The newest analysis of the India Human Capital Management Market Report 2023 by Report Ocean focuses on a number of market-related topics, such as its characteristics, size and growth, segmentation, regional and national breakdowns, competitive environment, market shares, trends, and strategies. It also contains the COVID-19 Outbreak Impact and echoes of the past occurrences. According to regions and market categories, the analysis presents a list of predicted prospects, sales, and revenues. In addition, it covers additional subjects like manufacturing cost analysis, industrial chains, etc. Ask for Free Sample Request
Key Market Features:
Significant factors including revenue, capacity, price, rate, production rate, gross production, capacity utilization, consumption, cost, CAGR, import/export, supply/demand, market share, and gross margin are all evaluated in the study. Additionally, it provides a complete analysis of the relevant market segments and sub-segments, as well as the most crucial market dynamics and their most recent changes.
The human capital management (HCM) market in India is predicted to expand at a compound annual growth rate (CAGR) of 8.65% during the 2020-2025 period, to reach a value of INR 72.59 Billion by 2025 from INR 44.11 Billion in 2019.
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The markets growth trajectory is backed by a developing Cloud market, and an increased adoption of artificial intelligence (AI), analytics, Internet of Things (IoT) and Big Data.
Market segmentation based on product offerings:
Based on product offerings, the HCM market is segmented into eight types of solutions core human resources (HR), payroll and compensation management, performance management, learning, talent acquisition, workforce management, benefits administration, and other solutions. The learning management segment is expected to witness the highest growth, expanding at a CAGR of ~12.67%.
The performance management and talent acquisition solution segments are likely to experience rapid growth during the 2020-2025 period.
Market segmentation based on component and deployment type:
In FY 2019, based on components, the HCM software market accounted for 66.86% of the overall market revenue. The HCM services segment accounted for ~34.14% of the total market share in the same financial year.
Based on deployment type, the HCM market in India is segmented into Cloud and on-premises solutions. During the forecast period, the market share of the on-premises solutions segment is anticipated to decline on account of limitations associated with storage space on local servers. In FY 2019, the Cloud-based HCM services segment accounted for ~79% of the overall market size, which is likely to go up substantially by the end of 2025.
Market segmentation based on industry vertical:
Key industries served by the Indian HCM solutions market include banking, financial services, and insurance (BFSI), consumer goods and retail, telecom and IT, manufacturing, and healthcare. The consumer goods and retail industry accounted for the highest share in FY 2019, taking up ~14.96% of the total market size, followed closely by telecom and IT. The government sector and manufacturing sectors market share is estimated to experience significant growth during the forecast period.
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Impact of COVID-19:
The COVID-19 outbreak has led to unprecedented economic turmoil across the world, and India’s human capital management market is not expected to be resilient to its impact. Due to the pandemic, the way organizations manage and communicate with employees has experienced a drastic change. Companies have been forced to make changes in their existing HCM solutions. Organizations that had not yet made the big switch by digitalizing their internal processes had to adopt online working environments to run their businesses smoothly during the crisis. Overall, the HCM market in the country and all over the world has experienced a definite growth curve amid the pandemic.
HCM solutions allow organizations to use intuitive training to engage and educate their employees, bridging the skill gap. Further, organizations are enabled to create a pipeline of talent ensuring leadership continuity. HCM solutions also provide application tracking software to make the entire recruitment process seamless and error-free. Along with these perks, they optimize workforce engagement and allow better resource allocation.
Moreover, artificial intelligence (AI) and machine learning (ML) are being widely adopted by organizations across the country to improve their HCM practices. Companies are switching to a mobile-responsive design of HCM software to allow better user engagement, enhanced performance and reduced device management costs.
The human capital management market in India is led by a balanced mix of established players, and numerous mid-level, emerging and small players. Companies like ADP India Pvt. Ltd, Oracle India Pvt. Ltd. and SAP India Pvt. Ltd. are key players in the market.
ADP India Pvt. Ltd.
Beehive Software Services Pvt. Ltd.
FlexiEle Consulting Services Pvt. Ltd.
Greytip Software Pvt. Ltd.
Oracle India Pvt. Ltd.
SAP India Pvt. Ltd.
Spine Technologies India Pvt. Ltd.
Uneecops Workplace Solutions Pvt. Ltd
ZingHR Techno India Pvt. Ltd.
Zoho Corporation Pvt. Ltd.
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Our analysis distinguishes out in addition to the general estimates because it includes carefully considered factors such as the COVID-19 containment status, the recovery of the end-use market, and the recovery timescale for 2020/ 2021.
The geographical portion of the study analyzes the market based on regional and national breakdowns, providing reliable information on past and future growth as well as size estimates. For every region, the impacts and anticipated course of COVID-19 recovery are mentioned. To help readers understand current trends and aid in decision-making, the research provides an outlook on emerging market trends and the factors driving the growth of the region.
Why to Choose Our Report?
- Our expertly written study provides succinct solutions and identifies the fantastic chances for investors to make new investments.
- Additionally, it provides superior market plan trajectories and a thorough examination of the infrastructures, possibilities, and constraints that currently face the industry.
- This study offers details regarding end-consumer target groups and their prospective operating volumes, together with the potential locations and sectors to target and the advantages and constraints of participating in the market, in order to assist businesses in developing better strategies.
- Any market’s strong growth is a result of its motivating factors, obstacles, key vendors, important industry trends, etc., all of which are in-depthly discussed in our analysis.
- Additionally, it leads readers through segmentation analysis based on several factors, like product type, application, end consumers, etc. A SWOT analysis of each player is also included in the study, along with information on their product lines, production, value, capacity, etc.
- The study includes information about import and export, significant players, production, and income based on regional markets in a separate part. The research includes details on significant manufacturers, significant market segments, the range of products, years taken into account, and study objectives.
- In addition, the study’s effective SWOT analysis can be used to determine the data’s accuracy.
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