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

The Human Capital Management market size is expected to grow from USD 14.50 Billion in 2017 to USD 22.51 Billion by 2022, at an estimated Compound Annual Growth Rate (CAGR) of 9.2%. The forecast period has been considered from 2017 to 2022, while 2016 is considered as the base year for estimating the market size.

Objectives of the Study

The main objective of this report is to define, describe, and forecast the Human Capital Management market on the basis of segments, which include components, deployment types, organization sizes, verticals, and regions. The report provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). The report forecasts the market size with respect to 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It strategically profiles key players and comprehensively analyzes their core competencies. This report also tracks and analyzes competitive developments, such as mergers and acquisitions, new product developments, and Research and Development (R&D) activities in the HCM market.

The research methodology used to estimate and forecast the Human Capital Management market began with the collection and analysis of data on key vendor product offerings and business strategies from secondary sources, such as Information Technology (IT) service providers, technology providers, press releases, investor presentations of companies, white papers, technology journals, certified publications, and articles from recognized authors, directories, and databases. The vendor offerings were also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the total market size of the HCM market from the revenue of the key market software tool providers and service providers. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of the primary participants is depicted in the figure below:

To know about the assumptions considered for the study, download the pdf brochure

Industry Ecosystem

The HCM ecosystem comprises vendors, such as Workday, Inc. (US), Oracle Corporation (US), SAP SE (Germany), Kronos, Inc. (US), Automatic Data Processing, LLC (US), and Ultimate Software Group, Inc. (US), service providers, system integrators, and enterprises. 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.

Key Target Audience

• HCM solution providers
• HCM platform providers
• Recruiting firms
• Cloud service providers
• Third-party providers
• Channel partners
• Enterprises
• Professional service providers
• HR representatives

Scope of the Report

The research report categorizes the Human Capital Management market to forecast the revenues and analyze the trends in each of the following submarkets:

By Software

• Core HR
• Workforce management
• Sourcing and recruiting
• Applicant tracking system
• Staffing vendor management
• Others (Onboarding and recruitment marketing)

By Service

• Integration
• Support and maintenance
• Consulting

By Deployment Type

• On-premises
• Cloud

By Organization Size

• Small and Medium-Sized Enterprises (SMEs)
• Large enterprises

By Vertical

• Banking, Financial Services, and Insurance (BFSI)
• Government
• Manufacturing
• Telecom and IT
• Consumer goods and retail
• Healthcare and life sciences
• Energy and utilities
• Transportation and logistics
• Others (hospitality, education, and media and entertainment)

By Region

• North America
• Europe
• MEA
• APAC
• Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

• Product matrix which gives a detailed comparison of the product portfolio of each company

Geographic Analysis

• Further breakdown of the North American Human Capital Management market into countries
• Further breakdown of the European HCM market into countries
• Further breakdown of the APAC HCM market into countries
• Further breakdown of the MEA HCM market into countries
• Further breakdown of the Latin American Human Capital Management market into countries

Company Information

• Detailed analysis and profiling of additional market players

Growing demand for mobile human capital management (HCM) applications and simplified management of geographically spread workforce to drive the global HCM market to USD 22.51 billion by 2022

HCM solutions and services streamline the entire Human Resource (HR) process to optimize the management of different functions, such as sourcing and recruiting, payroll and compensation, applicant tracking, workforce scheduling, and time and attendance management. As organizations are focusing on minimizing costs associated with HR function, HCM solutions and services are gaining demand. HCM solutions and services enable organizations to realize various benefits such as increased workforce productivity and employee engagement, and reduced cost of HR functions.

Increasing demand for talent mobility and mobile HCM applications will fuel the growth of human capital management market.

The HCM software manages and provides information of employees to the HR team. Organizations, irrespective of their size and industry vertical, require the support of HCM software to manage their employees. Employees in the BFSI vertical are under continuous pressure to meet the daily or monthly targets and stay up-to-date with the financial trends. Financial bodies ensure that employees undergo rigorous training and learning to understand the working of the current financial instruments. Therefore, HCM software and solutions can help BFSI vertical prioritize its actions and manage its workforce smoothly. Furthermore, the consumer goods and retail vertical is evolving and expected to grow rapidly, in terms of technological changes, customer needs, and employment. Various tasks, such as forecasting, budgeting, level of customer satisfaction, on-time task execution, and scheduling store labor, are major challenges for this vertical. Moreover, retailers need to gain more visibility and control over diversified and mixed workforce consisting of in-store employees, drivers, and field service providers, both internally and externally. With such complexities, the consumer goods and retail vertical requires to focus on employee selection and retaining the right employees.

