forecast period. The rise in demand among enterprises for better workforce management and a high performance software is expected to drive the market for HCM. The major factors responsible for the substantial growth of this market is the need to have automated systems to speed up the HR activities. Additionally, the need to automate HR processes, boost customer service, and improve the overall productivity for organizations is expected to drive the growth of the HCM market, further.
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Small and Medium-Sized Enterprises (SMEs) are expected to experience a substantial growth in the HCM market due to the growing adoption of cost-efficient, cloud-based solutions. SMEs are expected to adopt cloud-based solutions due to the budget constraints related to IT enlargement.
In the verticals segment, Banking, Financial Services, and Insurance (BFSI) is expected to contribute the highest CAGR during the forecast period. Whereas, the other industry verticals, such as consumer goods and retail, healthcare and life sciences, and telecom and IT are expected to create potential opportunities for HCM vendors during the forecast period. North America is the largest shareholder at present and is expected to remain the same during the forecast period. However, due to the faster adoption of technological advancements, the HCM market is maturing in this region. Asia Pacific APAC is expected to witness the highest growth rate during the forecast period due to the increasing number of mobile device users and many emerging industries in the region.
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