The size of the global human capital management market was 18.0 billion US$ in 2021. The global human capital management market is expected to reach 31.3 billion US$ by 2030 by registering a rate of compound annual growth (CAGR) of 7.9% over the forecast period from 2022 to 2030.
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market competitors, Workday, Oracle, ADP, SAP, Microsoft, IBM, Ultimate Software, Ceridian, SumTotal, Kronos, Infor, Talentsoft, Employ Wise, Other Important Players
Organizations use human capital management (HCM) to recruit, manage, develop and optimize employees. The process helps to improve the performance and skills of employees. He also manages other functions such as facilitating the human resource management process and increasing the efficiency of operations.
Factors influencing the market
The benefits of human capital management (HCM) such as saving time and reducing the difficulty of lengthy processes will primarily drive the market forward. Additionally, the deployment of HCM is increasing in various verticals to facilitate HR operations. Thus, these factors will contribute to the growth of the Human Capital Management (HCM) market.
The software finds wide applications in various verticals, such as banking and insurance (BFSI), healthcare, telecommunications and IT, manufacturing, retail, media, entertainment, and more. Moreover, the software also offers secure access to various administrative tasks. Furthermore, it also benefits the employees by allowing them to access their data through their mobile or desktop. Such benefits will propel the human capital management (HCM) market forward.
Cybersecurity and privacy issues may limit the growth of the human capital management (HCM) market.
Cloud-based HCM solutions are gaining popularity which will accelerate the growth of the human capital management (HCM) market over the study period. For example, Seagrass Boutique Hospitality Group deployed Ceridian’s flagship HCM cloud-based software platform to pay, manage and engage its workforce. Thus, the increasing deployment of HCM solutions will accelerate the growth of the market.
COVID-19 impact analysis
The wake of the COVID-19 pandemic has triggered digitalization across all industry verticals. As a result, the global human capital management market has witnessed lucrative growth opportunities. Additionally, the adoption of the work-from-home model has further increased the demand for effective tools and techniques. As a result, it has contributed to the growth of the global human capital management market.
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Regional analysis
Based on region, the human capital management market in Asia Pacific is expected to register the highest growth rate. It is attributed to the increasing adoption of technologies in order to gain competitive advantage. Moreover, increasing digitization has compelled brands to embrace technology in order to upgrade employee skills. Thus, all these factors will drive the human capital management market in Asia Pacific forward.
Market segmentation
The global human capital management market segmentation focuses on components, deployment, organization, end use, and region.
By component
Software-
basic HR
Applicant Tracking System
HR Analytics, Workforce Management
Services-
Integration and implementation
training and education,
Support and maintenance
Consultant
By deployment model
On the site
Cloud
By organization size
Big business
SME
By end-use industries
Bank Financial Services and Insurance (BFSI)
Government
Manufacturing
Telecom and IT
Consumer goods and distribution
Health and life sciences
Energy and Utilities
Transport and logistics
Others
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By region
North America
United States
Canada
Mexico
Europe
Western Europe
Great Britain
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia and New Zealand
ASEAN
Rest of Asia-Pacific
Middle East and Africa (MEA)
United Arab Emirates
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What factors are taken into consideration while evaluating the major market players?
The report analyzes companies around the world in detail.
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