Evolving potential markets and growing shift toward cloud-based deployment are major opportunities in the market

HCM solutions and services are gaining traction across different industry verticals such as retail, IT and telecom, BFSI, manufacturing, energy and utilities, and healthcare. North America and Europe are well equipped with the latest technologies related to the HCM market and also there is a presence of large number of HCM vendors in these regions. In the regions of APAC and MEA, the adoption is still in its growth stage and is expected to increase in the coming years. Emerging nations in APAC, such as Australia, Japan, and China, are readily adopting HCM technologies, which has resulted in the growing demand for workforce management and analytics solutions.

The cloud-based deployment offers benefits over on-premises, such as lucrativeness, easy and high speed of deployment, and more agile management and operations of the software. The cloud platform serves the needs of geographically dispersed business units by providing one consolidated platform. In order to leverage the benefits of this technology, organizations are shifting from on-premises HCM solutions to solutions on cloud. Considering the demand for cloud solutions, HCM vendors are focusing on providing SaaS-based solutions, resulting in lower cost and higher Return on Investment (ROI) for the companies.

Market Dynamics

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
    1.4 Years Considered for the Study
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakdown of Primaries
                    2.1.2.2 Key Industry Insights
    2.2 Market Size Estimation
    2.3 Microquadrant Research Methodology
           2.3.1 Vendor Inclusion Criteria
    2.4 Research Assumptions and Limitations

3 Executive Summary (Page No. - 24)

4 Premium Insights (Page No. - 27)
    4.1 Attractive Market Opportunities in the Human Capital Management Market
    4.2 Human Capital Management Market By Vertical and Region
    4.3 Market By Deployment Type
    4.4 Market By Component
    4.5 Market By Organization Size
    4.6 Market Potential
    4.7 Life Cycle Analysis, By Region (2017)

5 Market Overview and Industry Trends (Page No. - 31)
    5.1 Introduction
    5.2 Innovation Spotlight
    5.3 Human Capital Management Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Simplified Management of Geographically Spread Workforce
                    5.3.1.2 Growing Demand for Mobile HCM Applications
                    5.3.1.3 Increasing Demand for Talent Mobility
           5.3.2 Restraints
                    5.3.2.1 Security Concerns Over Cloud-Based Deployment
           5.3.3 Opportunities
                    5.3.3.1 Growing Shift Toward Cloud-Based Software Solutions
                    5.3.3.2 Evolving Potential Markets
           5.3.4 Challenges
                    5.3.4.1 Organizations Resistant to Change Traditional Approach Or Adopt New Solutions
                    5.3.4.2 Prevalent Concerns About Deployment and Usage

6 Human Capital Management Market Analysis, By Component (Page No. - 35)
    6.1 Introduction
    6.2 Software
    6.3 Services

7 Human Capital Management Market Analysis, By Software (Page No. - 39)
    7.1 Introduction
    7.2 Core HR
    7.3 Workforce Management
    7.4 Sourcing and Recruitment
    7.5 Applicant Tracking System
    7.6 Staffing Vendor Management
    7.7 Others

8 Human Capital Management Market Analysis, By Service (Page No. - 47)
    8.1 Introduction
    8.2 Integration
    8.3 Support and Maintenance
    8.4 Consulting

9 Human Capital Management Market Analysis, By Deployment Model (Page No. - 52)
    9.1 Introduction
    9.2 On-Premises
    9.3 Cloud

10 Human Capital Management Market Analysis, By Organization Size (Page No. - 56)
     10.1 Introduction
     10.2 Large Enterprises
     10.3 Small and Medium-Sized Enterprises

