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Next Generation HCM Technology: Transforming the Workplace 2021

Market Analysis

by Elizabeth Rennie

published on Sep 15, 2021

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Report Overview:

NelsonHall’s market analysis of the Next Generation HCM Technology consists of 59 pages.

Who is this Report for:

NelsonHall’s HCM technology report is a comprehensive market assessment report designed for:

  • Sourcing managers investigating developments and offerings within the HCM technology market 
  • Vendor marketing, sales and business managers developing strategies to target opportunities in the HCM technology marketplace
  • Financial analysts and investors specializing in the HR technology and services sector, including cloud HCM platform technology offerings and providers.

Scope of this Report:

The report analyzes the worldwide market for cloud HCM technology platforms and addresses the following questions:

  • What is the market size and projected growth for the cloud HCM technology market globally?
  • What are the top drivers for adoption of cloud HCM technology?
  • What are the benefits currently achieved by users of modern cloud HCM technology?
  • What pricing mechanisms are typically used within cloud HCM technology contracts and how is this changing?
  • Who are the leading cloud HCM technology vendors globally?
  • What is the current trend in supporting and delivering cloud HCM technology and how is this changing?
  • What are the challenges and success factors vendors face in cloud HCM technology adoption?

Key Findings & Highlights:

NelsonHall’s Next Generation HCM Technology report focuses on how modern HCM platforms and providers are supporting the ever-evolving workplace of the future and incorporating next-generation technology solutions to rethink HR processes and reimagine the employee experience.

The impacts of the pandemic rapidly accelerated an already intensifying need to digitize HR operations and thrust the future of work forward sooner than expected. Organizations across sectors are seeking to modernize employee experiences and enable digital HR capability for greater efficiency, insight, agility and resiliency in meeting the challenges of the next decade.

Workplace digitalization to drive productivity and elevate the employee experience, paired with the need to create more resilient, agile, and data driven HR operating models to support strategic business outcomes, continues to fuel cloud HCM platform adoption globally. While North America continues to lead all geographies in adopting modern cloud HCM platforms, each are expected to fuel continued adoption and growth with all major vendors increasing international targeting beyond North America.

Next generation HCM tech is being built for the user first, incorporating cognitive technology to continuously augment, personalize, guide, support, and engage employees along their journeys. HCM technology offerings are increasingly advancing toward AI and ML enabled ‘experience platforms’ designed to augment and support users for enhanced personal and HR outcomes. Providers are allocation >20% of annual revenues toward R&D to advance platform capabilities, with the employee experience at the heart of roadmap initiatives.

HCM technology delivery models are becoming more vertically centric aiming to support unique sector challenges, underpinned by high touch engagement models that seek to ‘orbit’ clients to ensure maximum ROI and value realization

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