MarkWide Research

Sale!

Human Capital Management (HCM) Market

Published Date: December, 2022
No of Pages: 164
Delivery Format: PDF+ Excel

$2,950.00

Human Resource Management Market Development for HCM
According to a recent analysis by Grand View Research, Inc., the size of the worldwide human capital management (HCM) market is anticipated to reach USD 48.9 billion by 2025. A CAGR of 7.0% is predicted for the market throughout the forecast period.

Market expansion is anticipated to be aided by the growing requirement to manage and develop human capital in order to achieve organisational performance. Additionally, the deployment of HCM systems enables businesses to efficiently manage hiring procedures, payrolls, and employee files, which is expected to increase market demand.

Additionally, the growing popularity of cloud-based solutions and the “bring your own device” (BYOD) trend are anticipated to open up new prospects for market growth. However, some of the major challenges that are anticipated to constrain market expansion over the forecast period include a lack of knowledge of the advantages of HCM systems and the high initial investment needed for their deployment.

Over the projection period, the services segment is anticipated to experience the highest CAGR of 8.6%. The rising demand for services like consultation, installation, training, and support is to blame for this.

From 2019 to 2025, the sector for cloud-based solutions is anticipated to develop at a CAGR of 8.8%. This is due to the advantages of cloud-based solutions, including their increased security, scalability, and lower cost of IT infrastructure.

Over the projected period, the small and medium-sized business (SMEs) segment is anticipated to develop at the highest CAGR of 8.9%. This is due to SMEs becoming more aware of the advantages of HCM systems and these businesses adopting cloud-based HCM solutions at a faster rate.

Over the projection period, the Asia-Pacific region is anticipated to develop at the highest CAGR of 8.9%. This is explained by the development of small and medium-sized businesses in the area and the growing knowledge of the advantages of HCM systems.

Workday, Inc., Ultimate Software Group, Inc., SAP SE, Oracle Corporation, and ADP, LLC, are a few of the major companies active in the worldwide HCM market.

2. Human Capital Administration Market Challenges for HCM
According to forecasts, the human capital management (HCM) market would increase from USD 22.8 billion in 2019 to USD 39.1 billion by 2024, expanding at a compound annual growth rate (CAGR) of 11.3%. The need to manage and engage the workforce, cut operational expenses, maintain regulatory compliance, and improve decision-making are the main factors driving the HCM market. The HCM industry does, however, confront several difficulties, including a shortage of skilled labour and a lack of standards.

According to forecasts, the human capital management (HCM) market would increase from USD 22.8 billion in 2019 to USD 39.1 billion by 2024, expanding at a compound annual growth rate (CAGR) of 11.3%. The need to manage and engage the workforce, cut operational expenses, maintain regulatory compliance, and improve decision-making are the main factors driving the HCM market. The HCM industry does, however, confront several difficulties, including a shortage of skilled labour and a lack of standards.

According to forecasts, the human capital management (HCM) market would increase from USD 22.8 billion in 2019 to USD 39.1 billion by 2024, expanding at a compound annual growth rate (CAGR) of 11.3%. The need to manage and engage the workforce, cut operational expenses, maintain regulatory compliance, and improve decision-making are the main factors driving the HCM market. The HCM industry does, however, confront several difficulties, including a shortage of skilled labour and a lack of standards.

According to forecasts, the human capital management (HCM) market would increase from USD 22.8 billion in 2019 to USD 39.1 billion by 2024, expanding at a compound annual growth rate (CAGR) of 11.3%. The need to manage and engage the workforce, cut operational expenses, maintain regulatory compliance, and improve decision-making are the main factors driving the HCM market. Though, the

3. Human Capital Administration Market Key Trends for HCM
The market for human capital management (HCM) was worth USD XX million in 2018 and is projected to rise to USD XX million by 2026, with a CAGR of XX% from 2019 to 2026.

The constantly evolving technology, the demand for talent acquisition and management, and the emphasis on employee engagement and retention are the main factors propelling the expansion of the worldwide HCM market. The demand for real-time data insights, the increased adoption of cloud-based HCM solutions and services, and the increasing emphasis on compliance and regulatory requirements are all factors driving the HCM industry.

However, some of the major challenges limiting the growth of the global HCM market are the high cost of HCM solutions and services and the lack of competent and educated people.

Component, deployment style, organisation size, industry vertical, and region are the segments used to divide the worldwide HCM market.

The worldwide HCM market is divided into solutions and services based on component. The solutions category is further divided into the following categories: payroll and benefits administration, talent acquisition and management, and others. Additional divisions of the services section include consultation, integration and implementation, and support and maintenance.

The worldwide HCM market is divided into on-premises and cloud deployment types.

According to organisation size, the global HCM market is divided into small and medium-sized businesses and large businesses.

The global HCM market is divided into healthcare, manufacturing, BFSI, retail, IT & telecom, government & defence, and others based on industry vertical.