11 Human Capital Management Market Analysis, By Vertical (Page No. - 60)
     11.1 Introduction
     11.2 Banking, Financial Services, and Insurance
     11.3 Government
     11.4 Manufacturing
     11.5 Telecom and IT
     11.6 Consumer Goods and Retail
     11.7 Healthcare and Life Sciences
     11.8 Energy and Utilities
     11.9 Transportation and Logistics
     11.10 Others

12 Geographic Analysis (Page No. - 68)
     12.1 Introduction
     12.2 North America
     12.3 Europe
     12.4 Asia Pacific
     12.5 Middle East and Africa
     12.6 Latin America

13 Competitive Landscape (Page No. - 88)
     13.1 Microquadrant Overview
             13.1.1 Visionary Leaders
             13.1.2 Innovators
             13.1.3 Dynamic Differentiators
             13.1.4 Emerging Companies
     13.2 Competitive Benchmarking
             13.2.1 Product Offerings
             13.2.2 Business Strategies

14 Company Profiles (Page No. - 93)
(Overview, Financials, Products & Services, Strategy, and Developments)*
     14.1 Workday, Inc.
     14.2 Oracle Corporation
     14.3 SAP SE
     14.4 Kronos, Inc.
     14.5 Automatic Data Processing, LLC
     14.6 Ultimate Software Group, Inc.
     14.7 International Business Machines Corporation
     14.8 Sumtotal Systems, LLC (A Skillsoft Company)
     14.9 Employwise, Inc.
     14.10 Paycom Software, Inc.
     14.11 Ceridian HCM, Inc.
     14.12 Peoplestrategy, Inc.
     14.13 Infor
     14.14 Cornerstone Ondemand, Inc.

*Details on Overview, Financials, Product & Services, Strategy, and Developments Might Not Be Captured in Case of Unlisted Companies.

15 Appendix (Page No. - 130)
     15.1 Key Industry Insights
     15.2 Discussion Guide
     15.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     15.4 Introducing RT: Real-Time Market Intelligence
     15.5 Available Customization
     15.6 Related Reports
     15.7 Author Details

List of Tables (65 Tables)

