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Human Capital Management Global Market Report 2022
Major players in the human capital management market are SAP SE, Ultimate Software Group Inc. , Microsoft Corporation, Oracle Corporation, Workday Inc, Ceridian HCM, Kronos Incorporated, Infor, IBM Corporation, Automatic Data Processing LLC, Cornerstone OnDemand Inc, SumTotal Systems Inc, Cezanne HR Ltd, TalentSoft SA, NetSuite Inc.
New York, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Human Capital Management Global Market Report 2022" - https://www.reportlinker.com/p06318577/?utm_source=GNW
, Mercer LLC, Epicor Software Corporation, BambooHR, and Benefitfocus Inc.
The global human capital management market is expected to grow from $17.72 billion in 2021 to $19.99 billion in 2022 at a compound annual growth rate (CAGR) of 12.8%. The human capital management market is expected to grow to $28.81 billion by 2026 at a CAGR of 9.6%.
The human capital management market consists of sales of human capital management services by entities (organizations, sole traders, and partnerships) that are used to transform the traditional administrative functions of human resources (HR) departments such as recruiting, payroll, training, compensation, and performance management into opportunities to drive productivity, engagement, and business value. Human capital management refers to the set of practices an organization uses for recruiting, developing, managing, and optimizing employees to increase their value to the company.
The main types of human capital management are talent acquisition, talent management, and HR core administration.Talent acquisition refers to the process of identifying and acquiring skilled workers to meet organizational needs.
The various components include software and services, which are deployed on-host and on-premise. The different enterprise sizes include large enterprises, small and medium enterprises (SMEs), and are employed in IT and telecommunication, retail, BFSI, healthcare, hospitality, government, manufacturing, and other verticals.
North America was the largest region in the human capital management market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the human capital management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The human capital management market research report is one of a series of new reports that provides human capital management market statistics, including human capital management industry global market size, regional shares, competitors with a human capital management market share, detailed human capital management market segments, market trends and opportunities, and any further data you may need to thrive in the human capital management industry. This human capital management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The increasing use of artificial intelligence is expected to propel the growth of the human capital management (HCM) market going forward.Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions.
Human capital management uses artificial intelligence for better decision-making and evaluation and improves efficiency by reducing errors.For instance, in 2019, according to Oxford Insights, a UK-based government agency, artificial intelligence technologies are expected to reach US$15 trillion in the global economy by 2030.
Singapore was ranked first in the world with a score of 9.186, and the UK stood second with a score of 9.069 for AI readiness. Therefore, the increasing use of artificial intelligence is driving the growth of the human capital management (HCM) market.
New product innovation is the key trend gaining popularity in the human capital management (HCM) market.Many companies operating in the human capital management sector are looking for new product developments to strengthen their position.
For instance, in April 2022, Oracle Corporation, a US-based computer technology company operating in human capital management, launched Oracle ME, a complete employee experience platform to help organizations increase employee engagement and ensure employee success.Oracle ME enables HR and business supervisors to streamline communications across the organization, increase productivity by guiding employees through complex tasks, and improve talent retention by developing a more supportive and trusted environment at work.
Oracle added unique features such as Oracle’s analytics cloud and autonomous data warehouse to Oracle Fusion Cloud HCM analytics that help employers identify blind spots and use data to help keep employees engaged and growing.
In April 2020, Cornerstone OnDemand, a US-based self-development software provider and learning technology company, acquired Saba Software for an undisclosed amount.The acquisition improves the expanded reach and ability to help a larger, diverse group of clients and provides employees with proper learning and development opportunities.
Saba Software is a US-based provider of cloud-based intelligent talent management solutions such as recruiting, enterprise learning, talent management, and collaboration solutions.
The countries covered in the human capital management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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