“Growing demand for integrated high performance software among users is driving the market for HCM solutions”
MarketsandMarkets forecasts the HCM market to grow from USD 12.59 billion in 2016 to USD 19.88 billion by 2021, at a CAGR of 9.6%. HCM solutions enable organizations to standardize HR management processes, such as talent management, payroll, and workforce planning and analytics. The HCM solutions easily integrate with mobile applications, enabling users to manage time and attendance, benefit plan information, and performance from virtually any device. The speedy growth of mobile applications is also driving the HCM market as it offers a secure and convenient platform for anytime and anywhere access across devices.
“Core HR is expected to be the largest solution segment in terms of market size”
The core HR solution is estimated to contribute the largest market share during the forecast period. Furthermore, as personnel tracking and HR organizations setup activities are linked, the demand for this solution is expected to further grow than other solutions such as workforce planning and analytics. Additionally, the core HR solution allows organizations to achieve error-free employee records and processes along with assisting the end users to make asset management and reporting easier and meaningful.
“Asia-Pacific (APAC) is expected to become one of the major adopters of HCM solutions by 2021”
APAC is growing at the highest rate in comparison to other regions. Moreover, countries in the region, mainly Australia, Japan, Singapore, and China, are prominently adopting advanced technologies and solutions within the organizations to increase profits and enhance customer satisfaction.
Moreover, the adoption of emerging technologies and the economic growth of countries such as India and China are further driving the adoption of HCM solutions and services.North America is expected to be the largest revenue generating region, followed by Europe, whereas APAC and Latin America are expected to be emerging potential markets for HCM solutions and services.
Breakdown of profile of primaries
- By Company Type: Tier 1 – 55%, Tier 2 – 20%, and Tier 3 – 25%
- By Designation: C-level – 60%, Director-level – 25%, and others – 15%
- By Region: North America – 10%, Europe– 20%, Asia-Pacific - 40%, and ROW – 30%
The companies profiled in this report include:
- SAP SE
- Oracle Corporation
- IBM Corporation
- Epicor Software Corporation
- Cornerstone On Demand
- Automatic Data Processing (ADP)
- Ultimate Software
The key innovators profiled in this report are as follows:
- Halogen Software
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the market into solution, service, deployment type, user type, industry vertical, and region, there by covering this market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and subsegments. The market numbers are further split across different industry verticals and regions.
- This report will help them better understand the competitors and gain more insights to better position ones business. There is a separate section on competitive landscape, including end-user analysis, new product launches, acquisitions, and expansions. Besides this, there are company profiles of ten major players in this market. In this section, market internals are provided that can help one stay ahead in the competition.
- The report helps them to understand the pulse of the market. The report provides information on key market drivers, restraints, challenges, and opportunities.