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.
Full Research Report On North America Human Capital Management Market Visit Here:
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.
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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.
For more info visit @ https://www.grandviewresearch.com
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