Human capital management (HCM) is comprehensive software used for optimizing recruitment, management, and development of human resources of a corporation. The worldwide human capital management software market is anticipated to get USD ~24 billion by 2023, and grow at a CAGR of ~9% between the forecast periods of 2017-2023.
May 2017 - Saba’s completed acquisition of Halogen Software so on cash in of complementary expertise of both companies, generate greater value and innovation, and market development to interrupt out of the North American market.
September 2016 - Cornerstone on Demand, launched people analytics suite which can benefit the organizations from the real-time data of individuals afforded by its cloud platform.
Market Dynamics of Human Capital Management Software Market:
Increasing number and size of organizations is that the greatest driver of the market. The rapid manpower growth has increased the complexity, need for documentation, and wish for efficiency in human resource management operations. The growing information adoption technology is another strong driver of the market. Thus the falling marginal cost to serve additional objectives of a corporation with a robust initial I.T. base may be a very attractive proposition for the market. Technological convergence between other I.T. systems and therefore the growing power of analytics has added to the opposite benefits of the market. The greater efficiency and optimization of workforce leads to greater returns on investments, and negates the value of installation and maintenance. The growing need for continuous performance management to take care of employee morale and wish for faster appropriate decisions supported the performance is other driver of the market. Growing mergers and acquisitions is another market opportunity because it leads to larger workforce with concurrent increase in human resource management complexity like demand for transparent processes. The greater buying power of the merged companies also acts as a driver of the market.
High cost of installation and maintenance and therefore the need for strong in-house I.T. skills is that the critical restraint of the market. Opposition from labor organizations, constant need for data upgrade, data security concerns and lack of trained manpower are another constraints of the market.
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Global Human Capital Management Software Market, By Software (Core HR, Workforce Management, Staffing Vendor Management), Services (Integration, Consulting), Deployment (on Premise, On Cloud), End User (Healthcare, Telecom, Energy) Forecast till 2023
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