Table 1 Evaluation Criteria
Table 2 Human Capital Management Market: Assumptions
Table 3 Market Size and Growth Rate, 2015–2022 (USD Million, Y-O-Y %)
Table 4 Market Size, By Component, 2015–2022 (USD Million)
Table 5 Market Size, By Software, 2015–2022 (USD Million)
Table 6 Market Size, By Service, 2015–2022 (USD Million)
Table 7 Market Size, By Software, 2015–2022 (USD Million)
Table 8 Core HR: Human Capital Management Market Size, By Region, 2015–2022 (USD Million)
Table 9 Workforce Management: Market Size, By Region, 2015–2022 (USD Million)
Table 10 Sourcing and Recruitment: Market Size, By Region, 2015–2022 (USD Million)
Table 11 Applicant Tracking System: Market Size, By Region, 2015–2022 (USD Million)
Table 12 Staffing Vendor Management: Market Size, By Region, 2015–2022 (USD Million)
Table 13 Others: Market Size, By Region, 2015–2022 (USD Million)
Table 14 Human Capital Management Market Size, By Service, 2015–2022 (USD Million)
Table 15 Integration: Market Size, By Region, 2015–2022 (USD Million)
Table 16 Support and Maintenance: Market Size, By Region, 2015–2022 (USD Million)
Table 17 Consulting: Market Size, By Region, 2015–2022 (USD Million)
Table 18 Human Capital Management Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 19 On-Premises: Market Size, By Region, 2015–2022 (USD Million)
Table 20 Cloud: Market Size, By Region, 2015–2022 (USD Million)
Table 21 Human Capital Management Market Size, By Organization Size, 2015–2022 (USD Million)
Table 22 Large Enterprises: Market Size, By Region, 2015–2022 (USD Million)
Table 23 Small and Medium-Sized Enterprises: Market Size, By Region, 2015–2022 (USD Million)
Table 24 Human Capital Management Market Size, By Vertical, 2015–2022 (USD Million)
Table 25 Banking, Financial Services, and Insurance: Market Size, By Region, 2015–2022 (USD Million)
Table 26 Government: Market Size, By Region, 2015–2022 (USD Million)
Table 27 Manufacturing: Market Size, By Region, 2015–2022 (USD Million)
Table 28 Telecom and IT: Market Size, By Region, 2015–2022 (USD Million)
Table 29 Consumer Goods and Retail: Market Size, By Region, 2015–2022 (USD Million)
Table 30 Healthcare and Life Sciences: Market Size, By Region, 2015–2022 (USD Million)
Table 31 Energy and Utilities: Market Size, By Region, 2015–2022 (USD Million)
Table 32 Transportation and Logistics: Market Size, By Region, 2015–2022 (USD Million)
Table 33 Others: Market Size, By Region, 2015–2022 (USD Million)
Table 34 Human Capital Management Market Size, By Region, 2015–2022 (USD Million)
Table 35 North America: Market Size, By Component, 2015–2022 (USD Million)
Table 36 North America: Market Size, By Software, 2015–2022 (USD Million)
Table 37 North America: Market Size, By Service, 2015–2022 (USD Million)
Table 38 North America: Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 39 North America: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 40 North America: Market Size, By Vertical, 2015–2022 (USD Million)
Table 41 Europe: Human Capital Management Market Size, By Component, 2015–2022 (USD Million)
Table 42 Europe: Market Size, By Software, 2015–2022 (USD Million)
Table 43 Europe: Market Size, By Service, 2015–2022 (USD Million)
Table 44 Europe: Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 45 Europe: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 46 Europe: Market Size, By Vertical, 2015–2022 (USD Million)
Table 47 Asia Pacific: Human Capital Management Market Size, By Component, 2015–2022 (USD Million)
Table 48 Asia Pacific: Market Size, By Software, 2015–2022 (USD Million)
Table 49 Asia Pacific: Market Size, By Service, 2015–2022 (USD Million)
Table 50 Asia Pacific: Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 51 Asia Pacific: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 52 Asia Pacific: Market Size, By Vertical, 2015–2022 (USD Million)
Table 53 Middle East and Africa: Human Capital Management Market Size, By Component, 2015–2022 (USD Million)
Table 54 Middle East and Africa: Market Size, By Software, 2015–2022 (USD Million)
Table 55 Middle East and Africa: Market Size, By Service, 2015–2022 (USD Million)
Table 56 Middle East and Africa: Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 57 Middle East and Africa: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 58 Middle East and Africa: Market Size, By Vertical, 2015–2022 (USD Million)
Table 59 Latin America: Human Capital Management Market Size, By Component, 2015–2022 (USD Million)
Table 60 Latin America: Market Size, By Software, 2015–2022 (USD Million)
Table 61 Latin America: Market Size, By Service, 2015–2022 (USD Million)
Table 62 Latin America: Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 63 Latin America: Market Size, By Organization Size, 2015–2022 (USD Million)
Table 64 Latin America: Market Size, By Vertical, 2015–2022 (USD Million)
Table 65 Market Ranking for the Human Capital Management Market

List of Figures (71 Figures)

