Human Capital Management Market, By Component Outlook (Software, Service), By Deployment Outlook (On-premise, Cloud), By Industry Verticals (IT & Telecommunication, Retail, BFSI, Healthcare, Hospitality, Government, Manufacturing, Others), By Region – Global Analysis Forecast Till 2030

The Human Capital Management Market size was valued at $17,546 Million in 2020 and is projected to reach $42,144 million by 2030, growing at a CAGR of 9.9% from 2021 to 2030.

Human Capital Management (HCM) refers to a set of practices used to recruit, manage, develop, optimize and grow employees within a company. It covers many core management and strategic practices and processes such as payroll, training, compliance, onboarding, workforce planning, compensation planning, and performance management. It also includes Benefits Management, Time and Attendance Management, Workflow Management, Reporting and Analytics, Employee Service and Self-Service, and Retirement Services. Today, organizations worldwide are adopting HCM solutions that offer specific capabilities to effectively manage their workforce and increase overall productivity.

Human capital management (HCM) plays a pivotal role in modern organizations, and leveraging efficient human capital management software and systems has become essential. Companies recognize that developing a robust human capital strategy is crucial for optimizing their workforce's potential and driving organizational success. Workday, a leading provider of human capital management solutions, offers an integrated platform that empowers businesses to effectively manage their human capital lifecycle. With Workday's comprehensive suite of tools and features, companies can streamline their talent acquisition, performance management, learning and development, and compensation processes, among others. By embracing Workday's human capital management system, organizations can strategically align their human resources initiatives and unlock the full potential of their workforce.

Market Dynamics:

Drivers:

Growing Artificial Intelligence Adoption

Growing demand for machine learning and artificial intelligence across various HCM suites, increasing need to reduce HR-related costs, the prevalence of advanced solutions in the form of data processing and management, increasing use of HCM for sourcing and recruiting, applicant tracking, time and attendance management, payroll and compensation, etc. are likely to fuel the growth of the human capital management (HCM) market during the forecast period.

Adoption of cloud-based software solutions and adoption of digital technologies

The prevalence of cloud-based software solutions and the adoption of digital HR technologies will provide various opportunities for the growth of the human capital management (HCM) market over the forecast period.

Restraints:

Security concerns as well as a lack of qualified resources are acting as market restraints for human capital management (HCM) during the forecast period. The adoption of multiple technologies will make data inconsistency a top issue for market growth.

Key players:

• ADP, Inc.

• Cornerstone

• Epicor Software Corporation

• IBM Corporation

• Infor

• Kronos Incorporated

• Oracle

• SAP SE

• Sumtotal Systems, LLC

• UKG Inc.

Market Segmentation:

Human Capital Management Market, By Component

• • Software

    • Core HR

    • Recruiting

    • Workforce Management

    • Compensation & Payroll

    • Others

  • Service

    • Managed Service

    • Professional Service

Human Capital Management Market, By Deployment Mode

• • On-premise

  • Cloud

Human Capital Management Market, By Industry Verticals

• • IT & Telecommunication

  • Retail

  • BFSI

  • Healthcare

  • Hospitality

  • Government

  • Manufacturing

  • Others

Human Capital Management Market, By Region

• • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Rest of Asia-Pacific

  • LAMEA

    • Latin America

    • Middle East

    • Africa

Regional Analysis:

The human capital management market outlook has indicated that the HCM market is globally regionally segmented into Asia Pacific, North America, Europe, and parts of the world. This region is said to be widely dominant as it sees various human capital management market opportunities owing to the adoption of the latest technologies and increasing internet penetration that North America has widely. The Asia Pacific region holds the second-largest dominant share. The region has a high demand for cloud deployment technologies, and the population has also adopted IT services during the human capital management market forecast period.

Scope of the Report:

User

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