Mumbai to compete with Bengluru
The India Human Capital Market (HCM) in Small and Medium-Sized Business (SBM) sector is set to grow to US$214 million by 2023 from 2018’s US$133 million, posting a CAGR of 12.5% during the forecast period.
The major 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.
High attrition rates in Indian SMB sector, and security concern over cloud-based deployment may restraint the growth of the market, cautioned researchers at ResearchAndMarkets in a report released 4 Mar 2019.
Mumbai to become equivalent to Bengaluru by 2022
Mumbai will gain market share and will become equivalent to Bengaluru by 2022, due to economic and political support in Mumbai region as State and Central governments will work in sync which would offer more opportunities for adoption of HCM solutions.
Additionally, Various HCM providers such as Spine software, gerytHR, Darwinbox are also focusing on the region. These developments are expected to provide more opportunities for Mumbai to become equivalent to Bengaluru by 2022.
Manufacturing to have second largest market size during the forecast period
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.
Apart from that government initiative such as made in India and increasing developments in the manufacturing sector would further boost the adoption of HCM in the manufacturing sector, said the report.
The report includes the study of the key players offering HCM solutions. These include Keka (Hyderabad), Darwinbox (Hyderabad), greytHR (Bengaluru), ZingHR (Mumbai), People Works (Bengaluru), Zoho (Chennai) which are the key players operating in the market. fiinews.com