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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