The North America human capital management market size is expected to reach USD 10.2 billion by 2025, registering a CAGR of 10.5% over the forecast period, according to a new study conducted by Grand View Research, Inc. The growing demand for talent acquisition and increasing difficulties in managing widespread workforce are expected to drive the growth of the market for the management of human capital in North America over the forecast period. Moreover, the ever-increasing number of job applicants is making it challenging for HR professionals to hire ideal candidates with the desired skills and knowledge base. As a result, organizations are either outsourcing their hiring processes or adopting dedicated software/services to manage the data of all the applicants efficiently while ensuring the quality of interviews and maintaining a better joining ratio, thereby driving the growth of the hcm market for the management of human capital in North America.
Another driver that is driving the demand for human capital management software in North America is the increasing need among organizations to hire good candidates and retain valuable employees. HCM software can particularly help HR professionals because it includes tools for performance appraisals, competency management, goal alignment, and employee motivation. Increasing adoption of workforce planning & analytics software to improve business agility and deliver improved outcomes is further expected to drive the growth of the market for human capital management in North America over the forecast period.
Advances in technology have led to the development of various mobile applications and social collaboration software that offers both employees and employers the necessary flexibility to access data anytime and from anywhere. At the same time, several companies are also opting for HR analytics for predicting workforce requirement, tracking successors at higher levels, and gauging employees’ performance & satisfaction levels, thereby driving the growth of the market. Various initiatives being pursued by enterprises in North America to digitize the HR processes are also expected to drive the demand for HCM software in the region.
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