Pune, India, May 04, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global human capital management market size was valued at USD 26.63 Billion in 2022 and is projected to grow from USD 28.86 Billion in 2023 to USD 53.61 Billion by 2030, exhibiting a CAGR of 9.2% during the forecast period. Fortune Business Insights™ presents this information in a report titled, Global Human Capital Management Market Forecast, 2023-2030.
Using Cloud Computing for HR and Talent Management across Organizations to Boost Business Growth. Human Capital Management (HCM) is a collection of HR tools, systems, and practices that help organizations recruit, develop, train, attract, and manage their employees to attain business objectives. Several leading market players are focusing on integrating advanced technologies, such as AI and ML, to enhance the performance of HCM systems and services. These aspects will expand the global Human Capital Management Market share.
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Key Industry Development:
December 2022: UKG Inc. was recognized by several companies, such as Fosway Group, Nucleus Research, and NelsonHall, for its workforce management software solutions. This helped the company expand its business operations in North America and Europe.
Key Takeaways
- Implementing these solutions for remote work environments across companies may create ample market opportunities in the coming years
- Adoption of HCM Solutions to Enhance Talent Matching Processes Will Act as a Key Trend
- By Deployment Analysis: Increasing Adoption of Cloud-based Models across Organizations Creates Growth Opportunity for the Market
- IT & Telecommunication Industry to be Potential Customers of HR Solutions
- Human Capital Management Market Size in North America was USD 12.11 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the global human capital management market are SAP SE (Germany), Automatic Data Processing (ADP), Inc. (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Cornerstone OnDemand, Inc. (U.S.), Ceridian HCM, Inc. (U.S.), Infor, Inc. (U.S.), Ramco Systems Ltd. (India), Workday, Inc. (U.S.), Paycom Software, Inc. (U.S.), UKG Inc. (U.S.), Cegid (France), Bamboo HR LLC (U.S.), Sumtotal Systems, LLC (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 9.2% |
| 2030 Value Projection | USD 53.61 Billion |
| Base Year | 2022 |
| Human Capital Management Market Size in 2022 | USD 26.63 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 140 |
| Segments covered | Offering, Deployment, Enterprise Size, End-use Industry and Geography |
| Human Capital Management Market Growth Drivers | Growing Deployment of Cloud Computing Solutions in Companies for HR and Talent Management to Augment Market Growth |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/industry-reports/human-capital-management-hcm-market-100240
Drivers and Restraints:
Growing Deployment of Cloud Computing Solutions in Companies for HR and Talent Management to Augment Market Growth
The implementation of cloud computing solutions in HR tools and services can motivate companies to boost employee experience and engagement by providing several features that enhance talent management capabilities. HR and management teams can get an easier access to business and personal data of employees with the help of cloud solutions, further augmenting their integration in Human Capital Management (HCM) solutions.
However, the risks of Denial of Service (DoS) attacks and data breach can hinder the market progress.
Segmentations
By Offering
- Software
- Core HR
- Talent Management
- Workforce Management
- Payroll & Compensation
- Others
- Services
By Deployment
- On-premise
- Cloud
By Enterprise Type
- Large Enterprises
- Small and Medium-sized Enterprises
By End-use Industry
- IT & Telecommunication
- BFSI
- Government
- Retail
- Healthcare
- Education
- Manufacturing
- Others
By Region
- North America
- Europe
- Asia Pacific
Regional Insights:
North America to Dominate due to the Presence of Notable HCM Vendors
North America is predicted to account for a large Human Capital Management Market share during the forecast period. The region has a vast presence of reputed HCM solution vendors, such as Oracle Corporation, IBM Corporation, and Ceridian HCM Holding Inc., among others. These companies are increasing their investments in various cloud applications as well. The growing adoption of cloud technologies in small enterprises is predicted to create lucrative opportunities for the market.
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Competitive Landscape:
Merger & Acquisition Strategies Adopted by Key Companies to Expand their Global Presence
Leading companies operating in the market are trying to expand their presence across the world by using corporate strategies such as mergers and acquisitions. Moreover, factors, such as rising usage of HCM solutions across organizations and growing technological advancements are anticipated to accelerate the market development.
FAQ’s
How big is the human capital management market?
Human Capital Management Market size was USD 26.63 Billion in 2022.
How fast is the human capital management market growing?
The Human Capital Management Market will exhibit a CAGR of 9.2% during the forecast period, 2023-2030
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