Human Capital Management (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, application tracking, workforce scheduling, and time and attendance management. Organizations are focusing on minimizing costs associated with the HR function. HCM solutions and services are gaining demand, as they enable organization to realize various benefits, such as increased workforce productivity and employee engagement, and reduced cost of HR functions.
MarketsandMarkets expects the India HCM market in SMB to grow from USD 133 million in 2018 to USD 214 million by 2023, at a Compound Annual Growth Rate (CAGR) of 12.5% during forecast period. Reduction in business costs in all departments, simplified core HR operations, recruitment requirements for SMEs, and simple user interface and advanced security features are expected to be acting as driving factors for the market. Keka (Hyderabad),Darwinbox (Hyderabad), greytHR (Bengaluru), ZingHR (Mumbai), People Works (Bengaluru), and Zoho (Chennai) are the key players operating in the market
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These players are adopting various organic as well as inorganic strategies to achieve competitive advantage and to offer feature-rich products and solutions in the market.
ZingHR is one of the key players in the market that is undertaking various growth strategies; for instance, the company is focusing on the product development and enhancements strategy. This is evident from the fact that, in June 2018, the company launched a new feature on its website that is related to pricing. This feature allows customers select and customize desired module and pay for only those modules.
Keka is another significant player in the market that concentrates on direct selling and leverages its Unique Selling Proposition (USP) on special features and customer support, such as customer winning user interface and consistent and free support services to enter new market or acquire new customers. The company is primarily focused on product development and enhancement. This is evident from the fact that, in July 2018, Keka made enhancements to its Core HRMS module by improving the features on its desk dashboard and reports.
India HCM Market IN SMB Sector, by Vertical (It & ITES, Manufacturing, Professional Services, Retail & Wholesale, Automobile, Healthcare, Textile, Hospitality), & City (Bengaluru, Mumbai, NCR, Hyderabad, Chennai, Pune Rest of India) - Forecast to 2022
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