Canada Human Capital Management (HCM) Market, By Offering (Software, Services), Deployment Model (Cloud, On-Premises), Organization Size (Large Enterprises, Small and Medium-Sized Enterprises (SMEs)), End-User (Banking, Financial Services and Insurance (BFSI), Government, IT and Telecommunication, Manufacturing, Transportation and Logistics, Energy and Utilities, Retail and Consumer Goods, Healthcare, Education, Hospitality and Others), Industry Trends and Forecast to 2028.
Market Analysis and Insights: Canada Human Capital Management (HCM) Market
Canada human capital management (HCM) market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 11.7% in the forecast period of 2021 to 2028 and expected to reach USD 2,573.90 million by 2028.
Human capital management refers to practices referring to human resource management. Human capital management helps identify the organization their specific needs concerning the human capital competencies. HCM is an essential factor for the success of people-driven organizations. The HCM is categorized as workforce acquisition, workforce management, and workforce optimization. The efficient human capital management solution helps an organization improve employee performance, increase retention and achieve better results.
The major factors driving the growth of the human capital management (HCM) market are surge in adoption of cloud services to manage office and field personnel, increasing necessity for workforce optimisation, and rising focus on talent mobility. Increasing emphasis on mobile HR apps is creating opportunities for the growth of the market. Compliance with government data security regulation is acting as the major restraint for the human capital management (HCM) market. The lack of skilled IT workforce in SMEs is acting as a major challenge for the growth of the market.
This human capital management (HCM) market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographical expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Canada human capital management (HCM) market is segmented on the basis of are offering, deployment model, organization size, and end-user. The segments study helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of offering, the Canada human capital management (HCM) market is segmented into software and services. In 2021, software segment is expected to dominate the Canada human capital management (HCM) market as human capital management software reaps significant gains in talent retention while freeing up HR staff for value-added projects and minimizing audit findings. Moreover, human capital management software provides human resources teams with several ways to save without cutting back on the employee experience.
- On the basis of deployment model, the Canada human capital management (HCM) market is segmented into cloud and on-premises. In 2021, the on-premises segment is expected to dominate the Canada human capital management (HCM) market as on-premises applications are reliable, secure and allow enterprises to maintain a level of control that the cloud often cannot. Moreover, an on-premises HCM platform is usually more customizable and offers greater control over the implementation process and the data.
- On the basis of organization size, the Canada human capital management (HCM) market is segmented into large enterprises and small and medium-sized enterprises (SMEs). In 2021, large enterprises segment is expected to dominate the Canada human capital management (HCM) market as large organizations have larger data of employees that is needed to be maintained and recorded with minimum error. Human capital software helps in reducing the manual tasks involved in performance appraisals, feedbacks, and goal tracking.
- On the basis of end user, the Canada human capital management (HCM) market is segmented into banking, financial services and insurance (BFSI), government, IT and telecommunication, manufacturing, transportation and logistics, energy and utilities, retail and consumer goods, healthcare, education, hospitality and others. In 2021, IT and telecommunication is expected to dominate the Canada human capital management (HCM) market as the segment is being integrated with more advanced and digital technologies that incorporate more HR software to automate the processes. Moreover, the industry has high need of more skilled work forces and requires highly efficient talent management software.
Canada Human capital management (HCM) Market Country Level Analysis
Canada human capital management (HCM) market is segmented on the basis of are offering, deployment model, organization size, and end-user.
Canada is growing due to high requirement of talent acquisition in both small and large enterprises. The region has witnessed high growth in the automation of HR processes through the use of human capital management software.
The country section of the human capital management (HCM) market report also provides individual market impacting factors and changes in regulation in the market domestically that affect the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Increasing Adoption of Human Capital Management (HCM) Solution
Canada human capital management (HCM) market also provides you with detailed market analysis for every country growth in installed base of different kinds of products for Canada human capital management (HCM) market, impact of technology using life line curves and changes in requirement of abrasives products, regulatory scenarios, and their impact on the Canada human capital management (HCM) market. The data is available for historic period 2019.
Competitive Landscape and Canada Human Capital Management (HCM) Market Share Analysis
Canada human capital management (HCM) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to Canada human capital management (HCM) market.
Some of the major players operating in the Canada human capital management (HCM) market are IBM Corporation, SAP SE, Infor, UKG, Inc., Sumtotal Systems, LLC, Workday, Inc., Ramco Systems, Cegid, WorkForce Software, LLC, Epicor Software Corporation, Cezanne HR Limited, Cornerstone, Ceridian HCM, Inc., Oracle, Microsoft, ADP, Inc., Sage Group plc, PeopleFluent, Hi Bob, Inc., Personio GmbH, Sympa, Deltek, Inc., CIPHR Limited, Advanced, Accenture, Natural HR Limited among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
- In June 2021, ADP, Inc. announced the partnership with OMNIA Partners. The partnership was awarded a three year contract to provide HR, talent, benefits, payroll, and compliance solutions to over 140,000 public sector organizations in the U.S. Accordingly all these organizations had access to ADP’s breadth of solutions to help them build a better workforce. With this the company was able to spread the reach of it human capital management systems and business solutions throughout the U.S. This enhanced the company’s presence in the market.
- In April 2020, Cornerstone announced the complete acquisition of Saba Software, a global leader in talent experience solutions. The total investment amounted for USD 1.295 billion. This move cemented the consolidation of enterprise learning management systems market. The acquisition was aimed at reducing the competition in the market by swallowing the vendors attacking the presence of the company in the Learning Management Systems. This enhanced the company’s position in the market and lead to its growth.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for Canada human capital management (HCM) market through expanded product range.