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.
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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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