India HCM Market Statistics, Size, Trends, Forecast Till 2022

Shivamwm30 Jan, 2023News

The report “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”, The India HCM market size is expected to grow from USD 133 million in 2018 to USD 214 million by 2022, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period. The major factors fueling the market growth are the reduction of business costs in all departments, simplified core Human Resource (HR) operations, recruitment requirements for SMEs, and user interface and advanced security features. Growth in millennial/ GenY workforce, the growing preference for transparent performance management system, the hiring and onboarding processes evolving for SMEs, and the development of leadership programs (training modules) could provide growth opportunities for the vendors in the market.