Human Capital Management (HCM) SaaS Market – Global Industry Analysis, Growth, Trends, Forecast 2024
Human capital management (HCM) SaaS is a cloud-based human resource management software that offers integrated functionality for small and mid-sized companies. The human resource management functions offered by HCM SaaS include the management of staff profiles, attendance, training, performance and review, payroll and benefits, workforce directory and analytics, and networking among employees. Owing to these various integrated functions and solutions offered by the HCM SaaS software, it helps in streamlining of human resource functions, business intelligence functions, and various reporting activities, thereby improving the operational efficiency of a company. Compared to traditional alternatives, cloud-based HCM solutions do not require any hardware and can be remotely deployed. Additionally, remote access through the web and mobile from any place and at any time offer added advantages to users.
Lower deployment costs and maintenance expenses than traditional human resource management solutions are some of the major factors driving the growth of the HCM SaaS market. Additionally, the growing need to streamline human resource functions is fuelling the HCM SaaS market. With growing size of organizations and competition among adversaries, there is a budding need to predict an employee’s contribution and long-term growth in an organization, coupled with other strategic analyses of performance and achievements. This is fuelling the demand for the HCM solutions market. For small and mid-sized companies, HCM SaaS solutions are the preferred choice owing to their low cost, data mobility, and ease of access benefits. Additionally, increased adoption of cloud solutions and services is further aiding the growth of the market for HCM SaaS solutions. Furthermore, a rise in demand among organizations for the improvement of workforce management and creating talent mobility are aiding in the market growth of HCM SaaS solutions. However, lack of awareness regarding the existence of HCM SaaS solutions is a major hindrance toward the growth of the HCM SaaS market. Nonetheless, with the advent of the Internet of Things (IoT), machine learning and automation of functions are expected to present future growth opportunities for the HCM SaaS market.
The global HCM SaaS market can be segmented on the basis of end-use industries and geography. On the basis of end-use industries, the market can be categorized into retail, manufacturing, health care, IT, banking and financial services, telecom, and others. In terms of geography, the market can be classified into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. The HCM SaaS market in North America is mainly driven by its developed state of IT and Internet penetration. Additionally, the market growth in Asia Pacific is mainly supported by the rising adoption of IT services in the region.
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Recent trends of acquisitions and mergers in the HCM SaaS space are expected to lead to a consolidated market space by the end of the forecast period, thus eliminating small firms from the industry. Some of the key players in the global HCM SaaS solutions market are Castlight Health, Zenefits, ADP LLC, Paycom Software Inc., Ascentis Software Corporation, Ultimate Software, Paylocity, Talentsoft, Oracle Corporation, Workday, Inc., FinancialForce.com, SAP SE, Electronic Commerce Inc., WorkForce Software LLC, Skillsoft Limited, LinkedIn Corporation, and Haufe Group.
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