The worldwide HCM market is further divided into five key geographic areas: Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa.

SAP SE, Oracle Corporation, Workday, Inc., Ultimate Software Group, Inc., ADP, LLC, Ceridian HCM, Inc., IBM Corporation, Infor, and Kronos Incorporated are the major companies active in the worldwide HCM market. To improve their positions, these businesses have implemented a variety of expansion methods, including mergers and acquisitions, the introduction of new products, partnerships, agreements, and collaborations.

4. HCM Market Covid19’s Impact on Human Capital Administration
The human capital management (HCM) market has been significantly impacted by the COVID-19 epidemic. Global demand for HCM goods and services has decreased as a result of the pandemic. Additionally, the pandemic has compelled businesses to review their HCM plans and invest in fresh, cutting-edge approaches to labour management.

A decline in mergers and acquisitions (M&A) in the HCM sector has also been brought on by the COVID-19 pandemic. A number of businesses have delayed their M&A plans because of the unstable economic climate. However, other businesses have seized the opportunity and purchased HCM suppliers who supply related goods and services.

The COVID-19 pandemic has also had an effect on funding for the HCM market. Venture capital firms are now concentrating on HCM businesses with a track record and strong financial positions as they exercise greater caution when making investments.

The COVID-19 pandemic has generally had a detrimental effect on the HCM market. The industry is anticipated to recover in the upcoming years as businesses adjust to the new normal and make investments in cutting-edge HCM solutions to efficiently manage their workforces.

5. Human Capital Administration: Important Industry Developments in the HCM Market
The market for human capital management (HCM) is always changing. Here are five significant business trends that will impact how HCM develops in the future:

Artificial intelligence (AI) is becoming more prevalent in HR.

AI is transforming HR and has the ability to completely change how businesses hire, onboard, and manage their workforces. Organizations can automate tedious operations, recognise talent, and anticipate future workforce demands with the use of AI-powered HR products.

2. The expansion of cloud-based HR software

With on-premise HR systems becoming more and more rigid and expensive, cloud-based HR solutions are gaining popularity. Cloud-based solutions are more adaptable and flexible for businesses since they allow organisations to scale their HR systems up or down as necessary.

The development of mobile HR

HR is becoming more mobile and accessible than ever thanks to the development of wearable and mobile technology. Employers can manage their workforce more effectively and efficiently thanks to mobile HR apps and solutions, and employees can access their HR data and services whenever and wherever they want.

4. The significance of data analytics is rising.

As it may assist organisations in making more informed decisions about their workforce, data analytics are becoming more and more significant in HR. HR practitioners can get important insights that can help improve organisational performance by analysing data such as employee performance, engagement, and attrition.

5. The HR field’s evolving role

As the field develops, so does the function of HR. HR professionals are now viewed as strategic partners within organizations, rather than just operational partners.The growing significance of human resources in promoting organisational success is the main force behind this trend.

6. Human Capital Administration Market HCM Market Verdict
According to a Grand View Research, Inc. report, the worldwide human capital management (HCM) market is anticipated to reach USD 31.9 billion by 2025. A CAGR of 7.4% is predicted for the market during the forecast period. The growing necessity to oversee a sizable workforce and boost worker productivity is projected to fuel market expansion.

The HCM market is divided into segments based on region, industry vertical, organisation size, solution, service, deployment style, and organisation size. Workforce management, payroll and benefits administration, and personnel management are all included in the solutions section. Consulting, integration and implementation, and support and maintenance are all included in the service segment. On-premises and cloud deployment types are included in this area. Small and medium-sized businesses and large businesses are included in the section on organisations. The healthcare, BFSI, IT & telecom, retail, manufacturing, and other industries are included in the industry verticals segment.

Due to the existence of numerous small and medium-sized businesses in the area, the Asia Pacific HCM market is anticipated to develop at the highest CAGR throughout the forecast period. Due to its flexible deployment methodology and affordability, cloud deployment is also becoming more popular in the region. Due to the region’s early adoption of cloud-based solutions and the concentration of major companies, the North American market is anticipated to hold the biggest market share.

Why Choose MWR

Quality Research

Our goal is to provide high-quality data that stimulates growth and creates a win-win situations

Unlimited User Access 

We offer Corporate User license access on all our reports in which you can share the report with your entire team without any restrictions

Free Company Inclusion 

We give you an option to include 3-4 additional company players of your choice in our report without any extra charges

Post Sale Assistance

Unlimited post sales service with an account manager dedicated to making sure that all your needs are met

Covid-19 Impact Analysis

All our research report includes latest Covid-19 Impact and its analysis

Download Free Sample PDF

444 Alaska Avenue

Suite #BAA205 Torrance, CA 90503 USA

+1 424 360 2221

24/7 Customer Support

Download Free Sample PDF