IMARC Group, a leading market research company, has released a report titled “Human Capital Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. According to the report, The global human capital management market size reached US$ 22.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.0 Billion by 2028, exhibiting a growth rate (CAGR) of 8.35% during 2023-2028.
Human capital management (HCM) encompasses a range of practices aimed at recruiting, managing, developing, optimizing, and enhancing the value of employees within an organization. It includes various core administrative and strategic processes, such as payroll management, training programs, compliance adherence, onboarding procedures, workforce planning, compensation planning, and performance management. It also covers employee benefits administration, time and attendance tracking, workflow management, reporting and analytics, employee service and self-service platforms, and retirement services. It leverages cloud-based and mobile technologies to generate reports, process data, and provide a seamless end-user experience. Cloud-based HCM offers numerous benefits, including remote data access, unlimited storage capacity, cost and maintenance fee reductions, and easy web and mobile accessibility from any location and at any time. It enables companies to invest strategically in their employees, allowing them to make valuable contributions and achieve business objectives. It recognizes employees as valuable resources and aims to unlock their full potential and harness their capabilities to drive organizational success. At present, HCM finds extensive applications in various organizations across the globe as it offers specialized capabilities to manage employees and boost overall productivity effectively.
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Human Capital Management Market Trends and Drivers:
The global human capital management market is primarily driven by the rapid digitization of business processes, as these solutions effectively reduce manual efforts and streamline time-consuming tasks within the HR department. Moreover, due to the significant expansion of the e-commerce sector, the escalating demand for HCM software as it enhances engagement and business value is positively influencing market growth. Along with this, the shifting individual preferences toward online platforms for essential purchases owing to the implementation of lockdowns amid the coronavirus disease (COVID-19) outbreak is propelling the market growth. Additionally, key players are offering HCM technologies through cloud-based solutions using the software-as-a-service (SaaS) delivery model that offers quick deployment, converts variable capital expenses into predictable operating expenses, reduces infrastructure costs, and improves agility by simplifying upgrade paths, which in turn has catalyzed the market growth. Besides this, the increasing emphasis on agile workplaces that foster staff coordination and efficient talent acquisition has augmented the demand for HCM solutions. In addition, the rising use of HCM for sourcing & recruiting, applicant tracking, time & attendance management, and payroll & compensation is another major growth-inducing factor. Furthermore, the surging demand for artificial intelligence (AI) and machine learning (ML) solutions in various HCM suites and the rising need to reduce HR-related costs are contributing to the market growth. Other factors, including the increasing utilization of advanced solutions in data processing and management, surging adoption of digital HR technology, and rapid technological advancements, are also anticipated to drive the market further.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Component:
- Software
- Core HR
- Recruiting
- Workforce Management
- Compensation and Payroll
- Others
- Service
- Managed Service
- Professional
Breakup by Deployment Type:
- Cloud-based
- On-premises
Breakup by Industry Verticals:
- BFSI
- Retail
- IT and Telecommunication
- Healthcare
- Hospitality
- Government
- Manufacturing
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Automatic Data Processing Inc.
- Ceridian HCM Inc.
- Infor Inc. (Koch Industries Inc.)
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- PeopleFluent Inc. (Learning Technologies Group plc)
- Ramco Systems Limited
- SAP SE
- SumTotal Systems LLC (Skillsoft Limited)
- UKG Inc.
- Workday Inc.
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