The Asia Pacific Human Capital Management Market would witness market growth of 8.1% CAGR during the forecast period (2022-2028).
Businesses all across the world are focusing on making the best use of resources while also increasing production. Implementing a single HCM system allows businesses to streamline HR and people procedures while also ensuring perfect business strategy calibration, team execution, and optimal employee performance. Social business & collaboration, onboarding, performance management, and learning management are all included in the HCM suite.
Cloud solutions are cost-effective since they do not require expensive installation or upgrades and upkeep. The data on the cloud, on the other hand, is stored by a third-party cloud service provider. This raises the risk of losing important information. Also, putting information in the cloud may expose the company to external attacks and dangers.
Human capital management (HCM) software, also known as an enterprise application solution, has become a necessity for all businesses as it automates time-consuming clerical duties such as employee data entry, payroll, and benefits administration. Additionally, HCM also consists of hiring, job, and position management as well as workforce management and HR compliance. Organizations across the world have adopted HCM, however, the expansion of the HCM software market is attributable to the enormous opportunity created by expanding SMEs across geographies.
In the future years, rising number of startups and the adoption of new technologies like Industry 4.0, data analytics, cloud technology, and artificial intelligence will necessitate a trained and talented workforce in the APAC region. Thus, the requirement for human capital management solutions in the region is predicted to rise as a result of managing and hiring suitable professionals.
The APAC countries like China and India are developing at an incredible rate. Employable youth in these two countries is in millions. Before the COVID-19 outbreak, unemployment in the region was relatively low. As the manufacturing and servicing sectors in these countries continue to grow, there will be a huge demand for more human resources. There is also a labor shift happening in China. Due to China's aging population, workers are transferring from agriculture and manufacturing to services. Small and Medium Enterprises (SMEs) account for more than 90% of all enterprises in the Asia-Pacific Economic Cooperation region, employing between 60 and 80% of the workforce, according to the Asia-Pacific Economic Cooperation. As the population grows, this trend is projected to continue.
The China market dominated the Asia Pacific Human Capital Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3,204.7 million by 2028. The Japan market is anticipated to grow at a CAGR of 7.4% during (2022 - 2028). Additionally, The India market would exhibit a CAGR of 8.8% during (2022 - 2028).
Based on Component, the market is segmented into Software and Services. Based on Software Type, the market is segmented into Core HR, HR Analytics, Workforce Management, and Applicant Tracking System. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on Organization size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). Based on Vertical, the market is segmented into BFSI, Manufacturing, Government, Telecom & IT, Consumer Goods & Retail, Healthcare & Life Sciences, Energy & Utilities, Transportation & Logistics, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Human Capital Management Market is Projected to reach USD 36 Billion by 2028, at a CAGR of 7.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ADP, Inc., Cornerstone OnDemand, Inc. (Clearlake Capital Group), Epicor Software Corporation, IBM Corporation, Infor, Inc., Workday, Inc., Oracle Corporation, SAP SE, Sumtotal Systems, LLC (Skillsoft), and UKG, Inc.
By Component
By Deployment Mode
By Organization size
By Vertical
By Country
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