Chicago, Aug. 12, 2022 (GLOBE NEWSWIRE) -- 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 a new 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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Browse in-depth TOC on “Human Capital Management Market”
531 – Tables
64 – Figures
370 – Pages
Scope of the Report
Market size available for years
Base year considered
Value (USD Million)
Component (Software and Services), Deployment Model, Organization Size, Vertical, and Region
North America, Asia Pacific, Europe, Middle East and Africa, and Latin America
Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Software (US), Ceridian (US), SumTotal (US), Kronos (US), Infor (US), Cegid (France), EmployWise (India), PeopleStrategy (US), Cornerstone (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).
The component category consists of software and services; the services component is expected to outpace the software segment in terms of adoption. Services are being adopted by enterprises mainly to manage the existing HCM portfolio, where these services are add-on for the deployed software and help in their smooth functioning. Services further enable companies to choose the most appropriate software and facilitate seamless integration and deployment of software configured to company’s requirements.
HCM software are deployed across industries, from BFSI and telecom to healthcare and life sciences. Among industries, the BFSI vertical is estimated to grow at the highest CAGR during the forecast period. The vertical has mainly adopted HCM software to have a centralized system to manage the information of all employees and have efficient coordination with enhanced performance especially during pandemic outbreak.
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The geographic analysis of the HCM market is mainly segmented into 5 regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. Asia Pacific has been a major region when it’s about adopting advanced technologies and has depicted a high adoption of HCM. Many companies in Asia Pacific are increasingly adopting HCM software to gain holistic visibility into their employees and improve the overall performance of their systems. Moreover, a direct presence of some HCM vendors in Asia Pacific has further added to the high adoption of HCM software in Asia Pacific. This region has huge potential for the growth of HCM software, owing to factors such as the huge number of small and medium enterprises, growing cloud adoption, and HR going mainstream.
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 Human Capital Management 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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