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(Hosting-NewsWire.com, June 08, 2018 ) The Human Capital Management (HCM) market is expected to grow from USD 14.50 Billion in 2017 to USD 22.51 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 9.2%, because of the increasing complexities in managing the widespread workforce. Moreover, acquiring the right talent is another major factor contributing to the growth of Human Capital Management market. The HCM solutions offers different software, such as core Human Resources (HR), workforce management, sourcing and recruiting, applicant tracking system, and staffing vendor management.
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In software, sourcing and recruiting, and workforce management segment are expected to have significant market growth rates in the Human Capital Management market during the forecast period from 2017 to 2022. HCM vendors offers various services, such as implementation, training and support, and consulting, in order to help organizations determine the best possible software to fit their specific needs. In the services segment, the support and maintenance service segment is expected to grow at a faster rate. Training and support services facilitate organizations and users to understand the software functionalities, update to the latest features, and also ensure the smooth functionality of the software in the long run.
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The cloud-based HCM solutions are rapidly gaining traction in the deployment type segment. The cloud deployment type stimulates better access to HCM data, with faster implementation and reduced total cost of ownership. Considering the cost benefits, Small and Medium-Sized Enterprises (SMEs) are likely to adopt the cloud-based deployment model for implementing HCM solutions. Furthermore, higher scalability and speed are the other major factors that support the fast growth of the cloud-based deployment model. The market for cloud is expected to grow in the future, as it provides secure access to various administrative activities through an HR portal and enables users to access personal HR data, such as employee records, health benefit information, and payroll information through mobile and desktop devices, virtually from any device.
The HCM solution and services are being adopted rapidly across various industry verticals, which have led to the growth of the market globally. The consumer goods and retail sector is expected to grow at the highest rate from 2017 to 2022.
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