Software and Services – CRI Report

Corporate Wellness Market in India 2020

admin — Sat, 12 Sep 2020 05:25:44 +0000

Market insights:
The corporate wellness market in India is anticipated to expand at a compound annual growth rate (CAGR) of ~5.75 % during the 2020-2025 period to reach a value of INR 21.53 Bn by 2025 from INR 14.59 Bn in 2019. Corporate wellness programs have gained much popularity owing to the surge in the number of lifestyle related diseases. The lack of proper diet, exercise and rest, and growing mental and physical stress also provide impetus to such programs.
Impact of COVID-19:
The COVID-19 pandemic has led to an unprecedented economic turmoil all over the world. India’s corporate wellness market is not expected to be resilient to its impact. Organizational management has undergone a drastic change in the wake of the pandemic. With organizations increasingly adopting the remote work structure, most corporate wellness market players have stepped up their game by providing better and more impactful wellness solutions to handle the COVID situation.
Several companies, which were previously at the crossroads about incorporating corporate wellness programs, have taken the big leap. Organizations are focusing more on employees’ well-being and trying to protect human resources. Overall, the corporate wellness market is on a definite growth curve amid the pandemic.
Market influencers:
Corporate wellness programs have gained momentum in recent times due to the growing culture of prioritizing healthcare and the general wellbeing. Companies have learned that it is essential to invest in human resources for better productivity and work engagement in the workplace the hard way. Further, corporate wellness programs aid in reducing healthcare costs.
Artificial intelligence (AI) and data analytics are being widely adopted by organizations across the country to enhance their employee wellness solutions. The corporate wellness industry is moving towards digitization, coming up with programs that incorporate technological features such as a wearable device or a mobile app for enhanced employee engagement. Moreover, improved awareness regarding mental health has forced organizations to focus on destigmatizing mental health topics among employees.
Competitive landscape:
The corporate wellness market in India is led by a balanced mix of established players, including mid-level, emerging, and small ones. These players provide a complete range of services and solutions to their vast customer base present across the country. Companies like Apollo Life Care Pvt. Ltd., BetterLYF Wellness Pvt. Ltd. and Workplace Options Pvt. Ltd. are the key market players.

Companies covered:
• Apollo Life Care Pvt. Ltd.
• Bargain Technologies Pvt. Ltd.
• BetterLYF Wellness Pvt. Ltd.
• Classhop technologies India Pvt. Ltd.
• HealthifyMe Wellness Pvt. Ltd.
• Meta Wellness Pvt. Ltd.
• Stepathlon Lifestyle Pvt. Ltd.
• TFL Continuous Learning Pvt. Ltd.
• Truworth Health Technologies Pvt. Ltd
• Workplace Options Pvt. Ltd.

The post Corporate Wellness Market in India 2020 first appeared on CRI Report.

Human Capital Management Market in India 2020

admin — Sat, 12 Sep 2020 05:25:40 +0000

Market insights:
The human capital management (HCM) market in India is predicted to expand at a compound annual growth rate (CAGR) of ~8.65% during the 2020-2025 period, to reach a value of INR 72.59 Bn by 2025 from INR 44.11 Bn in 2019. The market’s growth trajectory is backed by a developing Cloud market, and an increased adoption of artificial intelligence (AI), analytics, Internet of Things (IoT) and Big Data.

Market segmentation based on product offerings:
Based on product offerings, the HCM market is segmented into eight types of solutions – core human resources (HR), payroll and compensation management, performance management, learning, talent acquisition, workforce management, benefits administration, and other solutions. The learning management segment is expected to witness the highest growth, expanding at a CAGR of ~12.67%.
The performance management and talent acquisition solution segments are likely to experience rapid growth during the 2020-2025 period.
Market segmentation based on component and deployment type:
In FY 2019, based on components, the HCM software market accounted for 66.86% of the overall market revenue. The HCM services segment accounted for ~34.14% of the total market share in the same financial year.
Based on deployment type, the HCM market in India is segmented into Cloud and on-premises solutions. During the forecast period, the market share of the on-premises solutions segment is anticipated to decline on account of limitations associated with storage space on local servers. In FY 2019, the Cloud-based HCM services segment accounted for ~79% of the overall market size, which is likely to go up substantially by the end of 2025.

Market segmentation based on industry vertical:
Key industries served by the Indian HCM solutions market include banking, financial services, and insurance (BFSI), consumer goods and retail, telecom and IT, manufacturing, and healthcare. The consumer goods and retail industry accounted for the highest share in FY 2019, taking up ~14.96% of the total market size, followed closely by telecom and IT. The government sector and manufacturing sector’s market share is estimated to experience significant growth during the forecast period.
Impact of COVID-19:
The COVID-19 outbreak has led to unprecedented economic turmoil across the world, and India’s human capital management market is not expected to be resilient to its impact. Due to the pandemic, the way organizations manage and communicate with employees has experienced a drastic change. Companies have been forced to make changes in their existing HCM solutions. Organizations that had not yet made the big switch by digitalizing their internal processes had to adopt online working environments to run their businesses smoothly during the crisis. Overall, the HCM market in the country and all over the world has experienced a definite growth curve amid the pandemic.

