The North America human capital management market size
is expected to reach USD 10.2 billion by 2025, registering a CAGR of 10.5% over
the forecast period, according to a new study conducted by Grand View Research,
Inc. The growing demand for talent acquisition and increasing difficulties in
managing widespread workforce are expected to drive the growth of the market
for the management of human capital in North America over the forecast period.
Moreover, the ever-increasing number of job applicants is making it challenging
for HR professionals to hire ideal candidates with the desired skills and
knowledge base. As a result, organizations are either outsourcing their hiring
processes or adopting dedicated software/services to manage the data of all the
applicants efficiently while ensuring the quality of interviews and maintaining
a better joining ratio, thereby driving the growth of the hcm market for the
management of human capital in North America.
Another driver that is driving the demand for
human capital management software in North America is the increasing need among
organizations to hire good candidates and retain valuable employees. HCM
software can particularly help HR professionals because it includes tools for
performance appraisals, competency management, goal alignment, and employee
motivation. Increasing adoption of workforce planning & analytics software
to improve business agility and deliver improved outcomes is further expected
to drive the growth of the market for human capital management in North America
over the forecast period.
Advances in technology have led to the
development of various mobile applications and social collaboration software
that offers both employees and employers the necessary flexibility to access
data anytime and from anywhere. At the same time, several companies are also
opting for HR analytics for predicting workforce requirement, tracking
successors at higher levels, and gauging employees’ performance &
satisfaction levels, thereby driving the growth of the market. Various
initiatives being pursued by enterprises in North America to digitize the HR
processes are also expected to drive the demand for HCM software in the region.
Browse full research report on North
America Human Capital Management Market:
https://www.grandviewresearch.com/industry-analysis/north-america-human-capital-management-hcm-market
Further key
findings from the report suggest:
- The talent management segment is anticipated
to grow at the highest CAGR of 13.3% from 2019 to 2025 owing to the
advantages, such as enhanced workflow and improved productivity, offered
by talent management tools
- The support & maintenance segment is
expected to grow at a significant CAGR of 13.1% from 2019 to 2025 owing to
the rising demand for support and maintenance services in line with the
frequent updates being released by the vendors
- The hosted segment is anticipated to witness
remarkable growth owing to the low implementation and maintenance costs
associated with a hosted deployment
- The large enterprises segment dominated the
market in 2018 and is expected to remain the largest segment over the
forecast period owing to the growing emphasis of large enterprises on
efficiently managing the vast database of their employees
- The retail segment is anticipated to grow at a
significant CAGR of 13.4% from 2019 to 2025 as retail companies are trying
hard to overcome challenges involved in employee retention
- The U.S. is expected to continue dominating
the market over the forecast period owing to the increasing government
initiatives and investments in digitizing the HR processes
- Key market players include Accenture PLC;
Kronos Incorporated; Automatic Data Processing (ADP), Inc.; Cezanne HR
Ltd.; Ceridian HCM, Inc.; NetSuite, Inc.; IBM Corporation; Mercer LLC;
PricewaterhouseCoopers (PwC); Oracle Corporation; SAP SE; Workday, Inc.;
Ultimate Software; and Talentsoft.
Browse request sample of this report by
Grand View Research:
https://www.grandviewresearch.com/industry-analysis/north-america-human-capital-management-hcm-market/request/rs1
Grand
View Research has segmented the North America Human Capital Management market
based on software, service, deployment, enterprise size, end use, and country:
North America
Human Capital Management (HCM) Software Outlook (Revenue, USD Million, 2014 -
2025)
- Core HR
- Employee
Collaboration & Engagement
- Recruiting
- Talent Management
- Workforce Planning
& Analytics
- Others
North America
Human Capital Management (HCM) Service Outlook (Revenue, USD Million, 2014 -
2025)
- Integration &
Deployment
- Support &
Maintenance
- Training &
Consulting
North America
Human Capital Management (HCM) Deployment Outlook (Revenue, USD Million, 2014 -
2025)
- Hosted
- On-premise
North America
Human Capital Management (HCM) Enterprise Size Outlook (Revenue, USD Million,
2014 - 2025)
- Large Enterprises
- Small & Medium
Enterprises
North America
Human Capital Management (HCM) End Use Outlook (Revenue, USD Million, 2014 -
2025)
- Academia
- BFSI
- Government
- Healthcare
- IT & Telecom
- Manufacturing
- Retail
- Others
North America
Human Capital Management (HCM) Country Outlook (Revenue, USD Million, 2014 -
2025)
- U.S.
- Canada
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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