The global human capital management market size was US$ 18.0 billion in 2021. The global human capital management market is forecast to grow to US$ 31.3 billion by 2030 by registering a compound annual growth rate (CAGR) of 7.9% during the forecast period from 2022 to 2030.
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Organizations use Human capital management (HCM) to recruit, manage, develop and optimize employees. The process helps improve the performance and skills of the employees. It also manages other functions like facilitating the process of human resource management and increasing operation efficacy.
Factors Influencing the Market
The benefits of Human Capital Management (HCM), such as time-saving and reducing the difficulty of lengthy processes, will primarily drive the market forward. Furthermore, the deployment of HCM is increasing across various verticals in order to facilitate HR operations. Thus, such factors will contribute to the Human Capital Management (HCM) market growth.
The software finds wide applications across various verticals, such as banking and insurance (BFSI), healthcare, telecommunications and IT, manufacturing, retail, media, entertainment, etc. Moreover, the software also offers secure access to various administrative tasks. Furthermore, it also benefits employees by enabling them to access their data via their mobile or desktop. Such advantages will propel the Human Capital Management (HCM) market forward.
Cyber security and privacy concerns may limit the growth of the Human Capital Management (HCM) market.
Cloud-based HCM solutions are gaining significant traction, which will escalate the growth of the Human Capital Management (HCM) market during the study period. For instance, Seagrass Boutique Hospitality Group deployed Ceridian’s flagship HCM cloud-based software platform with the aim to pay, manage and engage its workforce. Thus, the growing deployment of HCM solutions will escalate the market growth.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic triggered digitalization across all industrial verticals. As a result, the global human capital management market witnessed lucrative growth opportunities. Moreover, the adoption of the work-from-home model further surged the demand for efficient tools and techniques. As a result, it contributed to the growth of the global human capital management market.
Regional Analysis
On the basis of region, the Asia-Pacific human capital management market is forecast to register the highest growth rate. It is attributed to the rising adoption of technologies in order to gain a competitive edge. Furthermore, growing digitalization has forced brands to adopt the technology in order to upgrade employee skills. Thus, all of these factors will drive the Asia-Pacific human capital management market forward.
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Competitors in the Market
Workday
Oracle
ADP
SAP
Microsoft
IBM
Ultimate Software
Ceridian
SumTotal
Kronos
Infor
Talentsoft
EmployWise
Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Human Capital Management industry experienced notable growth in its workforce. Starting in January, employment within the Human Capital Management sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Human Capital Management output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Human Capital Management output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Human Capital Management market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Human Capital Management market.
Market Segmentation
The global human capital management market segmentation focuses on Component, Deployment, Organization, End-Use, and Region.
By Component
Software-
Core HR
Applicant Tracking System
HR Analytics, Workforce Management
Services-
Integration and Implementation
Training and Education,
Support and Maintenance
Consulting
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By Deployment Model
On-Premises
Cloud
By Organization Size
Large Enterprise
SMEs
By End-use Industries
Banking Financial Services and Insurance (BFSI)
Government
Manufacturing
Telecom and IT
Consumer Goods and Retail
Healthcare and Life Sciences
Energy and Utilities
Transportation and Logistics
Others
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global Human Capital Management Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Human Capital Management Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Human Capital Management Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Human Capital Management Market Size
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Human Capital Management market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Human Capital Management market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Human Capital Management business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
* Assisting businesses in gauging the viability of new or existing products or services.
* Facilitating business enterprises in the identification and cultivation of novel market segments.
* Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
* Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
* Analyzing market trends to aid businesses in devising adaptive strategies.
* Guiding businesses in the optimal placement of their products.
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