The North America Human Capital Management Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The North America human capital management (HCM) market size is anticipated to reach USD 10.2 billion until 2025. It is projected to register growth with 10.5% CAGR from 2019 to 2025. This growth can be associated with the rapid technological advances like IT (Information & Technology) and AI (Artificial Intelligence) coupled with the surging need for human capital management solutions.
Key Players:
- Accenture PLC
- Automatic Data Processing (ADP), Inc.
- Cezanne HR Ltd.
- Ceridian HCM Holding, Inc.
- IBM Corporation
- Kronos Incorporated
- Mercer LLC
- NetSuite
- Oracle Corporation
- PricewaterhouseCoopers (PwC)
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Growth Drivers:
Several organizations are developing digital workplaces that can provide mobility and flexibility to their employees. Many communication tools like emails, social media platforms, instant messaging, and video conferencing tools are being used across all organizations. But, the rising importance to maintain and centralize the human resource process is gaining tractions. Thus, such solutions are expected to witness exponential demand across North America.
Many organizations are focusing on reducing costs incurred in implementing human resource processes for their effective and smooth functioning. Functions such as compensations and payroll, attendance and time management, and workforce scheduling can be simplified with the usage of such solutions. Also, functions like employee collaboration, talent management, recruitment, and training can be facilitated with the adoption of such solutions. Moreover, the rising influence of predictive analytics for talent management, decision making, and human asset retention is projected to boost its market growth in the upcoming years.
Software Outlook:
- Core HR
- Employee Collaboration & Engagement
- Recruiting
- Talent Management
- Workforce Planning & Analytics
- Country Insights
Country Insights:
In 2018, the U.S. held the largest share across the market and generated a revenue of USD 4,148.5 million. A majority of the employers across the U.S. have started adopting such HCM systems to facilitate employee data management. As the majority of the HCM solution providers are based across the U.S., the intensity of awareness about its benefits is largely being foreseen across all organizations.
Several governmental initiatives are being undertaken for promoting the usage of advanced solutions and technologies. For example, the ‘Workplace 2.0’ initiative was undertaken by the Canadian Government. This initiative was set up for creating a well-equipped and modern workplace for promoting employees to work smartly.
Impact of COVID-19
The market has been impacted positively due to the ongoing COVID-19 crisis. This can be attributed to the rising complexities in organizational workflow due to lockdown being imposed by governmental authorities and work from home policies being offered by several organizations. Further, rising need to ensure proper communication among the employees for streamline workflow, employee engagement, and to promote the hiring process has paved the way for the demand for such HCM solutions. The market is also projected to witness significant growth during the post-pandemic period for the reduction of excessive time and cost incurred during such processes.
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