Manufacturing is expected to be the second largest adopter of HCM software, there are various factors that are contributing to the growth of HCM solutions in the manufacturing sector, including the need to hire and handle people, automate various processes, to generate reports and to understand workforce metrics. Manufacturing to have second largest market size during the forecast period These development are expected to provide more opportunities for Mumbai to become equivalent to Bengaluru by 2022
Additionally, Various HCM providers such as Spine software, gerytHR, Darwinbox are also focusing on the region. in Mumbai region as State and Central government will work in sync which would offer more opportunities for adoption of HCM solutions. Mumbai will gain market share and will become equivalent to Bengaluru by 2022, due to economic and political support by govt. Mumbai to become equivalent to Bengaluru by 2022 High attrition rates in Indian SMB sector, and security concern over cloud-based deployment may restraint the growth of the market. The major growth factors expected to drive the growth of the India HCM market include reducing business costs in all departments, simplified core HR operations, recruitment requirements for SMEs and User interface and advanced security features. The researcher forecasts the India HCM market in SMB (Small and Medium-Sized Business) sector size to grow from USD 133 million in 2018 to USD 214 million by 2023, at a CAGR of 12.5% during the forecast period.
The India Human Capital Management (HCM) market in SMB is estimated to grow at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period.
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India HCM Market In SMB Sector, by Vertical (IT & ITES, Manufacturing, Professional Services, Retail & Wholesale, Automobile, Healthcare, Textile, Hospitality), & City (Bengaluru, Mumbai, NCR, Hyderabad, Chennai, Pune, Rest of India) - Forecast to 2022
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