Widespread Workforce Drives HCM Market Growth

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Increasing complexities of managing the widespread
workforce is expected to drive the Human Capital Management Market (HCM) to
grow at a CAGR of 9.2% from $14.5 billion in 2017 to touch $22.51 billion by
2022, according to the latest MarketsandMarkets report titled, “Human
Capital Management Market by Software (Core HR, Workforce Management, Sourcing
and Recruiting, Applicant Tracking System, Staffing Vendor Management),
Services, Deployment Type, Organization Size, and Region – Global Forecast to
2022.”

New
technologies and mobility is enabling employees to work from anywhere,
resulting in the workforce being widespread. To combat this and to gain a
better control and improve engagement with the widespread workforce,
organizations are increasingly trying to standardize processes for their core
Human Resources (HR) activities, talent management and workforce management.

The
HCM solutions market offers software for core HR, workforce management,
applicant tracking, sourcing and recruiting, and staffing vendor management.
Due to skill gap, talent acquisition has become critical. As a result, sourcing
and recruiting solutions are expected to grow significantly during the forecast
period. But, core HR and workforce management segments will dominate the global
HCM market for the next few years.

HCM
vendors also provide various services like consulting, implementation, support
and maintenance, and training and support. The report predicts that the segment
for support and maintenance service will grow at a faster rate.

The
cloud-based HCM solutions market is expected to grow during the forecast period
due the benefits of quicker implementation, lower costs and scalability that
the cloud-based solutions provide. This will be the major reason why Small and
Medium-Sized Enterprises (SMEs) will increasingly adopt cloud-based HCM
solutions. The secure access provided by cloud-based HCM solutions that allow
HR users to carry out administrative activities through a secure HR portal will
be another major driver for the increased adoption of cloud-based HCM
solutions.

Among
the various industry verticals, the report predicts that the consumer goods and
retail sector will grow at the highest CAGR during the forecast period due to
significant adoption of HCM solutions and services in this industry. The new
technologies like cloud, analytics, and mobile technologies have also
contributed to the increased adoption of HCM solutions in Banking, Financial
Services, and Insurance (BFSI), healthcare, and transportation and logistics industries.

Regionally
North America dominates that global HCM solutions market. The high rate of
digital technology adoption across industries in this region, particularly in
the US and Canada, is expected to drive the dominance of this region even
during the forecast period. But, the report predicts that the developing
markets in the Asia Pacific (APAC), Middle East and Africa (MEA) and Latin
America regions provides a lot of scope for the growth of the HCM solutions
market in this region.

The
main vendors in the global HCM market include Workday, Oracle, SAP, Kronos,
ADP, and Ultimate Software Group. Other stakeholders of the Human Capital
Management market include human resource vendors, distributors, Original
Equipment Manufacturers (OEMs), consulting service providers, human resources
service providers, resellers, telecom operators, enterprise users, and
technology providers.

Here at Converge HR Solutions, we specialize in Human Capital
Managed Services. These offers include: payroll processing, tax &
regulatory compliance, benefits administration, time & labor, and human
resources management. Tap into our HCM expertise and start profiting from your
people. For more information, visit our website at https://convergehrsolutions.com/
or email us directly at info@convergehrsolutions.com or
610-296-8550.

Article Source: https://www.hrtechnologist.com/news/core-hr-functions/widespread-workforce-drives-hcm-market-growth/

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