India Human Capital Management Market Analysis & Forecast with 2020
Market Reports on India Provides the Trending Market Research Report “Human Capital Management Market in India 2020”under Information Technology Category. The report offers a collection of superior market research, market analysis, competitive intelligence and Market reports.
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 Bn by 2025 from INR 44.11 Bn in 2019. The market’s 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.
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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.
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 sector’s market share is estimated to experience significant growth during the forecast period.
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.
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Last Update : Jul 20, 2020
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