Human Capital Management Market Trends | Segmentation, Outlook, Industry Report to 2030

Impact of COVID-19 Pandemic Outbreak on Human Capital Management Market

The widespread impact of the novel coronavirus pandemic exposes a significant vulnerability in corporate supply chains. The immense pressure of the pandemic crisis has severely disrupted business process functions across most industries.

Human capital management functions play critical roles as all organisations around the world respond to the threat of the coronavirus (COVID-19). The crisis has compelled organisations to reconsider their HR processes and operations. According to estimates, more than 70% of organisations are now shifting to virtual methods of recruitment, aided by emerging technologies such as AI, robotic process automation, and machine learning.

But after the COVID-19 outbreak, the demand for human capital management solutions has been increased to some extent, with the market projections increase by nearly 3%-4% in Q1-Q2 2020, as organizations are demanding better human capital management software to ensure business continuity; manage virtual workforce; managing employee engagement and other applications.

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Human Capital Management Market: – Market Dynamics

The incorporation of AI and ML technologies into Human Capital Management Software is propelling the Human Capital Management Market forward.

Rapid changes in the global business environment, such as technological development, emerging-markets growth, changing demographics, regulations, and cost, have driven the need for advanced human capital management systems in recent years.

The integration of AI, machine learning (ML), and natural language processing (NLP) technologies with human capital management systems aids in meeting the aforementioned challenges. These technologies aid in the automation of routine HR tasks, the delivery of personalised experiences, and the extraction of actionable insights from HR data.

Integrating AI models into administrative tasks helps organisations improve workforce productivity and streamline HCM processes. In contrast, NLP technology aids in the improvement of talent acquisition and identification processes.

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Human Capital Management Market: – Key Players

Key players in the human capital management market are focusing on product innovation and strategic partnerships with the technology vendors to collaborate for offering advanced human capital management software and services to streamline HR operations. The major players offering human capital management software includes –

• Oracle
• Workday, Inc.
• Ceridian
• ADP
• SAP
• Microsoft
• IBM and among others.

The report is a compilation of first-hand information, qualitative and quantitative analysis by industry analysts, and input from industry experts and participants across the global human capital management value chain.

The report analyses parent market trends, macroeconomic indicators, and governing factors, as well as human capital management market attractiveness by segment. The qualitative impact of various factors on human capital management market segments and geographies is also mapped in the report on human capital management market.

Human Capital Management Market: – Segmentation

By Software, human capital management market is segmented into-

• HR operations and Payroll Management
• Applicant Tracking System
• Workforce Management
• HR Analytics
• Services
• Professional Services
• Consulting
• Training and Education
• Reporting and Dashboards
• Support and Maintenance
• Managed Services

By Deployment Mode, human capital management market is segmented into-

• Cloud-Based
• On-Premises

By Vertical, human capital management market is segmented into-

• Banking, Financial Services, and Insurance (BFSI)
• Government
• IT and Telecom
• Manufacturing
• Healthcare
• Retail
• Energy and Utilities
• Transportation and Logistics
• Others