Market influencers:
HCM solutions allow organizations to use intuitive training to engage and educate their employees, bridging the skill gap. Further, organizations are enabled to create a pipeline of talent ensuring leadership continuity. HCM solutions also provide application tracking software to make the entire recruitment process seamless and error-free. Along with these perks, they optimize workforce engagement and allow better resource allocation.
Moreover, artificial intelligence (AI) and machine learning (ML) are being widely adopted by organizations across the country to improve their HCM practices. Companies are switching to a mobile-responsive design of HCM software to allow better user engagement, enhanced performance and reduced device management costs.
Competitive landscape:
The human capital management market in India is led by a balanced mix of established players, and numerous mid-level, emerging and small players. Companies like ADP India Pvt. Ltd, Oracle India Pvt. Ltd. and SAP India Pvt. Ltd. are key players in the market.

Companies covered:
• ADP India Pvt. Ltd.
• Beehive Software Services Pvt. Ltd.
• FlexiEle Consulting Services Pvt. Ltd.
• Greytip Software Pvt. Ltd.
• Oracle India Pvt. Ltd.
• SAP India Pvt. Ltd.
• Spine Technologies India Pvt. Ltd.
• Uneecops Workplace Solutions Pvt. Ltd
• ZingHR Techno India Pvt. Ltd.
• Zoho Corporation Pvt. Ltd.

The post Human Capital Management Market in India 2020 first appeared on CRI Report.

IT Outsourcing Market in India 2020

admin — Sat, 12 Sep 2020 05:25:22 +0000

Market insights
With the turn of the twenty first century, India emerged as a global sourcing destination for IT-related functions, as well as BPO. Low cost, technological competence, access to a competent talent pool, and a supportive policy framework are driving the Indian IT outsourcing market. In terms of revenue, the IT outsourcing market in India was valued at INR 5,649.47 Bn in 2019 and is estimated to reach INR 8,830.14 Bn by 2025, expanding at a CAGR of 7.25% during the 2020-2025 period.
Market segmentation based on type:
The IT outsourcing market in India is segmented into IT services and packaged software. The market was dominated by the IT services segment, which accounted for 89.70% share of the market revenue in FY 2019. Increased demand for infrastructure service and Cloud service outsourcing contributed to the large share of this segment.
The packaged software segment is estimated to develop rapidly over the forecast period. India’s proficiency in SMAC (social, mobility, analytics, cloud) technologies is expected to fuel the growth of this segment. India is likely to emerge as a leading provider of various software including fintech, SaaS and network security in the coming years.
Market segmentation based on industry vertical:
Key industries served by the Indian IT outsourcing companies include banking, financial services, and insurance (BFSI), hi-tech/telecommunication, manufacturing and healthcare. BFSI emerged as the largest industry segment, accounting for 55.65% of revenue share in FY 2019. India’s aim of achieving a cashless economy with the aid of digital banking and fintech solutions has allowed steady growth of the BFSI segment. The healthcare segment is projected to expand at a CAGR of 12.00% during the FY 2020-FY 2025 period. The healthcare industry is at the cusp of a digital revolution, resulting in a colossal demand for technology-enabled products and services including telehealth, telemedicine, healthcare analytics and electronic health records (EHR).
Market segmentation based on export destination:
The U.S., U.K. and Europe are among the major countries and regions that outsource IT services from India, owing to price advantage and flexibility. With growing digital capabilities, India has leapfrogged from being a service provider to a developer of innovative software based on frontier technologies. The IT outsourcing market in India generated a revenue of INR 3,499.28 Bn from the U.S. Moreover, China, Japan, and ASEAN countries are likely to offer lucrative opportunities to IT outsourcing companies in India.
Market influencers:
The phenomenal enhancement of digital infrastructure in India played an instrumental role in driving the IT outsourcing market. Penetration of the internet and high-speed internet connectivity, and establishment of innovation centers in software technology parks of India (STPI) units and special economic zones (SEZs) have propelled market growth. Furthermore, Indian IT companies are offering training on disruptive technologies like automation, analytics, AI, machine learning and IoT in order to build a digitally skilled workforce. However, the growth of global in-house centers and reduced global IT spending have been keeping the market from progressing. The economic meltdown and complex geopolitical environment are projected to impede its growth further.
Impact of COVID-19:
The COVID-19 pandemic has led to an unprecedented economic turmoil across the world and the IT outsourcing market in India is not expected to be resilient to its impact. Global business are likely to trim down their IT budget as part of their cost-cutting strategies. Stringent measures taken by enterprises to reduce discretionary spending are projected to affect the conversion of new deals in pipeline, assignment of new contracts and delay contract renewals. On the other hand, existing projects are likely to face a reduction in billable employees, affecting price negotiations. However, as enterprises focus on business continuity plans (BCP) for remote working, the demand for Cloud infrastructure services and security software is expected to pick up.
Competitive landscape
The IT outsourcing market in India is led by established players, collectively accounting for more than 50% revenue share of the market. These players provide a comprehensive range of services and solutions to their huge customer base present across the globe. In addition to these large players, the market has a significant presence of numerous mid-level, emerging, and small players. The leading IT companies in India have been focusing on strengthening their digital capabilities through inorganic growth strategies. Companies like Infosys Limited, Wipro Limited, Tata Consultancy Services Limited and HCL Technologies Limited have acquired start-ups and niche players with exclusive capabilities in digital technologies.

Companies covered
• HCL Technologies Limited
• Hexaware Technologies Limited
• Infosys Limited
• Larsen & Toubro Infotech Limited
• Mindtree Limited
• Mphasis Limited
• Tata Consultancy Services Limited
• Tech Mahindra Limited
• Wipro Limited
• Zensar Technologies Limited

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