Market Size of Asia-Pacific Human Capital Management Software Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Human Capital Management Software Market Analysis
The Asia-Pacific Human Capital Management Software Market is expected to register a CAGR of 6.7% during the period 2022 - 2027. Many companies are onboarding HCM vendors who provide robust and reliable software solutions to increase workforce productivity. Organizations are increasingly adopting strategies to focus on their employees to offer them comparatively better growth opportunities at their organizations.
- The employee's mobile-centric internet usage patterns are persuading the enterprises to deploy the mobile application for extending the employee management functions to enhance the culture, i.e., people management, thus providing growth prospects to the HCM vendors. As several companies have had the same HR software for over seven years, which needs to be updated to stay on par with the market, such factors are expected to influence the growth of the human capital management software market.
- Internet usage shift from browser to a mobile phone is influencing the HCM vendors to develop mobile applications based on their web-based systems. It is estimated that approximately 40% of candidates apply for jobs through mobile phones, and more than 60% of all online video is now consumed on a mobile device. Also, according to Aruba Network's survey, a networking giant, 64% of employees believe using mobile devices made them more productive.
- In addition, mobile apps offer features like embedded video, gamification, and analytics are contributing to enhanced employee onboarding and engagement. This persuades the enterprisers to use mobile-based HCM. Companies providing HCM through the cloud (SaaS) are expected to have huge growth opportunities, considering the end users' on-premise to cloud migration trend. Cloud computing giants like IBM and Microsoft are expected to increase their SaaS offerings during the forecast period, anticipating cloud migration and adoption. This push from the vendors contributes to the growth of the cloud-based HCM software market segment.
- However, Data Security is a major concern after the implementation of HCM software. The software must prevent unauthorized access to sensitive and confidential data. Multiple levels of security must be put in place, hampering the market growth.
