A process or collection of procedures related to people resource management is known as human capital management. Recruiting, managing, developing, and maximising an organization’s human resources are all parts of the process that promote engagement, productivity, and business value.
Human capital management has many different elements, such as recruitment, performance management, payroll and compensation management, and workforce planning and management. Various IT vendors are creating cutting-edge human capital management software that helps to streamline HR operations to deal with the ever-growing number of HR tasks.
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Human Capital Management Market: – Market Dynamics
The development of the human capital management market is being fueled by the incorporation of AI and ML technologies into human capital management software.
Rapid advancements in technology, the expansion of emerging markets, shifting demographics, changing regulations, and rising costs have all contributed to the demand for sophisticated human capital management systems over the past few years.
To address the aforementioned difficulties, human capital management systems have been integrated with AI, ML, and Natural Language Processing (NLP) technologies. These technologies make it possible to personalise experiences for users, automate repetitive HR operations, and extract useful information from HR data.
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Human Capital Management Market: – Key Players
In order to collaborate on providing cutting-edge human capital management software and services to improve HR operations, key players in the human capital management market are concentrating on product innovation and strategic alliances with technology vendors. Among the top providers of human capital management software are:
- Oracle
- Workday, Inc.
- Ceridian
- ADP
- SAP
- Microsoft
- IBM and among others.
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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
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