According to a new market report published by Transparency Market Research the global human capital management market was valued at US$ 21.30 Bn in 2016 and is expected to expand at a CAGR of 8.8% from 2018 to 2026, reaching US$ 48.29 Bn by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the human capital management market in 2016.
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Growing implementation of Cloud Based HCM Software driving the global human capital management market
The global human capital management market is expected to witness considerable growth due to the increasing adoption of cloud technologies such as SaaS (Software as a Service). Moreover, cloud based human capital management has the ability to provide self-service which reduces the excess burden on HR. Such cloud based solutions are very secure because data is not lost when the computer/system/laptop crashes. This solution allows HR or other authorities to access workforce related information at any location and at any time. Moreover, a cloud-based human capital management portfolio improves the retention of employees and reduces turnover cost, thereby increasing the performance and employee engagement of the organization. In addition, SaaS-based human capital management services eliminate the need to manually upgrade the system as it is taken care of by the vendors themselves. Additionally, SaaS technology helps consolidate various HCM solutions under one single package.