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PORTLAND, Ore., Feb. 28, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “Human Capital Management Market by Component (Software (Core HR, Recruiting, Workforce Management, Compensation & Payroll, and Others) and Service (Managed Service and Professional Service)), Deployment Mode (On-premise and Cloud), and Industry Vertical (IT & Telecommunication, Retail , BFSI, Healthcare, Hospitality, Government, Manufacturing, and Other): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global human capital management industry was pegged at $17.43 billion in 2020, and is expected to reach $42.13 billion by 2030, growing at a CAGR of 9.6% from 2021 to 2030.
Drivers, restraints, and opportunities
Rise in the cloud-based HRM software inclination due to work from home policies and increase in need for streamline HR operations and unified HR suite have boosted the growth of the global human capital management market. However, surge in privacy concerns and data security related to implementation of cloud-based deployment of HCM impede the market growth. On the contrary, rise in adoption of digital HR technology and workforce analytics solutions is expected to open new opportunities for the market players in the future.
Download Report Sample (250 Pages PDF with Insights) at:
https://www.alliedmarketresearch.com/request-sample/2482
Covid-19 scenario:
- The outbreak of Covid-19 has a positive impact on the human capital management market. During the pandemic various companies have implemented incentive resets, pay reductions, and pay premiums, organizations were forced to consider long-term strategies across pay programs, thus accelerating the demand for the human capital management market.
- The pandemic has created a challenging environment for managers and HRs, and they need to find ingenious solutions to ensure the continuity of their companies and assist their employees to cope with this crisis.
- Additionally, Human capital management has helped HRs with emerging issues such as controlling time and labor, scheduling, and related expenses, as well as maintaining the budget for specific projects and other costs and …
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