Human Capital Management Market to grow from $10.96 Billion in 2014 to $17.49 Billion by 2019 at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period.
Human Capital Management (HCM) is at its growing stage and is expected to rise exponentially due to enhancement of technology in this sector. Today, companies are demanding real-time based solutions for the workers, so that they can accomplish their task without any delay or interruption. Also, organizations are in need of software solutions that can solve their specific demands that CRM and ERP failed to do thus HCM is becoming quite popular among the HR professionals in the organization. Furthermore, the increasing demand of HR solutions among large enterprises as well as SMB's is also helping HCM market to progress - with an explosive growth rate. HCM provides assistance to businesses in improving their efficiency and productivity by offering proficient software solutions such as core HR, workforce management, performance management, recruiting, learning management, compensation management, and employee collaboration and engagement. These solutions are gaining traction in various industry verticals such as manufacturing, BFSI, healthcare, retail, education, energy and utilities to name a few.
The factors driving this market are the emerging advancements in technology, increasing demand for talent mobility, and rise in demand among enterprises to improve workforce management.
The benefit that HCM provides their end- user is the low operational and implementation cost of its solutions. The HCM solutions can be deployed as on-premise and cloud both by organizations according to their budget.
Along with this, another benefit is the integration of HCM solution is the connectivity with the mobile devices. The HCM solutions are flexible enough, that they can be proficiently deployed on smartphones, laptops and other smart devices.