Workday (US) and Oracle (US) are leading players in Human Capital Management Market
The global Human Capital Management (HCM) market size is expected to grow from USD 22.3 billion in 2021 to USD 32.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period. HCM advancements can be related to a number of factors; however, some of the major factors include the adoption of AI and ML technologies in HR processes and cost reduction achieved using HR software, which is the primary driver, enabling the adoption of HCM technologies within enterprises. Cloud security remains a restraint for adopting HCM cloud among enterprises users, specifically in the highly regulated verticals, such as BFSI, healthcare, and energy and utilities. The opportunities in adjacent markets, such as contingent workforce management and AI-based recruitment, open up new revenue prospects for vendors in the HCM market.
The HCM market comprises major software providers, such as Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Kronos Group (US), Ceridian (US), SumTotal (US), Infor (US), Cegid (France), EmployWise (India), PeopleStrategy (US), Cornerstone OnDemand (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 2019 to 2021, which helped them strengthen their offerings and broaden their customer base.
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Workday (US) is among the leaders in the HCM market with a prominent geographic presence. The company primarily provides software and services in business planning, financial management, HCM analytics, and professional services automation. It specializes in providing cloud-based HCM and tailored software according to the client’s specifications. With HR, workforce planning, and talent management working together in one system helps gain complete visibility into the global workforce. Workday serves customers from diverse industry verticals, such as communication service providers, energy and utilities, financial services, government, healthcare, higher education, hospitality, insurance, life sciences, manufacturing, media and entertainment, retail, and technology. The company has more than 700 customers and over 12,200 employees worldwide. It has a wide range of customers, such as Amazon, Netflix, Hewlett Packard, AON, Rolls Royce, and Airbnb. The company adopted various inorganic growth strategies and continues to enhance its expertise in the market. For instance In March 2021, Workday acquired Peakon (Denmark) to have access to a continuous listening platform, including real-time visibility into employee experience, sentiment, and productivity. This is to help drive engagement and improve organizational performance.
Oracle (US) has a strong foothold in the HCM market with its robust offerings. Oracle offers various HCM products, such as HR, Talent Management, Workforce Management, and AI apps for HCM. The company operates in the cloud and on-premises deployment of software, hardware, and services. Apart from these services, it builds ERP software, HCM software, and Supply Chain Management (SCM) software. It is prevailing in growing technologies, such as the Internet of Things (IoT), blockchain, ML, and AI. 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 (Key Performance Indicators).
Related Reports:
Human Capital Management Market with COVID-19 Impact Analysis, by Component, Software (Core HR, Applicant Tracking System, HR Analytics, & Workforce Management), Services, Deployment Model, Organization Size, Vertical & Region - Global Forecast to 2026
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