This research report categorizes the human capital management market based on component, deployment model, organization size, vertical, and region.
Northbrook, IL 60062 -- (SBWIRE) -- 09/26/2023 -- The global Human Capital Management Market size is expected to grow from USD 22.3 billion in 2021 to USD 32.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period, according to research report by MarketsandMarkets™.
HCM advancements can be related to a number of factors; however, some of the major factors include the adoption of AI and ML technologies in HR processes and cost reduction achieved using HR software, which is the primary driver, enabling the adoption of HCM technologies within enterprises. Cloud security remains a restraint for adopting HCM cloud among enterprises users, specifically in the highly regulated verticals, such as BFSI, healthcare, and energy and utilities. The opportunities in adjacent markets, such as contingent workforce management and AI-based recruitment, open up new revenue prospects for vendors in the HCM market.
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531 - Tables
64 - Figures
370 – Pages
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SMEs segment to hold a larger market size during the forecast period
The adoption of HCM is high among SMEs as these enterprises must manage huge volumes of personnel information for employees, especially to be managed virtually after the pandemic outbreak. SMEs are located across geographies and need a centralized system to manage this information. Increased attrition rates, high recruitment costs, and competitive market have prompted SMEs to invest in HCM software and adopt go-to-market strategies to make informed decisions for their business growth.
BFSI segment to grow at the highest CAGR during the forecast period
BFSI segment is expected to have the highest adoption of HCM software where this vertical is expected to outperform other verticals in terms of growth. The vertical has mainly adopted HCM software to have a centralized system to manage the information of all employees have efficient coordination with enhanced performance especially during pandemic outbreak. Economic changes significantly affect this vertical. Advanced technologies and various software and services can help this vertical prioritize its actions and manage its workforce smoothly. Hence, the BFSI vertical is a major contributor to the HCM market growth.
The report also studies various growth strategies, such as mergers and acquisitions, partnerships and collaborations, and developments, adopted by the major players to expand their presence in the global HCM market. The HCM market comprises major software providers, such as Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Kronos Group (US), Ceridian (US), SumTotal (US), Infor (US), Cegid (France), EmployWise (India), PeopleStrategy (US), Cornerstone OnDemand (US), Meta4 (US), Ramco Systems (India), Bamboo HR (US), Namely (US), Workforce Software (US), Zoho (India), Sage Group (UK), Epicor Software (US), Zenefits (US), Paylocity (US), Gusto (US), Bitrix (US), Benefitfocus (US), WebHR (US), Talentia Software (France), PeopleFluent (US), Vibe HCM (US), Rippling (US), Ascentis (US), and, BizMerlinHR (US).
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Regional Analysis For Human Capital Management Market:
HCM is a critical aspect of HR and workforce management in Europe, where businesses and organizations across the region use HCM solutions to optimize their HR processes, enhance talent management, ensure compliance with labor regulations, and improve employee engagement. Data analytics and predictive HR analytics have gained prominence in Europe. Organizations use data to make informed decisions about talent acquisition, performance management, and workforce planning.
In the UK, HCM systems have adapted to support remote and hybrid work models, including tools for managing remote teams, tracking productivity, and fostering collaboration. Large enterprises in the UK often have the resources and complexity in their workforce management, making adopting HCM systems more common. These organizations are more likely to invest in comprehensive HCM solutions to streamline HR processes and manage many employees effectively.
German organizations use HCM solutions to streamline HR processes, enhance talent management, ensure compliance with labor regulations, and improve employee engagement and productivity. Germany has comprehensive labor laws and regulations governing employment contracts, working hours, minimum wage, and employee rights. HCM solutions are vital for organizations to maintain compliance with these laws.
France is expected to grow at the highest growth rate in the HCM space during the forecast period. Data-driven HR decision-making is on the rise in France. HCM systems provide advanced analytics and reporting capabilities to help organizations extract valuable insights from their workforce data.
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