The Human Capital Management Market comprises all the software and related services that enable enterprises to manage the Human Resources (HR) processes, reporting, and workflow for better management of activities, such as compensation management, payroll, talent management, and performance management. MarketsandMarkets forecasts the HCM market size to grow from USD 14.50 billion in 2017 to USD 22.51 billion by 2022, at a CAGR of 9.2%. The HCM market is expected to grow substantially, considering the increasing complexities in managing the large workforce.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=193746782
The cloud-based deployment model has gained significant traction since the past decade. As per Cisco Global Cloud Index Forecast, the global cloud IP traffic is expected to grow at a CAGR of 30% during 2015–2020. The cloud-based deployment offers benefits over on-premises, such as lucrativeness, easy and high speed of deployment, and more agile management and operations of the software. The cloud platform serves the needs of geographically dispersed business units by providing one consolidated platform. In order to leverage the benefits of this technology, organizations are shifting from on-premises HCM solutions to solutions on cloud. Considering the demand for cloud solutions, HCM vendors are focusing on providing SaaS-based solutions, resulting in lower cost and higher Return on Investment (ROI) for the companies. For instance, in January 2017, Sage launched a cloud-based HCM (Sage People) in Canada that is targeted to cater to the HCM needs of mid-sized enterprises. Furthermore, in 2014, Lumesse and Salesforce.com partnered to develop cloud HCM apps.
The transition from the on-premises deployment to the cloud-based deployment is an upcoming opportunity for most vendors, as on-premises implementations are costly and risky compared to the SaaS-based deployment, which offers flexibility and stability to most organizations. Furthermore, it also limits capital expenditure and optimizes the return on assets. Thus, the transition to cloud is an added opportunity for HCM vendors.
Proper training and education is required to implement HCM software and make optimum use of its multifunctional features. In fact, knowledge about various integrations of this software with the business applications and enterprise software is highly essential to reap its benefits. The problem increases manifold when non-technical business users or HR teams are forced to use an HCM solution that is specifically designed for IT use. It creates a knowledge gap and discourages the person from using the software. Hence, remedial actions in the form of proper training and education program should be organized by the companies to facilitate correct implementation of HCM software. Moreover, appropriate decision-making power is required to analyze the data; hence, care should be taken while assigning the HR team. Another factor restricting the adoption of HCM solutions is the time taken in installing HCM software. This delay is due to the time taken for the approval of new software, programming, IT support and training requirements, time taken in procurement, and software configuration. However, on comparing the deployment time of on-premises and on-cloud HCM solution, the latter can be deployed within a week, which is 3–4 times faster than the former.
Speak to Research Expert @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=193746782
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
Email: [email protected]
MnM Blog: https://mnmblog.org
Content Source: https://www.marketsandmarkets.com/PressReleases/human-capital-management.asp