Market Overview:
The global HCM software market is expected to grow from USD 5.27 billion in 2018 to USD 14.06 billion by 2030, at a CAGR of 13.8% during the forecast period. The growth of the market can be attributed to the increasing demand for cloud-based HCM software and the growing need for HR solutions among small and midsize businesses (SMBs) and large enterprises across regions. On premise HCM software is expected to hold a larger share of the global HCM software market in 2018, owing to its advantages such as low implementation costs, better security features, and easy customization as per organizational needs; however, cloud-based HCM software is projected to grow at a higher CAGR during the forecast period. This can be attributed to various factors such as lower implementation costs, scalability, ease of use & deployment, and reduced Total Cost of Ownership (TCO). The SMBs segment is expected to account for a larger share of the global HCM software market in 2018; however, large enterprises are projectedto grow at a higher CAGR duringthe forecast period.
Product Definition:
HCM software is used to manage employee data and HR processes. It can automate tasks such as onboarding, benefits management, and payroll processing. HCM software can also help organizations track employee performance and identify areas for improvement.
On Premise HCM Software:
On premise HCM software is a standalone computer system that resides on the organization's premises and has access to employee data from multiple sources such as human resource departments, payroll systems, and others. The software can be used for several purposes such as talent management, workforce planning & analytics among others. Organizations prefer installing on premise HCM software so that they have better control over their confidential data.
Cloud-based HCM Software:
Cloud-based HCM software is a set of tools that are used to provide access to the company's human capital management solutions from remote locations. It helps in accessing applications and data related to employee benefits, time & attendance, payroll, and other such functions through mobile devices as well as computers.
Application Insights:
The large enterprise segment dominated the global HCM software market in 2017. The segment accounted for a revenue share of over 40% in 2017. Factors such as extensive use of off-the-shelf solutions and preference for third party vendors are responsible for driving the growth of this segment. For instance, SAP SE¢â‚¬â„¢s HCM solution is used by numerous large enterprises worldwide including Allstate Insurance Company, AT&T Inc., Aviva Plc among others.
Cloud-based HCM software is expected to gain significant traction over the forecast period owing to its cost effectiveness and ease of implementation coupled with access from anywhere via internet or mobile devices. A number cloud based HCMs available include Salesforce1, Microsoft Dynamics 365 among others which can be installed on premise or hosted by a service provider (i) ¢â€š¹or (ii).
Regional Analysis:
North America dominated the global market in 2017. North America has a large number of small and midsize businesses (SMBs) that are adopting Human Resource Management (HRM) software to manage their employees. The region is home to several technology giants such as IBM, Microsoft Corporation, Hewlett Packard Enterprise Development LP, and Oracle Corporation; these companies have been developing innovative HRMS over the years. Thus, North America is expected to continue its dominance throughout the forecast period owing to continuous product development by prominent players coupled with high adoption rate of latest technologies by SMBs in this region.
Asia Pacific regional market for human capital management software is anticipated to witness significant growth over the forecast period owing rising awareness about employee benefits among employers in countries like India and China along with increasing government initiatives towards implementation of modern workforce management solutions at workplace level across various industries verticals including manufacturing, healthcare & life sciences etc.).
Growth Factors:
- Increasing demand for cloud-based HCM software due to its scalability and flexibility.
- Proliferation of mobile devices and BYOD policies, which is driving the demand for HCM software that can be accessed from anywhere at any time.
- The need to improve workforce productivity and optimize HR processes are also fueling the growth of the HCM software market.
- Rapid globalization of businesses is resulting in an increased demand for localized HR solutions, which HCM software providers are able to provide effectively.
Scope Of The Report
Report Attributes
Report Details
Report Title
HCM Software Market Research Report
By Type
On Premise HCM Software, Cloud-based HCM Software
By Application
Small and Midsize Business (SMB), Large Enterprise
By Companies
Oracle, SAP, IBM, Workday, Ultimate Software Group, ADP, Cornerstone OnDemand, Benefitfocus, BambooHR, PeopleFluent, Ultimate Software Group, Zoho Corporation, WebHR, CakeHR, Epicor Software Corporation, Infor, Kronosorporated, The Sage Group
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
186
Number of Tables & Figures
131
Customization Available
Yes, the report can be customized as per your need.
Global HCM Software Market Report Segments:
The global HCM Software market is segmented on the basis of:
Types
On Premise HCM Software, Cloud-based HCM Software
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Small and Midsize Business (SMB), Large Enterprise
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Oracle
- SAP
- IBM
- Workday
- Ultimate Software Group
- ADP
- Cornerstone OnDemand
- Benefitfocus
- BambooHR
- PeopleFluent
- Ultimate Software Group
- Zoho Corporation
- WebHR
- CakeHR
- Epicor Software Corporation
- Infor
- Kronosorporated
- The Sage Group
Highlights of The HCM Software Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- On Premise HCM Software
- Cloud-based HCM Software
- By Application:
- Small and Midsize Business (SMB)
- Large Enterprise
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the HCM Software Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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- Consumer Insights
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- Product & Brand Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
HCM Software is a software company that specializes in healthcare information technology (HIT). The company's products include patient engagement and care management software, electronic health records (EHR) systems, and physician collaboration tools. HCM also provides consulting services to hospitals and other healthcare providers.
Some of the major companies in the hcm software market are Oracle, SAP, IBM, Workday, Ultimate Software Group, ADP, Cornerstone OnDemand, Benefitfocus, BambooHR, PeopleFluent, Ultimate Software Group, Zoho Corporation, WebHR, CakeHR, Epicor Software Corporation, Infor, Kronosorporated, The Sage Group.
The hcm software market is expected to grow at a compound annual growth rate of 13.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 HCM Software Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 HCM Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 HCM Software Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the HCM Software Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global HCM Software Market Size & Forecast, 2020-2028
4.5.1 HCM Software Market Size and Y-o-Y Growth
4.5.2 HCM Software Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 On Premise HCM Software
5.2.2 Cloud-based HCM Software
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Small and Midsize Business (SMB)
6.2.2 Large Enterprise
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global HCM Software Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 HCM Software Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 On Premise HCM Software
9.6.2 Cloud-based HCM Software
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Small and Midsize Business (SMB)
9.10.2 Large Enterprise
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 On Premise HCM Software
10.6.2 Cloud-based HCM Software
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Small and Midsize Business (SMB)
10.10.2 Large Enterprise
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 On Premise HCM Software
11.6.2 Cloud-based HCM Software
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Small and Midsize Business (SMB)
11.10.2 Large Enterprise
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 On Premise HCM Software
12.6.2 Cloud-based HCM Software
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Small and Midsize Business (SMB)
12.10.2 Large Enterprise
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 On Premise HCM Software
13.6.2 Cloud-based HCM Software
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Small and Midsize Business (SMB)
13.10.2 Large Enterprise
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 HCM Software Market: Competitive Dashboard
14.2 Global HCM Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Oracle
14.3.2 SAP
14.3.3 IBM
14.3.4 Workday
14.3.5 Ultimate Software Group
14.3.6 ADP
14.3.7 Cornerstone OnDemand
14.3.8 Benefitfocus
14.3.9 BambooHR
14.3.10 PeopleFluent
14.3.11 Ultimate Software Group
14.3.12 Zoho Corporation
14.3.13 WebHR
14.3.14 CakeHR
14.3.15 Epicor Software Corporation
14.3.16 Infor
14.3.17 Kronosorporated
14.3.18 The Sage Group
