Human Capital Management Market value projected to expand by 2024 - 2032
Market Research Future Insights
The world Human Capital Management Market size is USD 25.53 billion in 2022. The market is flaunted to grow from USD 16.5005 billion in 2023 to USD 28.65 billion by 2029, flaunting a CAGR of 7.14% during the forecast duration.
Human capital management (HCM) software, a business application solution, has become necessary in all businesses because it automates the time-consuming clerical tasks associated with employee data, payroll, and benefits administration. Still, the recent growth of the HCM software market is due to the enormous chances created by developing SMEs across regions.
Regional Analysis
North America has the largest human capital management market profit share. The region's market increment can be imputed to ongoing technological advancement. Increased globalization and better work culture will positively affect North American growth.
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Rapid advances in artificial intelligence (AI) and information technology (IT) are also needed to contribute to the rise of the North American HCM market. Another element anticipated to run demand for mortal capital operation requests is the disquisition of sweat and aggressive investment opportunities in digitizing human capital resource processes to improve organizational productivity. The growth basically for HCM solutions delivered through software as a Service (SaaS) delivery model is anticipated to fuel the growth of the market. Also, Asia Pacific is anticipated to witness a high CAGR in the global human capital management market. Large figures of HCM vendors and the rising usage of cloud-native technologies drive growth in the region. The major countries are witnessing huge investments in market verticals similar to BFSI, retail, healthcare, manufacturing, telecommunication services, and IT, resulting in Asia countries' profitable growth. The request in the Asia Pacific is anticipated to be driven by organizations' increasing adoption of industry4.0, data analytics, and cloud computing.
Market Segmentation
The human capital management market is segmented on the basis of components, deployment mode, industry vertical, and region. Furthermore, the component is classified into software and service. Based on the result, it's segmented into core HR, recruiting, workforce management, compensation & payroll, and others. Based on service, the market is segmented into managed service and professional service. Based on the deployment model, the market is distributed into on-premise and cloud. Based on industry vertical, it's segmented into IT & telecommunication, retail, BFSI, healthcare, hospitality, government, manufacturing, and others. Based on region, it's analyzed across North America, Europe, Asia- Pacific, and LAMEA.
Key Player
Some of the major players operating in the human capital management (HCM) market are
Oracle Corporation (U.S.), SAP SE (Germany), IBM (U.S.), NetSuiteInc. (U.S.), Workday,Inc. (U.S.), Ultimate Software Group,Inc. (U.S.), ADP, LLC (U.S.), foundation OnDemand (U.S.), BenefitfocusInc. (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 Groupplc. (U.S)
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