the global human capital management market should go from $17.0 billion in 2020 for $27.3 billion by 2027at a CAGR of 7.0% from 2021 to 2027. Human capital management (HMC) is the set of practices used by an organization to recruit, manage, develop and optimize employees in order to increase their performance and skills for the business. HCM software manages various processes and functions necessary for effective labor management, time management and cost reduction. HCM software is sometimes referred to as Human Resource Information System (HRIS) and human resource management system (HRMS). HCM software facilitates the process of human resource management and increases the efficiency of operations by analyzing data, saving time and reducing long processes. These factors will pave the way for the growth of the human capital management market across the globe during the forecast period.
Digitization, AI–Introduction in HCM, analytics and other technologies and software will accelerate the growth of HCM market in the coming years. Legal and security issues and corporate data theft are major restraining factors that can hinder the growth of the market.
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Global Human Capital Management Market Dynamics
Drivers: Increase adoption of HCM across various verticals to streamline HR operations
Several vertical sectors such as financial services, banking and insurance (BFSI)healthcare, telecommunications and IT, manufacturing, retail, media and entertainment, and others are rapidly adopting the cloud–HCM based software. The software provides secure access to various administrative tasks through an HR employee login portal. These factors will fuel the growth of the market in the coming years. This allows employees to access their data through their mobile or desktop from virtually anywhere. The software enables companies to attract and retain talent by providing learning and professional growth opportunities, optimizing workforce management and expenses, streamlining HR operations, and more.. This will drive the growth of the Human Capital Management Solutions market over the forecast period.
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Constraints: Cybersecurity and privacy concerns
The cloud–HR-based HR automation platforms have raised concerns about privacy and data security. Failure of market players to provide robust cloud security solutions is likely to limit market growth. However, with the cloud, the data is stored with a third party–party cloud service provider. This increases the possibility of losing sensitive data and security risks. Security risks such as identity theft (Spying)theft of salary data, violation of regulatory rules, denial of service attack (DDoS) on the HR system is likely to restrain the growth of the market. Nevertheless, to mitigate the likelihood of security risks, organizations deploy several–factor authentication (MFA) and remote wipe technology to protect HR data, which increases costs and affects business profitability. These factors will hinder the growth of the Global Human Capital Management Market.
Opportunities: HCM digitalization and growing cloud adoption–HCM based solutions
Growing Cloud Adoption–based business models and talent mobility is a factor that is expected to encourage the growth of the global human capital management market over the forecast period. Workforce Management Solution Enables Companies to Build a Stronger Leadership Pool by Improving Employee Engagement and Retention. Growing focus on talent mobility is expected to increase demand for human capital management solutions across various verticals. Cloud–business models based on HCM services are expected to demonstrate growing demand from the end–users around the world. For example, Ceridian HCM Holding Inc..global human capital management (HCM) technology provider, announced that Seagrass Boutique Hospitality Group has employed Dayforce, Ceridian’s flagship cloud HCM–software based platform, to pay, manage and engage its workforce. Dayforce will help Seagrass transform its employee experience and interaction process and enable better decision-making–manufacture at all levels. The software allows the company to develop a–deep talent pool to build market strength and business growth, creating an employee experience for improved operations. This will contribute to the growth of the global human capital management market in the coming years..
The study categorizes the digital therapeutics market–component based, deployment model, organization size, end–utilize industries regionally and globally.
By component (Revenue, billion USD, 2017–2027)
- basic HR
- Applicant Tracking System
- HR Analytics, Workforce Management
- Integration and implementation
- training and education,
- Support and maintenance
By deployment model (Revenue, billion USD, 2017–2027)
By organization size (Revenue, billion USD, 2017–2027)
By End–use industries (Revenue, billion USD, 2017–2027)
- Bank Financial Services and Insurance (BFSI)
- Telecom and IT
- Consumer goods and distribution
- Health and life sciences
- Energy and Utilities
- Transport and logistics
By region (Revenue, billion USD, 2017–2027)
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
The component type segment of human capital management The market is expected to account for the largest share of the global market
On the basis of component, the human capital management market is segmented into software and services. Software component is estimated to occupy a larger market size during the forecast period as compared to services due to increasing adoption of software to manage entire employee life cycle, talent acquisition , performance management, compliance and fraud detection, and the growing need to comply with government regulations, are some of the critical factors responsible for the growth of the software segment, during the forecast period..
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Asia–Peaceful represents the highest CAGR over the forecast period in the human capital management market
On the basis of regions, the global human capital management market has been segmented into North America, Asia–Pacific, Europe, South America, Middle East and Africa. Four main countries, namely China, India, Japan and the rest of Asia–Pacific, are analyzed. Asia–Pacific is estimated for the highest CAGR over the forecast period in the human capital management market. Due to the increasing adoption of technologies by businesses to improve their operations and gain competitive advantage. To achieve this, companies aim to improve their workforce by improving employee skills, organizing seminars, rewards and benefits and individual development tracking processes, using technologies such as HCM, which will accelerate the growth of the human capital management system in this region during the forecast period. Followed by the rest of the world will elevate the human capital management market in the coming years.
Main market players
The human capital management market is slightly concentrated, with few global players operating in the market, such as Workday, Oracle, ADP, SAP, Microsoft, IBM, Ultimate Software, Ceridian, SumTotal, Kronos, Infor, Talentsoft, EmployWise and others. These players have adopted various winning strategies to gain higher shares or retain leading positions globally
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