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Human Capital Management Market worth $32.0 billion by 2026 - Exclusive Report by MarketsandMarkets™
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The adoption of HCM is high among SMEs as these enterprises must manage huge volumes of personnel information for employees, especially to be managed virtually after the pandemic outbreak. SMEs are located across geographies and need a centralized system to manage this information. Increased attrition rates, high recruitment costs, and competitive market have prompted SMEs to invest in HCM software and adopt go-to-market strategies to make informed decisions for their business growth.
BFSI segment is expected to have the highest adoption of HCM software where this vertical is expected to outperform other verticals in terms of growth. The vertical has mainly adopted HCM software to have a centralized system to manage the information of all employees have efficient coordination with enhanced performance especially during pandemic outbreak. Economic changes significantly affect this vertical. Advanced technologies and various software and services can help this vertical prioritize its actions and manage its workforce smoothly. Hence, the BFSI vertical is a major contributor to the HCM market growth.
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Asia Pacific has been a major region when it's about adopting advanced technologies and has depicted a high adoption of HCM. Many companies in Asia Pacific are increasingly adopting HCM software to gain holistic visibility into their employees and improve the overall performance of their system. There is a huge untapped market for HCM in China , Japan , and several other countries of the Asia Pacific ; this has proven to be a major driver for HCM solution providers in the region. Moreover, a direct presence of some HCM vendors in Asia Pacific has further added to the high adoption of HCM software in Asia Pacific .
The report also studies various growth strategies, such as mergers and acquisitions, partnerships and collaborations, and developments, adopted by the major players to expand their presence in the global HCM market. The comprises major software providers, such as Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Kronos Group (US), Ceridian (US), SumTotal (US), Infor (US), Cegid ( France ), EmployWise ( India ), PeopleStrategy (US), Cornerstone OnDemand (US), Meta4 (US), Ramco Systems ( India ), Bamboo HR (US), Namely (US), Workforce Software (US), Zoho ( India ), Sage Group (UK), Epicor Software (US), Zenefits (US), Paylocity (US), Gusto (US), Bitrix (US), Benefitfocus (US), WebHR (US), Talentia Software ( France ), PeopleFluent (US), Vibe HCM (US), Rippling (US), Ascentis (US), and, BizMerlinHR (US).
: Software and Services Market Research
Workforce Management Market by Component, Solution (Time and Attendance Management, Workforce Scheduling, Leave and Absence Management), Service, Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2025
HR Analytics Market by Component, Application Area (Workforce Management, Recruitment, and Employee Development), Organization Size, Deployment Type, Vertical (BFSI, Manufacturing, and IT and Telecom), and Region - Global Forecast to 2024
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