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Human Capital Management (HCM) Market: Key Trends and Growth Prospects

The global human capital management (HCM) market is projected to reach USD 28.65 billion by 2032, exhibiting a CAGR of 8.20% during the forecast period 2023-2032. Increased focus on workforce optimization and talent management across organizations is driving the growth of this market.

Human Capital Management Market Overview:

Human capital management software allows enterprises to efficiently manage crucial aspects of HR operations which include recruitment, workforce planning, onboarding, performance assessment, learning management, compensation management, succession planning, and employee records administration.

North America held the dominant share of the global HCM market in 2021, followed by Europe. However, the market in Asia Pacific is anticipated to grow at the highest CAGR over the forecast period owing to rising adoption of HCM solutions by companies in emerging economies.

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Human Capital Management Market Key Segments:

Based on component, the market is segmented into software and services. The software segment accounts for the major share, while services segment is also gaining traction.

On the basis of deployment mode, the on-premise segment leads in terms of market share. However, cloud-based deployment is expected to grow at a higher CAGR during the forecast period.

Based on organization size, large enterprises dominate the market share currently. But the SMEs segment is projected to expand at the highest growth rate during 2022-2030.

The key end-use industries include BFSI, retail, IT & telecom, healthcare, manufacturing, government, and others. Of these, the manufacturing sector accounted for the largest share of the HCM market in 2021.

Human Capital Management Industry Key Companies:

Leading players in the HCM market include Oracle Corporation, SAP SE, Automatic Data Processing, LLC, Workday, Inc., Ultimate Software Group, Inc., Linkedin (Microsoft), Ceridian HCM, Inc., Infor, Kronos, Inc., IBM Corporation, Cornerstone OnDemand, Inc., Epicor Software, WorkForce Software, Accenture, SumTotal Systems, LLC, Zenefits, Ramco Systems, EPAY Systems, and PeopleStrategy, Inc., among others.

Major Growth Drivers:

The key factors driving the growth of the human capital management market include:

  • Increased focus on human resource analytics and workforce optimization
  • Growing adoption of cloud-based HCM solutions by enterprises
  • Rising mobile workforce and need for effective workforce management
  • High demand for integrated HCM solutions rather than standalone modules
  • Increased importance of employee engagement, wellbeing, and company culture
  • Implementation of regulations supporting adoption of HCM solutions
  • Technological advancements like AI, ML, and data analytics in HCM

Regional Insights:

  • North America will continue to dominate the HCM market share during 2022-2030 owing to advanced IT infrastructure and early adoption of HCM software.
  • Asia Pacific is projected to exhibit the fastest growth over the forecast period driven by rising digitalization and HCM adoption across key countries.
  • Europe is expected to hold a significant share of the global HCM market due to presence of major vendors in the region.
  • Latin America, Middle East & Africa offer lucrative opportunities considering increasing enterprise digital transformation.

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Recent Market Developments:

  • In June 2022, UKG acquired Vaida Healthcare, a US-based healthcare workforce management solutions provider, to expand its presence in the healthcare industry.
  • In May 2022, Oracle introduced new capabilities in its Fusion Cloud HCM platform such as HR Help Desk and HR Case Management for enhanced employee experience.
  • In March 2022, SAP SuccessFactors launched new tools for employee health management and personal development on its HCM suite.

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