Figure 1 Human Capital Management Market Segmentation
Figure 2 Regional Scope
Figure 3 United States Dollar Exchange Rate, 2014–2016
Figure 4 Human Capital Management Market: Research Design
Figure 5 Breakdown of Primary Interviews: By Company Type, Designation, and Region
Figure 6 Data Triangulation
Figure 7 Market Size Estimation Methodology: Bottom-Up Approach
Figure 8 Market Size Estimation Methodology: Top-Down Approach
Figure 9 Top 3 Categories of the Human Capital Management Market During the Period of 2017–2022
Figure 10 North America is Estimated to Hold the Largest Share of the Market in 2017
Figure 11 Human Capital Management Mobile Applications are Expected to Provide Attractive Market Opportunity
Figure 12 BFSI Vertical and North America are Estimated to Hold the Largest Market Shares in 2017
Figure 13 Cloud Deployment Type is Estimated to Grow at A Higher CAGR in the Market By 2022
Figure 14 Human Capital Management Services Market is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 15 Small and Medium-Sized Enterprises Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 16 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 17 Asia Pacific and Middle East and Africa are the Fastest-Growing Regions in the Market
Figure 18 Human Capital Management Market: Drivers, Restraints, Opportunities, and Challenges
Figure 19 Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 20 Sourcing and Recruitment Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 21 Segments and Subsegments of Human Capital Management Market Considered in the Study
Figure 22 Support and Maintenance Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 23 Cloud Deployment Model is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 24 Small and Medium-Sized Enterprises Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 25 Consumer Goods and Retail Vertical is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 26 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 27 Regional Snapshot: Asia Pacific is Expected to Grow at the Highest CAGR in the Human Capital Management Market
Figure 28 North America: Market Snapshot
Figure 29 Services Sector is Expected to Grow at A Higher CAGR in North America During the Forecast Period
Figure 30 Services Segment is Expected to Grow at A Higher CAGR in Europe During the Forecast Period of 2015–2022
Figure 31 Asia Pacific: Market Snapshot
Figure 32 Services Segment is Expected to Grow at A Higher CAGR in Asia Pacific During the Forecast Period
Figure 33 Software Segment is Expected to Grow at A Higher CAGR in Middle East and Africa During the Forecast Period
Figure 34 Software Segment is Expected to Grow at A Higher CAGR in Latin America During the Forecast Period
Figure 35 Completive Leadership Mapping, 2017
Figure 36 Workday, Inc.: Company Snapshot
Figure 37 Workday, Inc.: Product Offering Scorecard
Figure 38 Workday, Inc.: Business Strategy Scorecard
Figure 39 Oracle Corporation: Company Snapshot
Figure 40 Oracle Corporation: Product Offering Scorecard
Figure 41 Oracle Corporation: Business Strategy Scorecard
Figure 42 SAP SE: Company Snapshot
Figure 43 SAP SE: Product Offering Scorecard
Figure 44 SAP SE: Business Strategy Scorecard
Figure 45 Kronos, Inc.: Product Offering Scorecard
Figure 46 Kronos, Inc.: Business Strategy Scorecard
Figure 47 Automatic Data Processing, LLC: Company Snapshot
Figure 48 Automatic Data Processing, LLC: Product Offering Scorecard
Figure 49 Automatic Data Processing, LLC: Business Strategy Scorecard
Figure 50 Ultimate Software Group, Inc.: Company Snapshot
Figure 51 Ultimate Software Group, Inc.: Product Offering Scorecard
Figure 52 Ultimate Group Software, Inc.: Business Strategy Scorecard
Figure 53 International Business Machines Corporation: Company Snapshot
Figure 54 International Business Machines Corporation: Product Offering Scorecard
Figure 55 International Business Machines Corporation: Business Strategy Scorecard
Figure 56 Sumtotal Systems, LLC: Product Offering Scorecard
Figure 57 Sumtotal Systems, LLC: Business Strategy Scorecard
Figure 58 Employwise, Inc.: Product Offering Scorecard
Figure 59 Employwise, Inc.: Business Strategy Scorecard
Figure 60 Paycom Software, Inc.: Product Offering Scorecard
Figure 61 Paycom Software, Inc.: Business Strategy Scorecard
Figure 62 Ceridian HCM, Inc.: Product Offering Scorecard
Figure 63 Ceridian HCM, Inc.: Business Strategy Scorecard
Figure 64 Peoplestrategy, Inc.: Product Offering Scorecard
Figure 65 Peoplestrategy, Inc.: Business Strategy Scorecard
Figure 66 Infor: Company Snapshot
Figure 67 Infor: Product Offering Scorecard
Figure 68 Infor: Business Strategy Scorecard
Figure 69 Cornerstone Ondemand, Inc.: Company Snapshot
Figure 70 Cornerstone Ondemand, Inc.: Product Offering Scorecard
Figure 71 Cornerstone Ondemand, Inc.: Business Strategy Scorecard

The Human Capital Management (HCM) market is expected to grow from USD 14.50 Billion in 2017 to USD 22.51 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 9.2%, because of the increasing complexities in managing the widespread workforce. Moreover, acquiring the right talent is another major factor contributing to the growth of Human Capital Management market. The HCM solutions offers different software, such as core Human Resources (HR), workforce management, sourcing and recruiting, applicant tracking system, and staffing vendor management.

