Global Human Capital Management (HCM) Market, By Service (Integration and Implementation, Training and Education, Support and Maintenance, Consulting), Software (Core HR, Applicant Tracking System, HR Analytics, Workforce Management), Deployment Model (Cloud, On-Premises), Organisation Size (Small and Medium-Sized Enterprises, Large Enterprises), Vertical (Banking, Financial Services, and Insurance, Government, Manufacturing, Telecom and IT, Consumer Goods and Retail, Healthcare and Life Sciences, Energy and Utilities, Transportation and Logistics, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
Human capital management (HCM) software, an enterprise application solution, has become essential in all businesses because it automates the time-consuming clerical tasks associated with employee data, payroll, and benefits administration. However, the recent growth of the HCM software market is due to the enormous opportunities created by expanding SMEs across regions.
Data Bridge Market Research analyses that the human capital management (HCM) market was valued at USD 18.46 billion in 2021, and would reach an estimated value of 35.34 billion by 2029, and is likely to grow at a CAGR of 8.46% during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Report Scope and Market Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2022 to 2029
|
|
Base Year
|
2021
|
|
Historic Years
|
2020 (Customizable to 2014 - 2019)
|
|
Quantitative Units
|
Revenue in USD Billion, Volumes in Units, Pricing in USD
|
|
Segments Covered
|
Service (Integration and Implementation, Training and Education, Support and Maintenance, Consulting), Software (Core HR, Applicant Tracking System, HR Analytics, Workforce Management), Deployment Model (Cloud, On-Premises), Organisation Size (Small and Medium-Sized Enterprises, Large Enterprises), Vertical (Banking, Financial Services, and Insurance,Government,Manufacturing,Telecom and IT,Consumer Goods and Retail,Healthcare and Life Sciences,Energy and Utilities,Transportation and Logistics,Others)
|
|
Countries Covered
|
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
|
|
Market Players Covered
|
Oracle Corporation (U.S.), SAP SE (Germany), IBM (U.S.), NetSuite Inc. (U.S.), Workday, Inc. (U.S.), Ultimate Software Group, Inc. (U.S.), ADP, LLC (U.S.), Cornerstone OnDemand (U.S.), Benefitfocus Inc. (U.S.), BambooHR (U.S), PeopleFluent (U.S), Ultimate Software Group, Inc. (U.S), Zoho Corporation (India), WebHR (U.S), CakeHR (U.K), Epicor Software Corporation (U.S), Infor (U.S), Kronos Incorporated (U.S), The Sage Group plc. (U.S)
|
|
Market Opportunities
|
|
Market Definition
The term HCM can refer to both a business strategy and a collection of modern IT applications and other technologies used to put that strategy into action. Furthermore, it includes not only the hiring, job & position management, HR compliance, and reporting processes, but also workforce rewards & talent and workforce management. Furthermore, cloud-based HCM usage is growing due to benefits such as remote data access, unlimited storage capacity, lower costs and maintenance fees, and access via web and mobile from any location and at any time.
Human Capital Management (HCM) Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Increasing adoption of artificial intelligence
Increasing demand for artificial intelligence and machine learning in various HCM suites, rising need to reduce HR-related costs, prevalence of advanced solutions in the form of data processing and management, rising usages of HCM for souring & recruiting, applicant tracking, time & attendance management, payroll & compensation, and others will likely accelerate the growth of the human capital management (HCM) market during the forecast period
- Prevalence of cloud based software solution and adoption of digital technologies
The prevalence of cloud-based software solutions, as well as the adoption of digital HR technology, will provide various opportunities for the growth of the human capital management (HCM) market during the forecast period.
Restraints
Security concerns, as well as a lack of qualified resources, are acting as market restraints for human capital management (HCM) during the forecasted period. Because of the adoption of multiple technologies, data inconsistency will become the most significant challenge to market growth.
Opportunities
On the other hand, increase in the prevalence of cloud based software solutions along with the high adoption of digital HR technology which will further bring various opportunities that will lead to the growth of the human capital management (HCM) market in the above mentioned forecast period.
This human capital management (HCM) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Human capital management (HCM) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Human Capital Management (HCM) Market
Because of the COVID-19 pandemic, businesses around the world are adopting a remote work culture, posing new challenges for HCM software and service providers. The main challenge is keeping offerings up to date with changing organisational cultures. During this pandemic, HCM providers can advance their software by adding new capabilities, such as tracking employee health and location. This is expected to increase the uptake of HCM software. However, cost cutting and project delays by enterprises may limit the adoption of HCM software.
Recent Development
- Workday announced in September 2021 that Google LLC had subscribed to additional products to support its global workforce, including Workday Adaptive Planning, Workday Extend, Workday Prism Analytics, and Workday Strategic Sourcing. Google will also expand its current use of Workday HCM as part of its ongoing investment in talent management strategies, adding new applications to deliver enhanced employee experiences and recruiting to support its global workforce.
- Workday and Microsoft announced a partnership in May 2020. The goal of this collaboration is to expand cloud-based enterprise planning software by running workday adaptive planning on the Microsoft Azure cloud.
- Ultimate Software launched Employee File Management in July 2019, allowing HR professionals to easily share documents with third parties regardless of their location.
Global Human Capital Management (HCM) Market Scope
The human capital management (HCM) market is segmented on the basis of service, software, deployment model, organisation size and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Service
- Integration and Implementation
- Training and Education
- Support and Maintenance
- Consulting
Software
- Core HR
- Applicant Tracking System
- HR Analytics
- Workforce Management
Organization size
- Small
- Medium
- Large
Deployment Model
- Cloud
- On premise
End user
- IT and telecommunication
- Travel and Hospitality
- Transport and Logistics
- Energy and Utilities
- Education
- Manufacturing
- Government
- Banks and Financial Institution
- Others
Human Capital Management (HCM) Market Regional Analysis/Insights
The human capital management (HCM) market is analysed and market size insights and trends are provided by country type, service, software, deployment model, organisation size and vertical. as referenced above.
The countries covered in the human capital management (HCM) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America will dominate the human capital management (HCM) market due to the prevalence of various vendors as well as the adoption of cloud-based technologies.
On the other hand, Asia-Pacific is expected to grow during the forecast period of 2022 to 2029 due to the expansion of cloud solutions as well as increased investment in the development of unique platforms.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Human Capital Management (HCM) Market Share Analysis
The human capital management (HCM) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to human capital management (HCM) market.
Some of the major players operating in the human capital management (HCM) market are:
- Oracle Corporation (U.S.)
- SAP SE (Germany)
- IBM (U.S.)
- NetSuite Inc. (U.S.)
- Workday, Inc. (U.S.)
- Ultimate Software Group, Inc. (U.S.)
- ADP, LLC (U.S.)
- Cornerstone OnDemand (U.S.)
- Benefitfocus Inc. (U.S.)
- BambooHR (U.S)
- PeopleFluent (U.S)
- Ultimate Software Group, Inc. (U.S)
- Zoho Corporation (India)
- WebHR (U.S)
- CakeHR (U.K)
- Epicor Software Corporation (U.S)
- Infor (U.S)
- Kronos Incorporated (U.S)
- The Sage Group plc. (U.S)
SKU-