demand for automated recruitment processes is driving the Human Capital Management Solutions Market
Technavio analyzes that the Human Capital Management Solutions Market is expected to grow at a CAGR of 9.52% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 13924.7 million.There are various factors that contribute to the growth of the market. The Human Capital Management Solutions Market is witnessing a significant surge in demand for automated recruitment processes. Companies are increasingly adopting technology-driven solutions to streamline their hiring procedures and enhance efficiency. Automated recruitment systems offer numerous benefits, including reduced time-to-hire, improved candidate experience, and increased accuracy in talent selection. These solutions leverage artificial intelligence, machine learning, and predictive analytics to match job openings with the most suitable candidates based on their skills, experience, and other relevant factors. The trend towards automated recruitment is expected to continue, as more organizations seek to optimize their hiring processes and gain a competitive edge in the talent market.
In the evolving business landscape, Human Capital Management (HCM) Solutions have become essential for organizations to streamline their Core HR functions. These functions encompass employee recruitment, training, payroll, scheduling, benefits administration, internal relations, and safety and compliance. Digitalization and the emergence of e-commerce sectors have necessitated the adoption of digital storefronts, leading to increased demand for HCM solutions. Established vendors like Oracle Corp., SAP SE, and Workday offer comprehensive HR functional software solutions, including HRIS and HRMS, managing employee data and processing information for future reference. However, emerging vendors are also making strides in the market, providing innovative employee engagement tools to meet evolving employee expectations and enhance employee experiences. The need for cost reduction and efficient workforce management further fuels the growth of the HCM market for core HR applications during the forecast period.
Know which region is leading the market growth by requesting a sample report
Human Capital Management Solutions Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
Find out what is trending in the market by accessing the free PDF report
The Human Capital Management Solutions Market caters to businesses seeking to enhance productivity through HR Management software and updated HRIS solutions. While data security concerns persist, HRMS software continues to be a popular choice for deployment. Emerging vendors extend product lines, challenging established players in Strategic Sourcing, Talent management, and Staff experiences. Manual labor sectors also explore these solutions, making the market dynamic.
The Human Capital Management (HCM) Solutions market falls under the broader IT software sector, specifically within the systems software category. This market encompasses businesses specializing in the development and implementation of software solutions that automate and manage administrative tasks related to human resources. These solutions leverage technologies such as APIs, artificial intelligence, and big data to streamline processes, enhance business outcomes, and optimize capital utilization across branches and client databases. With the increasing adoption of cloud technology, many HCM solutions are transitioning to cloud-based applications to offer greater accessibility and scalability. Technavio's market analysis calculates the size of the HCM Solutions market by aggregating the revenues of companies providing these advanced software solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