In software, sourcing and recruiting, and workforce management segment are expected to have significant market growth rates in the Human Capital Management market during the forecast period from 2017 to 2022. HCM vendors offers various services, such as implementation, training and support, and consulting, in order to help organizations determine the best possible software to fit their specific needs. In the services segment, the support and maintenance service segment is expected to grow at a faster rate. Training and support services facilitate organizations and users to understand the software functionalities, update to the latest features, and also ensure the smooth functionality of the software in the long run.

The cloud-based HCM solutions are rapidly gaining traction in the deployment type segment. The cloud deployment type stimulates better access to HCM data, with faster implementation and reduced total cost of ownership. Considering the cost benefits, Small and Medium-Sized Enterprises (SMEs) are likely to adopt the cloud-based deployment model for implementing HCM solutions. Furthermore, higher scalability and speed are the other major factors that support the fast growth of the cloud-based deployment model. The market for cloud is expected to grow in the future, as it provides secure access to various administrative activities through an HR portal and enables users to access personal HR data, such as employee records, health benefit information, and payroll information through mobile and desktop devices, virtually from any device.

The HCM solution and services are being adopted rapidly across various industry verticals, which have led to the growth of the market globally. The consumer goods and retail sector is expected to grow at the highest rate from 2017 to 2022.

The growth of Human Capital Management (HCM) market is dependent on the factors, such as simplified management of geographically spread workforce, growing demand for mobile HCM applications, and increasing demand for talent mobility are expected to drive the market growth.

With the presence of a number of prominent software providers in the HCM space, the market is highly competitive with many emerging players offering niche and differentiated solutions, targeting a particular set of customers.

CoreHR

For any organization Core HR software solutions is the primary requirement organization to administer its employee for functions such as payroll and compensation management, benefits and claims management, personnel management, learning management, pension management, compliance management, and succession planning. The solutions help HR personnel to effectively manage the employee and maintain a transparent medium between the management and the employees.

Workforce Management

Workforce management software provides features that simplify the work of employees in the organization and provide them time for focusing on more significant business aspects. The workforce management consists of time and attendance management, absence management, workforce scheduling, workforce analytics, performance management, and others (fatigue management and task management). The workforce management software includes time and attendance, workforce scheduling, absence management, workforce analytics, and others, which help in maintaining various HR activities and data analyzing for core business processes.

Sourcing and Recruitment

The sourcing and recruitment software helps in finding the right talent from a large pool of job seekers. The software helps in quick search of the potential candidates for specific positions and managing hiring processes. This software helps the HR team to identify individuals, access all vital details of the person, and to take decisions accordingly. The sourcing and recruitment software is expected to grow at a moderate rate in the HCM market.

Supply Chain Optimization

Supply chain is a complete arrangement of organizations, individuals, resources, information, data, and assets necessary for moving products and services from providers to the end users. Activities in the supply chain transform raw materials into finished products and finally deliver these to customers. Traditional supply chain includes elements such as suppliers, manufacturers, wholesalers, retailers, and finally, customers. The analytics application for supply chain planning and optimization offers data administration and visualization capacities for the supply chain industry. The implementation of analytics in the supply chain is gaining traction because it holds huge potential for innovations and provides a competitive advantage.

Applicant Tracking System

The applicant tracking software helps in recruitment tracking and assist recruiters in managing individual information. Resumes of applicants with specific skill set can be tracked and individual information can be updated in the software. It is a very common software used by recruitment teams for talent acquisition. The applicant tracking system software is expanding in the SMEs and is expected to witness a considerable growth during the forecast period.

Staffing Vendor Management

The staffing vendor management helps organizations in managing vendors who provide recruitment process services. It helps the organization in reducing workforce and time to recruit for a position in the organization. The vendor helps in sourcing and shortlisting qualified individuals for the position in an organization. The use of staffing vendor management system software is increasing among the SMEs. These software systems are largely used when the recruitment process is outsourced and numerous contingent or temporary positions are filled.

Key questions

• Which are the top use cases where HCM can be implemented for revenue generation through new advancements such as artificial intelligence, analytics, and cloud computing?
• What are the potential opportunities in the adjacent markets, such as workforce management and Core-HR Software market?
• What should be your go-to-market strategy to expand the reach into developing countries across APAC, MEA, and Latin America?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst