The report includes an in-depth analysis of Human Capital Management (HCM) market, outlining the possible driving factors, restraints, and opportunities in the industry.
The global HCM market is segmented on the basis of component, deployment type, industry verticals, and geography. On the basis of component, the market is divided into software and services.
On the basis of deployment model, the market is classified into cloud and on-premises.
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Based on industry verticals, the market is bifurcated into banking financial services and insurance, retail, IT & telecommunication, healthcare, hospitality, government, manufacturing, and others.
Based on geography, the HCM market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
The global HCM market was valued at $13,004 million in 2016, and is expected to reach at $22,174 million by 2023, growing at a CAGR of 7.8% from 2017 to 2023. The major factors driving the HCM market growth are growth in need to streamline HR operations, rise in demand of unified HCM suite, and growth in adoption of cloud-based deployment model in the several developed and the developing countries such as India, China, Brazil, Mexico, and Russia.
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North America generated the highest revenue in the global market in 2016, owing to increase in need to automate HR processes such as talent management, performance management, and compensation management, high ICT expenditure, and others. Moreover, Asia-Pacific is expected to grow at the highest CAGR, due to rise in adoption of mobility trends and cloud computing in countries such as China, Australia, Singapore, and Japan.
The key players operating in the global HCM market includes are ADP LLC, Cornerstone OnDemand, Epicor Software Corporation, IBM Corporation, Infor, Kronos, Inc., Oracle Corporation, SAP SE, SumTotal Systems, LLC, and Ultimate Software Group, Inc. These players have expanded their market presence by adopting various business strategies such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.
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