Chicago, April 17, 2024 (GLOBE NEWSWIRE) -- The Human Capital Management Market is expected to grow from USD 27.5 billion by 2024 to USD 41.3 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period, according to a new report by MarketsandMarkets™. The emphasis on data-driven decision-making in HR is crucial in HCM solutions gaining popularity around the globe.
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Human Capital Management Market Dynamics:
Drivers:
- High demand for talent attraction and retention
- Requirement for unified HR systems
- Need for adherence to compliance and labor laws
- Performance enhancement fueling organizational success through HCM
- Integration of AI and ML in HCM suites
Restraints:
- Security concerns over cloud-based deployment
Opportunities:
- Cloud ecosystem improves HCM scalability and integration
- Increasing demand for AI-driven analytics in organizations
- Implementation of remote working models
List of Key Players in Human Capital Management Market:
- Workday (US)
- UKG (US)
- Oracle (US)
- SAP (Germany)
- Dayforce (US)
- ADP (US)
- Paylocity (US)
- Paycom (US)
- Cornerstone (US)
- Microsoft (US)
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Based on the organization size, the large enterprises segment will hold a higher market share during the forecast period.
Large Enterprises rely on HCM solutions to streamline diverse functions, from payroll management to talent acquisition and workforce analytics. As they navigate intricate regulatory landscapes and strive for operational efficiency, large enterprises demand robust HCM platforms that seamlessly integrate with existing systems, offering scalability, customization, and advanced analytics. Moreover, these entities often seek comprehensive solutions that address diverse needs across global operations, encompassing multi-country payroll, compliance management, and localization features. In essence, the requirements of large enterprises in the HCM market underscore the necessity for sophisticated, adaptable, and scalable solutions that can effectively manage their diverse human capital needs while facilitating strategic decision-making and fostering organizational growth.
Based on the software, the workforce management segment will grow at the highest CAGR during the forecast period.
Workforce management software focuses on optimizing the utilization of an organization's workforce. This software encompasses various functionalities such as time and attendance tracking, scheduling, labor forecasting, and task allocation. By automating these processes, workforce management software enables organizations to effectively allocate resources, minimize labor costs, and enhance productivity. It empowers HR professionals and managers to streamline workforce planning, ensure compliance with labor regulations, and improve operational efficiency. Additionally, advanced workforce management solutions leverage data analytics and artificial intelligence to provide actionable insights into workforce trends, enabling organizations to make informed decisions regarding staffing levels, skill requirements, and workforce deployment strategies. Overall, workforce management software is a cornerstone in the HCM ecosystem, enabling organizations to optimize their most valuable asset – their workforce – to drive business success.
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Based on Vertical, the Manufacturing segment will hold the second-highest market share during the forecast period.
The manufacturing sector employs HCM to address skills shortages and workforce diversity. It encompasses talent acquisition, development, and retention strategies, fostering engagement, and embracing technological advancements for optimization. Providers like Inflection HR and HONO offer comprehensive HCM solutions tailored to manufacturing needs, streamlining workforce management from pre-hire to retirement and enabling sustainable growth and success. Inflection HR's HCM solution simplifies workforce management by integrating timekeeping, scheduling, HR, payroll, and leave management into a unified platform. Meanwhile, HONO's Full-Suite HCM addresses top HR challenges in manufacturing. It offers intelligent HRMS features for effective planning, early warning systems, and auto rostering, empowering organizations to unleash their human capital's full potential.
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