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What The Future Looks Like For Global Human Capital Management Market?
Artificial Intelligence is finding its way in more than just a few industries. Yes, AI has a huge potential to disrupt various industries and to some extent by even replacing human effort, however that’s not all. Artificial Intelligence is very much being used in managing human resources as well. This is an emerging trend in the human capital industry and is soon catching up.
As per a market research report published on the official website of market intelligence firm, Research on Global Market, the global human capital management market is soon to become a USD 29.9 Bn industry. The forecasts predict this growth to be achievable by the year 2023 starting the year 2018. The report also predicts that the market will grow at a compound annual growth rate (CAGR) of nearly 8.7% year on year starting the year 2018 and ending in the year 2023.
This growth in the global human capital management market is attributed to the wave of automation that has swept the human resource departments across the world. Automation has made administration of employees, policies and procedures extremely simple and effective. It is one of the key drivers of growth in the global human capital management market. Besides automation, the other factors that are leading to an increased adoption of human capital management solutions are either software based or service based.
The two sub-segments of the global human capital management market when looking at its share based on components are Human capital management (HCM) Software and Human Capital Management (HCM) Services. The Software segment is already very popular and accounted for nearly 66% market share in the year 2018 owning to the high demand for cloud-based SaaS applications. The primary reason for the popularity of the software segment is the pricing flexibility. Organizations love the various packages that they can choose from which have made it easier for them to plan their human resource allocations better. Hence a lot of On-Premise and Data Centre customers have moved to this mode of using services.
On the other hand, for segmentation based on deployment type in the global human capital management market the cloud based human capital management garnered a market size nearly USD 15.4 Bn in the year 2018. This makes it further evident that the Human Capital Management solutions driven by AI is here to stay. However, with the rising penetration of AI in hiring as well as training decisions taken across organization world over, there is also a growing concern that is keeping people awake at nights. AI is likely to make unilateral hiring decisions, which may leave no room for diversity and creativity in organizations.
One of the key challenges for the global human capital management market will be to address issues related to employee grouses which are more often than not of very unique nature. An AI can at best handle FAQs but not solve problems that require extremely sensitive approach which only a human can provide. IN the same way, training and coaching software under the HCM market are still at a very nascent stage as human intervention and mentoring is still considered the best option.
For More Information On This Report, Please Visit @ https://www.researchonglobalmarkets.com/global-human-capital-management-market-2018-2023.html
Written by a content marketer who keeps updated on industries for market research purposes and studying them.
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