Human Capital Management Market worth $32.0 billion by 2026, growing at a CAGR of 7.5%: Report by MarketsandMarkets™

Chicago, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The global Human Capital Management Market size to grow from USD 22.3 billion in 2021 to USD 32.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period, according to a new report by MarketsandMarkets™. HCM software are gaining prominence as enterprises over the globe are looking to hire and retain top talent, as competition is becoming fierce and there is a huge chance of talents being swept away by competition, which results in huge monetary loss and also creates talent gaps. With HCM software, enterprises can view entire lifecycle of employee at any instant, which makes it easy to manage employee information and efficiency. With HCM software, enterprises can not only manage their internal employees but also track their contingent or third-party workforce, which is essential as these professionals directly face the customer and are responsible for giving the best customer experience.

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531 - Tables
64 - Figures
370 - Pages

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Scope of the Report

The component category consists of software and services; the services component is expected to outpace the software segment in terms of adoption. Services are being adopted by enterprises mainly to manage the existing HCM portfolio, where these services are add-on for the deployed software and help in their smooth functioning. Services further enable companies to choose the most appropriate software and facilitate seamless integration and deployment of software configured to company’s requirements.

HCM software are deployed across industries, from BFSI and telecom to healthcare and life sciences. Among industries, the BFSI vertical is estimated to grow at the highest CAGR during the forecast period. The vertical has mainly adopted HCM software to have a centralized system to manage the information of all employees and have efficient coordination with enhanced performance especially during pandemic outbreak.

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The geographic analysis of the HCM market is mainly segmented into 5 regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. Asia Pacific has been a major region when it’s about adopting advanced technologies and has depicted a high adoption of HCM. Many companies in Asia Pacific are increasingly adopting HCM software to gain holistic visibility into their employees and improve the overall performance of their systems. Moreover, a direct presence of some HCM vendors in Asia Pacific has further added to the high adoption of HCM software in Asia Pacific. This region has huge potential for the growth of HCM software, owing to factors such as the huge number of small and medium enterprises, growing cloud adoption, and HR going mainstream.

Top Key Companies in Human Capital Management Market:

The report also studies various growth strategies, such as mergers and acquisitions, partnerships and collaborations, and developments, adopted by the major players to expand their presence in the global HCM market. The HCM market comprises major software providers, such as Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Kronos Group (US), Ceridian (US), SumTotal (US), Infor (US), Cegid (France), EmployWise (India), PeopleStrategy (US), Cornerstone OnDemand (US), Meta4 (US), Ramco Systems (India), Bamboo HR (US), Namely (US), Workforce Software (US), Zoho (India), Sage Group (UK), Epicor Software (US), Zenefits (US), Paylocity (US), Gusto (US), Bitrix (US), Benefitfocus (US), WebHR (US), Talentia Software (France), PeopleFluent (US), Vibe HCM (US), Rippling (US), Ascentis (US), and, BizMerlinHR (US).

Top Trends in Global Human Capital Management Market:

• Scalability, accessibility, and cost-effectiveness were all advantages of cloud-based HCM systems, which were growing in popularity. To manage their HR procedures, organisations were switching from conventional on-premises solutions to cloud-based platforms.
• Enhancing the employee experience was a top priority for businesses. A healthy work environment, career growth, and engagement are all supported by HCM solutions.
• Because of the pandemic, there was a rapid uptake of HCM systems that supported remote collaboration, virtual onboarding, and performance management for dispersed teams.
• In order for organisations to close skill shortages and keep up with fast changing industries, upskilling and reskilling become essential. To aid in employee training, HCM systems included learning and development components.
• HCM platforms have begun to include resources for monitoring and advancing inclusion, equity, and diversity in the workplace. Initiatives promoting diversity have been improved using data-driven insights.
• The different facets of people management, such as hiring, performance management, succession planning, and learning, were being included into unified platforms by HCM systems.
• As the workforce landscape changed, HCM solutions began to include tools to manage contract workers, freelancers, and gig economy participants.
• Personalization options, such as training ideas and career path suggestions, were being incorporated into HCM platforms to customise the employee experience.
• HR workers were able to concentrate on more strategic projects thanks to the automation of typical HR duties like payroll processing and benefits administration.

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Key Industry Development:

• HCM systems played a crucial role in the digital transformation of organisations. Traditional HR procedures were mechanised and digitalized, which streamlined business processes and increased productivity.
• Scalability, accessibility, and affordability were three benefits of cloud-based HCM systems that were quickly gaining popularity. For their HR requirements, businesses were switching from on-premises solutions to cloud-based platforms.
• Platforms for human capital management (HCM) were transitioning from standalone modules to integrated suites, covering diverse facets of personnel management like hiring, onboarding, performance management, learning, and succession planning.
• Organisations have realised how crucial employee experience is to retaining and engaging talent. From hiring to retirement, HCM solutions were developed to enhance the entire employee journey.
• Automation and artificial intelligence (AI) are revolutionising human capital management (HCM) activities, from recruiting and screening candidates to employee engagement and performance evaluation.
• The relevance of upskilling and reskilling increased as organisations worked to match their personnel with changing skill demands. HCM solutions have effective learning and development tools.
• Localised features were created in response to the demands of multinational organisations for HCM solutions that could handle diverse compliance, payroll, and regulatory needs.
• Collaborative technologies have been incorporated into HCM systems to improve teamwork, communication, and knowledge-sharing.

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