The global HCMmarket size is expected to grow from USD 16.7 billion in 2019 to USD 26.5billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.7% during theforecast period. Integration of emerging technologies, such as ArtificialIntelligence (AI), and Machine Learning (ML), with HCM solutions has emerged asone of the strongest factors for HCM solution and services adoption acrossregions.
Browse 109market data Tables and 35 Figures spread through 147 Pages and in-depth TOC on" HCM Market by Software (Core HR, ApplicantTracking System, HR Analytics, Workforce Management), Service, Deployment Type(cloud and on-premises), Organization Size, and Region - Global Forecast to2024"
Consumergoods and retail segment is expected to have the highest adoption of HCMsolutions where this vertical is expected to outperform other verticals interms of growth. The vertical has mainly adopted HCM solutions to have acentralized system to manage the information of all employees irrespective ofstore location.
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NorthAmerica has always been at the forefront of adopting advanced technologies andhas depicted a high adoption of HCM. Many companies in North America areincreasingly adopting HCM solutions to gain holistic visibility into theiremployees and improve the overall performance of their system. Moreover, adirect presence of many major HCM vendors in North America has further added tothe high adoption of HCM solutions in North America.North America has alwaysbeen at the forefront of adopting advanced technologies and has depicted a highadoption of HCM. Many companies in North America are increasingly adopting HCMsolutions to gain holistic visibility into their employees and improve theoverall performance of their system. Moreover, a direct presence of many majorHCM vendors in North America has further added to the high adoption of HCMsolutions in North America.
The HCMmarket comprises major solution providers, such as Workday (US), Oracle (US),ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Software (US), Ceridian(US), SumTotal (US), Kronos (US),Infor (US), Cornerstone (US), Meta4 (US),Ramco Systems (India), Bamboo HR (US), Namely (US), and Workforce Software(US). The study includes an in-depth competitive analysis of key players in theHCM market with their company profiles, recent developments, and key marketstrategies.
The playersin this market have embraced different strategies to expand their globalpresence and increase their market shares. New product launches and enhancements;and partnerships, acquisitions, and collaborations, have been the mostdominating strategies adopted by the major players from 2018 to 2019, whichhelped them strengthen their offerings and broaden their customer base.
Oracle(US) has a strong footholdin the HCM market with its robust offerings. The company adopted variousorganic growth strategies and continues to enhance its expertise in the market.For instance, in October 2018, Oracle introduced AI capabilities in HCM, whichenables the HR trained bot to answer common HR questions quickly and easily.
UltimateSoftware (US) isamong the leaders in the HCM market with a prominent geographic presence. Thecompany has alliances with many leading companies and has adopted variousorganic growth strategies to maintain a strong foothold in the industry. Forinstance, in July 2019, Ultimate Software launched the Employee FileManagement, which would help HR professionals to easily share documents withthird parties irrespective of their location.
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