Human Capital Management Market to Experience Significant Growth by 2030

The global human capital management market is expected to grow from USD 17.0 billion in 2020 to USD 27.3 billion by 2027, at a CAGR of 7.0from 2021 to 2027Human capital management (HMCis the set of practices used by an organization to recruit, manage, develop and optimize employees to increase their performance and skills for the companyHCM software manages various processes and functions required for effective workforce management, time management, and saving costsHCM software is sometimes referred to as Human Resources Information System (HRISand Human resources management system (HRMS). HCM software eases the process of human resource management and increases operation efficacy by analyzing data, saving time, reducing lengthy processesSuch factors will pave the way for the growth of the human capital management market across the globe during the forecasting period.

Digitalization, AIintroduction in HCM, analytics, and other technologies and software will accelerate the growth of the HCM market in upcoming yearsLegal and security concerns and corporate data theft are major restraining factors that may hamper the market’s growth.

Global Human Capital Management Market Dynamics

DriversRise HCM adoption in various verticals to streamline HR operations

Several verticals such as financial services, banking and insurance (BFSI), healthcare, telecommunications and IT, manufacturing, retail, media and entertainment, and others rapidly adopt cloudbased HCM softwareThe software provides secure access to various administrative tasks through a human resources employee login portalSuch factors will fuel the growth of the market in the upcoming yearsThis allows employees to access their data via their mobile or desktop from virtually anywhereThe software enables companies to attract and retain talents by providing professional learning and growth opportunities, optimizing workforce management and spending, streamlining HR operations, and moreThis will drive the market growth of the human capital management solutions over the forecasting period.

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RestraintsCyber security and privacy concerns

The cloudbased HR automation platforms have led to concerns about data privacy and securityThe inability of market players to provide robust cloud security solutions is likely to restrict the market growthHowever, with the cloud, the data is stored with a thirdparty cloud service providerThis increases the possibility of losing sensitive data and security risksSecurity risks such as identity theft (Espionage), salary data theft, violation of regulatory rules, denial of service attack (DDoSon the HR system is likely to restrain the market growthNonetheless, to mitigate the probability of security risks, organizations deploy multifactor authentication (MFAand remote wipe technology to protect human resource data, increasing the cost and affecting the company’s profitabilitySuch factors will hamper the growth of the human capital management market globally.

OpportunitiesDigitalization HCM and rising adoption of cloudbased HCM solutions

The growing adoption of cloudbased business models and talent mobility is a factor that is anticipated to encourage the growth of the human capital management market globally during the forecasting periodWorkforce management solution enables companies to build a strengthened leadership pool by improving employee engagement and retentionThe growing attention towards talent mobility is forecasted to elevate the demand for human capital management solutions among various verticalsCloudbased business models integrated with HCM services are expected to demonstrate rising demand from endusers across the globeFor instance, Ceridian HCM Holding Inc., global human capital management (HCMtechnology providing company, announced that Seagrass Boutique Hospitality Group has employed, Dayforce, Ceridian’s flagship HCM cloudbased software platform, to pay, manage and engage its workforceDayforce will assist Seagrass in transforming its employees’ experience and interaction process and enabling enhanced decisionmaking at all levelsThe software enables the company to develop an indepth talent pool to enhance market strength and growth of the company, creating an employee experience for improved operationsThis will contribute to the growth of the human capital management market globally in the upcoming years.  

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Scope of the Report

The study categorizes the digital therapeutics marketbased component, deployment model, organization size, enduse industries at the regional and global levels.

By Component (Revenue, USD Billion, 20172027)

  • Software
    • Core HR
    • Applicant Tracking System
    • HR Analytics, Workforce Management
  • Services
    • Integration and Implementation
    • Training and Education,
    • Support and Maintenance
    • Consulting

By Deployment Model (Revenue, USD Billion, 20172027)

  • OnPremises
  • Cloud

By Organization Size (Revenue, USD Billion, 20172027)

  • Large Enterprise
  • SMEs

By Enduse Industries (Revenue, USD Billion, 20172027)

  • 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 (Revenue, USD Billion, 20172027)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

The component type segment of the human capital management market is projected to account for the largest share in the global market

Based on the component, the human capital management market is segmented into software and servicesThe software component is estimated to hold a larger market size during the forecast period over services due to the increasing adoption of software to manage the entire employee lifecycle, talent acquisition, performance management, compliance, and fraud detection, and the growing need to comply with government regulations, are some of the critical factors responsible for the growth of the software segment, during the forecast period.

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AsiaPacific accounts for the highest CAGR during the forecast period in the human capital management market

Based on the regions, the global human capital management market has been segmented across North America, AsiaPacific, Europe, South America, and the Middle East & AfricaFour main countries, namely, China, India, Japan, and the Rest of AsiaPacific, are analyzedAsiaPacific is estimated for the highest CAGR during the forecasting period in the human capital management marketOwing to the rising adoption of technologies by companies to improve operations and gain a competitive advantageTo achieve that, companies aim to enhance their workforce by upgrading employee skills, conducting seminars, rewards and benefits, and individual development monitoring processes, using technologies such as HCM, which will accelerate the growth of the human capital management system in this region during the forecasting periodFollowed by the rest of the world will elevate the human capital management market in the upcoming years.

Key Market Players

The human capital management market is mildly concentrated, with few global players operating in the market, such as Workday, Oracle, ADP, SAP, Microsoft, IBM, Ultimate Software, Ceridian, SumTotal, Kronos, Infor, Talentsoft, EmployWise, and others. These players have been adopting various winning strategies to gain higher shares or retain leading positions globally.

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