Human Capital Management Software Market
Human Capital Management (HCM) software is a suite of integrated technologies designed to help businesses manage their employees throughout the employee lifecycle 12, from recruitment to retirement. HCM software typically includes core HR functionality, such as employee data management, payroll, and benefits administration, as well as tools for talent acquisition, performance management, and learning and development. Some popular HCM software providers include SAP SuccessFactors, Workday, Oracle HCM Cloud, Ceridian Dayforce HCM, and Rippling. HCM software can help businesses streamline HR processes, improve employee engagement and productivity, and ultimately drive better business results.
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The global Human Capital Management Software Market has lucrative growth opportunities for market leaders, including talent management, workforce management, HR management, payroll, and compensation. Through this, the HR department can make appropriate decisions regarding managing talented workers and planning for hiring the employees.
Market Segmentation
Based on the service segment, the global market has been classified as tracking applicants, workforce management, software, HR services, analytics, and sourcing and recruiting. The Human Capital Management Software Market Analysis explains that this management software is helpful to track and manage the staff’s job.
Based on the technology segment, the global market has constantly been improving AI to be more powerful, better, and efficient to learn the human behavior patterns and psychology. Therefore, it tracks the hiring and training of people, monitors employees as they are working, helps HR departments better administer and manage employee benefits, and helps train people who are being promoted internally.
In terms of the vertical segment, the global market has been segregated into BFSI, Healthcare, Manufacturing, Energy, Telecoms, Logistics, and Retail. These vertical industries adopt Human Capital Management Software to stay competitive, profitable, and productive in the global market.
Regional Analysis
According to Human Capital Management Software Market Analysis, the global market has been categorized based on various locations such as North America, Asia-Pacific, Europe, Middle East & Africa, and Latin America.
The Human Capital Management Software Market Forecast report explains that the North American region is currently showing its growth potential on a large scale due to the better-educated workers and better infrastructure in the region. Moreover, the European regional market is projected to hold the second-largest market in terms of growth and development. Furthermore, the Asia-Pacific region is fueling its moderate growth in the forecast period due to developing countries such as Japan, India, and China employing the management software in various organizations.
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Industry News
In February 2019, the prominent market player SAP AG accounted for a stake in Newgen Software Technologies Limited, offering enterprise solutions in insurance, banking, financial services, government, and telecom segments. Moreover, it also manages Enterprise Content Management and Business Process Management.
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