Pune, India, Feb. 07, 2022 (GLOBE NEWSWIRE) -- The global human capital management market size is expected to reach USD 32.68 billion by 2027, exhibiting a CAGR of 9.3% during the forecast period. The increasing proclivity of companies towards artificial intelligence (AI) and machine learning embedded RPA to eliminate unnecessary IT costs will foster the growth of the market, states Fortune Business Insights, in a report, titled “Human Capital Management (HCM) Market Size, Share & COVID-19 Impact Analysis, By Offering (Solution and Services), By Deployment (Cloud, and On-Premises), By Enterprise Size (SMEs, and Large Enterprises), By End-use Industry (IT and Telecommunication, BFSI, Government, Retail, Healthcare, Education, Manufacturing, and Others), and Regional Forecast, 2020-2027.” The human capital management market size stood at USD 16.24 billion in 2019.
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Global Players Included in Human Capital Management Market Research Report:
- Automatic Data Processing (ADP), Inc. (New Jersey, United States)
- Ceridian HCM, Inc. (Minnesota, United States)
- Cezanne HR Ltd. (London, United Kingdom)
- Cornerstone OnDemand, Inc. (California, United States)
- IBM Corporation (New York, United States)
- Infor (New York, United States)
- Kronos, Incorporated (Massachusetts, United States)
- NetSuite, Inc. (California, United States)
- Oracle Corporation (California, United States)
- SAP SE (Walldorf, Germany)
- Talentsoft (France, Europe)
- Ultimate Software (Florida, United States)
- Workday, Inc. (California, United States)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 9.3% |
| 2027 Value Projection | USD 32.68 Billion |
| Base Year | 2019 |
| Human Capital Management Market Size in 2019 | USD 16.24 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 140 |
| Segments covered | Offering, Deployment, Enterprise size, End-use Industry and Geography |
| Growth Drivers | Rising Focus towards Effective Workforce Management to Incite Development |
| Globalization and Advancements to Boost Human Capital Management Market Share in North America | |
| Pitfalls & Challenges | Economic Instability to Retard Market Growth During COVID-19 |
The report on human capital management market analysis incorporates:
- Comprehensive analysis of all the segments
- Emerging trends in the industry
- Foremost human capital management market drivers
- Present and future insights
- Dominant regions
COVID-19 Impact
The coronavirus incident has caused immense loss to all industries across the globe. The governments of several countries have instigated a lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
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Market Driver:
Rising Focus towards Effective Workforce Management to Incite Development
The growing cognizance about HCM among originations owing to its effectiveness and efficiency in managing a large workforce and customer base can accelerate market sales during the forecast period. The increasing adoption of intelligent workforce solutions especially in the time of pandemics will enable speedy expansion of the market. for instance, in May 2020, Infor, a multi-national enterprise software company, headquartered in New York City, United States announced the launch of the workforce management (WFM) solution integrated with intelligent scheduling in China. The robust tool will help the organizations to provide efficient staff scheduling and workforce utilization.
Economic Instability to Retard Human Capital Management Market Growth During COVID-19
The unprecedented spike in global unemployment has limited the scope of the market amid coronavirus. For instance, ADP, Inc. states that the United States private sector has expelled 20 million jobs in April 2020. Likewise, the United States Congressional Budget Office estimates that 15% of people are more likely to be unemployed by the third quarter of 2020. The financial loss caused by coronavirus has steered to the downsizing of many organizations, therefore restricting the growth of the market for human capital management. However, new policies and regulations to contain the situation and improve employment rates will consequently create opportunities for the human capital management market.
Regional Analysis:
Globalization and Advancements to Boost Market in North America
The market for human capital management in North America stood at USD 7.86 billion in 2019 and is expected to rise tremendously during the forecast period. The growth in the region is attributed to ongoing technological advancement. The increasing globalization and improved work culture will influence healthy growth in North America. The growing adoption of industry 4.0, data analytics, and cloud computing by organizations is expected to drive the market in Asia Pacific. Europe is expected to witness a substantial growth rate owing to the increasing employment. The advent of startups and businesses are expected to spur opportunities for the market in Europe during the forecast period.
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Key Industry Development:
April 2020 – Cezanne HR Ltd unveiled an integrated payroll module for Cezanne's HR suite. The payroll module is specifically designed for UK organizations including Wales and Scotland to provide online payroll and pension management solutions
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