Pune, India, March 11, 2022 (GLOBE NEWSWIRE) -- The human capital management market size was USD 23.60 billion in 2021. The market is projected to grow from USD 25.53 billion in 2022 to USD 46.85 billion in 2029 at a CAGR of 9.1% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report titled, “Human Capital Management (HCM) Market, 2022-2029.” Rising demand for performance management & workforce management solutions will increase the footprint of the market during the forecast period. Additionally, the integration of robot process automation & artificial intelligence will boost the growth of the market.
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Global Players in Human Capital Management Market:
- Automatic Data Processing (ADP), Inc. (U.S.)
- Ceridian HCM, Inc. (U.S.)
- SAP SE (Germany)
- Cornerstone OnDemand, Inc. (U.S.)
- Infor (U.S.)
- NetSuite, Inc. (U.S.)
- Oracle Corporation (U.S.)
- Ultimate Software (U.S.)
- Workday, Inc. (U.S.)
- Cegid Group (France)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 9.1% |
| 2029 Value Projection | USD 46.85 Billion |
| Base Year | 2021 |
| Human Capital Management Market Size in 2021 | USD 23.60 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
| Segments covered | Type, Application, Deployment and Geography |
| Human Capital Management Market Growth Drivers | Increasing Adoption of Online Services among the Healthcare Sector to Fuel Growth |
| Emergence of Several Small & Medium Business Organizations to Foster Market Progress | |
| Competitive Business Landscape to Fuel Market Growth in North America | |
| Prominent Companies Launch Novel Products to Boost their Brand Image |
COVID-19 Impact
Lockdowns & a Global Recession to Limit Market Growth During Pandemic
The COVID-19 pandemic had an economic backlash on various sectors of the world. The pandemic forced increased unemployment rates worldwide, forcing the market to shrink. Additionally, the closure of businesses and imposed lockdowns had a severe effect on various industries, further downgrading the growth of the market. However, as the pandemic looms on, various economies will begin opening up, beginning a revival phase to the market.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Segments
Offering, Deployment, Enterprise Size, End-Use Industry, and Region are Studied
Based on offering, the market is divided into software and services.
With respect to deployment, the market is broken down into cloud and on-premise.
By enterprise size, the market is fragmented into large enterprises and small & mid-sized enterprises.
Based on end-use industry, the market is fragmented into IT and telecommunication, BFSI, government, retail, healthcare, education, manufacturing, and others (transportation & logistics, energy & utilities).
In terms of geography, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Report Coverage
The report for human capital management offers an in-depth view by analyzing various critical aspects such as ongoing industry trends, involving technologies, and the latest industry developments. The report further encompasses various factors that are expected to impact the market in a positive/negative manner. Additionally, aspects such as leading companies, product types, and leading applications of the product are also mentioned.
Drivers & Restraints
Artificial Intelligence (AI) Integration to Augment Market Growth
The integration of AI toward various HR processes will boost the human capital management (HCM) market growth during the forecast period. Additionally, attributes such as automating repetitive tasks and reducing administrative burdens will increase the footprint of the market. Also, increased focus toward talent mobility activities and integration of robot process automation (RPA) tools will fuel the growth of the market.
However, rising privacy & security concerns will limit the growth of the market during the forecast period.
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Regional Insights
North America to Hold Dominance During Forecast Period due to Increasing Adoption of Technology
North America will hold the largest human capital management (HCM) market share during the forecast duration, owing to the rising adoption of advanced technology and increasing deployment of workforce analytics solutions.
Asia Pacific will witness significant market share in terms of global contribution due to the rising number of startups and increased adoption of new technologies, including industry 4.0, data analytics, and cloud technology. Additionally, the rising demand for a skilled and talented workforce and the increasing requirements for qualified professionals will increase the footprint of the market.
Competitive Landscape
Partnerships & Mergers to Boost Product Portfolios Triggering an Increase in Market Value
The sector for human capital management is extremely competitive and highly shattered due to the presence of many players. Dominant players are often employing a strategy of mergers & acquisitions, expanding product lines, and increasing their offerings. These strategies often relay enhanced product portfolio, which triggers an immediate increase in the consumer base. For example, in June 2021, Workday Inc. announced that it plans on delivering workday payroll solutions for Germany and Australia. These solutions will leverage the cloud payroll foundation for providing payroll, time, and absence and other solutions integrated with a single system.
Industry Development
- June 2021- Ceridian HCM Inc. partnered with PwC in the U.K. to transform human capital management across the enterprise.
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Human Capital Management (HCM) Key Players Market Share Insights and Analysis, 2021
- Global Human Capital Management (HCM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Offering (USD)
- Software
- Core HR
- Talent Management
- Workforce Management
- Payroll & Compensation
- Others (Time & Attendance Management, Performance Management, etc.)
- Services
- Software
- By Deployment (USD)
- Cloud
- On-premises
- By Enterprise Size (USD)
- SME’s
- Large Enterprises
- By End-use Industry (USD)
- IT & Telecommunication
- BFSI
- Government
- Retail
- Healthcare
- Education
- Manufacturing
- Others (Transportation & Logistics, Energy & Utilities, etc.)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Human Capital Management (HCM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Offering (USD)
- Software
- Core HR
- Talent Management
- Workforce Management
- Payroll & Compensation
- Others (Time & Attendance Management, Performance Management, etc.)
- Services
- Software
- By Deployment (USD)
- Cloud
- On-premises
- By Enterprise Size (USD)
- SME’s
- Large Enterprises
- By End-use Industry (USD)
- IT & Telecommunication
- BFSI
- Government
- Retail
- Healthcare
- Education
- Manufacturing
- Others (Transportation & Logistics, Energy & Utilities, etc.)
- By Country (USD)
- United States
- By Offering
- Canada
- By Offering
- United States
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