India HCM Market in SMB worth $214 million by 2022
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.
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IT and ITES vertical to hold the largest market size during the forecast period
IT and ITES is one of the most attractive verticals among the Small and Medium-sized Business (SMBs) for
hardware adoption. IT and ITES companies ensure that employees undergo rigorous training and learning to
understand the working of the current technical environment. Therefore, advanced technologies and various
software and solutions can push this vertical to prioritize its actions and manage its workforce smoothly.
Bengaluru to have the largest market size during the forecast period
Bengaluru emerges as the biggest city in terms of adopting HCM software among the SMBs. The reason behind the
highest adoption in Bangalore can be contributed to the number of startups in India, and Bengaluru is called the IT
hub of India. These companies are focusing on automation of processes, such as new hires, and are therefore,