The market for human capital management expanded in 2020 and is poised for growth due to a number of application areas within the growing software portfolio within HCM. Business leaders are looking for new ways to hire, train, retain and maintain talent within their organizations. Emerging platforms and tools in the HCM software market support enterprises in this goal of hiring, developing and rewarding skills across the workforce. Fast growing sub- segments such as people analytics and global talent mobility are helping to increase overall spending. Adoption worldwide is growing with North America and Western Europe as key growth areas.
The change in the HCM market is due to increased demand to enhance overall employee engagement. Applications are becoming more intelligent and that means many application categories within HCM have evolved and are not the same as they were just a few years ago. Learning, Recruiting, and the newer areas of global talent mobility and people analytics are enabling providers to help enterprises transform how they engage with associates.
