The globalHuman Capital Management (HCM) market size is expected to grow from USD 17.6billion in 2020 to USD 24.3 billion by 2025, at a Compound Annual Growth Rate(CAGR) of 6.7% during the forecast period. Integration of emergingtechnologies, such as Artificial Intelligence (AI), and Machine Learning (ML),with HCM software has emerged as one of the strongest factors for HCM softwareand services adoption across regions.
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Largeenterprises segment to hold a larger market size during the forecast period
The adoptionof HCM is high among large enterprises as these enterprises have to manage hugevolumes of personnel information for employees located across geographies andneed a centralized system to manage this information.
Consumergoods and retail segment to grow at the highest CAGR during the forecast period
Consumergoods and retail segment is expected to have the highest adoption of HCMsoftware where this vertical is expected to outperform other verticals in termsof growth. The vertical has mainly adopted HCM software to have a centralizedsystem to manage the information of all employees irrespective of storelocation.
NorthAmerica to account for the highest market share during the forecast period
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 software 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 software in North America.
The majorplayers in the human capital management market are Workday (US), Oracle (US),ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Software (US), Ceridian(US), SumTotal (US), Kronos (US),Infor (US), Talentsoft (France), EmployWise(India), PeopleStrategy (US),Cornerstone (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 the in-depth competitive analysis of key players inthe HCM market with their company profiles, recent developments, and key marketstrategies.
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