Human Capital Management Market Expected to Reach USD 57.8
Pune, Nov. 08, 2024 (GLOBE NEWSWIRE) — Human Capital Management Market Size Analysis:
“According to S&S Insider, the Human Capital Management Market was valued at USD 27.1 billion in 2023 and is projected to reach USD 57.8 billion by 2032, marking a compound annual growth rate (CAGR) of 8.8% from 2024 to 2032.”
Market Expansion Fueled by the Need for Advanced Workforce Management
As organizations worldwide adapt to evolving workforce dynamics, there is an increased focus on adopting HCM solutions to streamline processes, improve productivity, and enhance employee engagement. Human capital management encompasses a range of solutions designed to manage HR functions more effectively, including talent acquisition, workforce planning, performance management, and employee benefits administration. The increasing adoption of digital tools in HR departments highlights the need for comprehensive HCM solutions that automate routine tasks, provide data-driven insights, and enhance workforce management.
In today’s competitive job market, organizations are prioritizing the employee experience as a key driver of retention and productivity. The integration of Artificial Intelligence (AI), machine learning, and analytics in HCM software is enabling companies to make data-driven decisions that enhance the quality of their talent management practices. These trends are pushing the demand for HCM solutions across various industries, as companies aim to attract, develop, and retain top talent while optimizing workforce productivity.
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Major Players Analysis Listed in this Report are:
- SAP SE (SuccessFactors, SAP HCM)
- Oracle Corporation (Oracle HCM Cloud, PeopleSoft HCM)
- Workday, Inc. (Workday HCM, Workday Talent Management)
- ADP, Inc. (ADP Workforce Now, ADP Vantage HCM)
- Ceridian HCM, Inc. (Dayforce HCM, Ceridian Powerpay)
- Ultimate Software (UKG) (UKG Pro, UKG Ready)
- Cornerstone OnDemand, Inc. (Cornerstone Learning, Cornerstone Performance)
- Kronos Incorporated (Kronos Workforce Central, Kronos Workforce Ready)
- Infor (Infor HCM, Infor Talent Science)
- Zoho Corporation (Zoho People, Zoho Recruit)
Human Capital Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 27.1 Bn |
| Market Size by 2032 | US$ 57.8 Bn |
| CAGR | CAGR of 8.8% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]Africa [Nigeria, South Africa, Rest of Africa]Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Increased demand for digital HCM solutions to manage remote workforce efficiently, Adoption of cloud-based HCM platforms for real-time collaboration and employee engagement.
• Companies are focusing on enhancing employee satisfaction and retention through personalized HCM solutions. Advanced analytics and AI tools are being integrated to monitor and improve employee experience. • Stricter labor laws and data privacy regulations drive demand for automated compliance tracking. HCM systems are essential for organizations to stay compliant and avoid legal risks. |
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Segment Analysis
By Offering | Software Segment Leads the Market in 2023
In 2023, the software segment dominated the HCM market, accounting for approximately 59% of the market share. This segment’s prominence is attributed to the increasing reliance on software solutions for managing critical HR functions, from payroll and benefits administration to employee performance tracking. HCM software provides organizations with powerful tools that allow HR teams to automate time-consuming processes, streamline workforce planning, and enhance compliance with regulatory standards.
Key solutions within the software segment include core HR, workforce management, talent management, and payroll management software. These tools are increasingly being equipped with AI and analytics capabilities, allowing HR departments to gain insights into employee behaviour, track performance metrics, and predict workforce needs. As remote and hybrid work models become more prevalent, organizations are also investing in cloud-based HCM software that enables easy access to HR functions across different locations.
By Organization Size | Large Enterprises Lead Market Adoption
In 2023, large enterprises accounted for a dominant 69% share of the HCM market, reflecting their robust resources and infrastructure that support the adoption of advanced HCM solutions. Large organizations often manage a highly diverse workforce across multiple regions, necessitating sophisticated HCM systems that can handle complex HR functions and provide granular insights into workforce data.
For large enterprises, HCM solutions offer significant advantages, including streamlined talent management, enhanced compliance, and improved data security. Advanced HCM tools enable large companies to proactively manage employee performance, facilitate succession planning, and support professional development initiatives, all of which are vital for maintaining competitive advantage and fostering a productive work environment. As a result, large corporations are increasingly turning to HCM solutions to enhance workforce engagement and drive operational efficiency.
By End-Use Industry | IT & Telecommunications Sector Emerges as a Major Contributor
The IT & Telecommunications sector held a significant share of 24% in the HCM market in 2023, underscoring its strong demand for effective workforce management solutions. This sector, known for its dynamic and fast-paced work environment, faces challenges related to talent acquisition, employee engagement, and retention. Consequently, IT and telecom companies are among the leading adopters of HCM solutions, as they seek to manage a highly skilled and adaptable workforce efficiently. With high turnover rates and evolving skill requirements, the IT & telecom industry relies heavily on HCM solutions to improve recruitment processes, facilitate continuous learning, and track employee performance.
Human Capital Management Market Segmentation:
By Offering
- Software
- Core HR
- Talent Management
- Workforce Management
- Payroll & Compensation
- Others
- Services
By Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Deployment Mode
By End-use Industry
- IT & Telecommunication
- BFSI
- Government
- Retail
- Healthcare
- Education
- Manufacturing
- Others
Regional Insights | North America Dominates the Human Capital Management Market
In 2023, North America led the HCM market, holding an estimated 38% market share. This dominance is driven by the region’s advanced technological infrastructure, high adoption of digital solutions across industries, and a strong focus on employee-centric policies. Major economies, particularly the U.S. and Canada, have made significant investments in HCM technologies to support their strategic workforce goals. Organizations in North America are increasingly adopting HCM solutions to improve workforce productivity, reduce turnover, and enhance employee engagement.
The Asia-Pacific (APAC) region is anticipated to witness the highest growth rate in the HCM market during the forecast period. Rapid economic development, a young workforce, and the increasing adoption of digital HR solutions are propelling demand in this region. Countries such as China, India, and Japan are experiencing a surge in demand for HCM solutions as companies look to scale their HR functions and improve workforce management. Additionally, as companies in APAC regions continue to embrace digital transformation, the adoption of HCM solutions that incorporate AI and machine learning is expected to rise, further fueling market growth.
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Recent Developments
- In December 2023: Workday partnered with Kainos to launch “Spark&Grow,” a solution aimed at helping small and medium-sized businesses quickly implement Workday. Kainos will oversee the deployment of Workday HCM and Financial Management in just four weeks, offering expert support throughout.
- In October 2023: ADP introduced ADP Workforce Now for Construction, a tailored HCM solution designed to address unique challenges in the construction industry, including government compliance, job costing, union management, multi-site project management, and workforce recruitment.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Human Capital Management Market Segmentation, By Offering
8. Human Capital Management Market Segmentation, By Organizational Size
9. Human Capital Management Market Segmentation, By Deployment Mode
10. Human Capital Management Market Segmentation, By End-use Industry
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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