TheHuman Capital Management (HCM) market comprises all the software and relatedservices that enable enterprises to manage HR processes, reporting, andworkflow for better management of activities such as compensation management, payroll,talent management, and performance management.
MarketsandMarketsforecasts the HCM market size to grow from USD 12.59 Billion in 2016 to USD19.88 Billion by 2021, at a CAGR of 9.6%. The HCM market is expected to growsubstantially owing to the expansive penetration of mobile devices for dataaccess and the increasing need to streamline HR activities for enhancingservices to customers.
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Thekey players in the HCM market include Oracle Corporation (U.S.), Infor (U.S.),Cornerstone OnDemand (U.S.), and NetSuite (U.S.), and others. These playershave adopted various strategies such as partnerships, acquisitions, expansions,and new product launches and upgradations to achieve growth in the HCM market.
Theyear 2015–2016 witnessed many developments, such as new product launches toexpand the product portfolio to provide improved offerings. CornerstoneOnDemand introduced a suite of people analytics products. This suite would helporganizations to easily create, manage, and execute accurate hiring plans.Additionally, Oracle introduced new changes to its Oracle HCM cloud portfolio;the new features would facilitate organizations to drive HR transformation andadopt modern practices.
Thekey players also adopted the strategy of partnerships, agreements, andcollaborations. For example, Epicor entered into a strategic partnership withADP to expand the integration of ADP Workforce Now, an HCM platform withintegrated features of Epicor ERP and HCM. In another development, Ceridian andWorkAngel partnered to form a new employee engagement company.
Themajor players also acquired various companies to strengthen their productportfolio and expand their geographic footprints into the existing and emergingmarkets. For instance, Ceridian acquired RelatedMatters to offer more practicalcoaching to engage employees and help teams succeed. This acquisition wouldhelp Ceridian to offer more practical coaching to engage employees.
HCMsolution vendors across the world are constantly adding innovation to theirproducts and services to offer augmented solution offerings and serve them in abetter manner. HCM solutions and services are being increasingly adopted acrossvarious industries, which has led to the growth of the market across the globe.North America is expected to hold the largest market share during the forecastperiod, whereas APAC is expected to exhibit potential growth opportunities forthe HCM ecosystem players to explore and cater to new clients.
