Key Findings & Highlights:

NelsonHall's market analysis of the cloud HCM technology market consists of 84 pages.

In 2018, the global cloud HCM platform market was estimated to be ~$20.1bn and growing, as organizations of all sizes continue adopting cloud-based platform technologies to enable digital HR transformation.

Global trends and challenges impacting human capital management and driving cloud HCM technology adoption include:

• Attracting, retaining, and developing top talent is a critical priority for HR leaders today, driving the demand for next generation talent management methods and tools that enable a talent driven organization
• Employers are placing greater emphasis on employee engagement and holistic wellbeing (physical, mental, financial) to positively impact employee wellness, productivity, and retention
• Businesses are more commonly enabling cultures of diversity, inclusion, and transparency, driven by a shift in social norms, and the potential to impact employee creativity, innovation, and long-term revenue growth
• The way in which work is being conducted is rapidly shifting;  hierarchical organizational structures are being replaced with agile teams, derived of a mix of employees, and continent workers which require collaborative environments and capabilities to be successful
• Organizations of all sizes are commonly expanding operations to new international locations and require HR and payroll solutions that can support growth and scale in emerging geographies.

Organizations of all sizes are seeking modern, cloud-based, seamlessly integrated, consumer grade platform technologies, that can support the “future of work” and align HR capabilities with the overall digital transformation strategy of the business. Thus, drivers for HCM platform technology adoption center on modernizing and optimizing the HR operating model and UX, while supporting the organization in competing for and developing top talent.