Market Research Future Insights

The world human capital management market share will be USD 14.1 billion in 2022. The market is flaunted to grow from USD 15.25 billion in 2023 to USD 28.65 billion by 2032, flaunting a CAGR of 8.20% during the forecast duration. Human capital management software, a business application solution, has become necessary in all businesses because it automates the time-consuming clerical tasks associated with employee data, payroll, and benefits administration. Still, the recent growth of the HCM software market is due to the enormous chances created by developing SMEs across regions.

Burgeoning demand for workforce optimization and increased number of mobile applications are driving the Human Capital Management market. Additionally, the rising usage of e-recruiting solutions attributed to the increasing organizational adoption of these solutions is propelling the market growth of HCM. A large number of organizations have started adopting these solutions for onboarding, training, e-learning, candidate management, and selection management. Moreover, the multiple benefits that Human Capital Management offers owing to which the market growth is gaining traction. HCM has many benefits such as organizational management, better recruitment, personnel administration, advanced time management, and better payroll processing and others.

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Key Player

Some of the major players operating in the human capital management (HCM) market are,

• Oracle Corporation (U.S.)
• SAP SE (Germany)
• IBM (U.S.)
• NetSuiteInc. (U.S.)
• Workday, Inc. (U.S.)
• Ultimate Software Group, Inc. (U.S.)
• ADP, LLC (U.S.)
• foundation OnDemand (U.S.)
• BenefitfocusInc. (U.S.)
• BambooHR (U.S)
• PeopleFluent (U.S)
• Ultimate Software Group, Inc. (U.S)
• Zoho Corporation (India)
• WebHR (U.S)
• CakeHR (U.K)
• Epicor Software Corporation (U.S)
• Infor (U.S)
• Kronos Incorporated (U.S)
• The Sage Group plc. (U.S)

HCM Market Growth Drivers:

Many corporate sectors, including BFSI, healthcare, retail, IT & communications, manufacturing, and media & entertainment, are quickly adopting cloud-based HCM solutions. These solutions enable secure access to many administrative tasks via an HR employee access portal. This effectively allows employees to access their data from anywhere utilizing desktop or mobile devices. This will accelerate market expansion during the anticipated timeframe.

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Market Opportunities:

Since business operations are becoming more complex daily as a result of the adoption of cutting-edge technologies and innovations, the majority of companies across all industries are experiencing a shortage of highly trained workers. As a result, HR managers around the world have trouble finding the right people for the right jobs. HCM suites can assist HR managers in discovering skilled workers by utilizing Artificial Intelligence (AI) and Machine Learning (ML) technology. Automation of the hiring process and the addition of more filters that aid in selecting the perfect candidate are both possible with AI and ML.

Market Regional Analysis:

Due to the existence of numerous HCM suppliers and the growing usage of cloud-native technologies, Asia Pacific is anticipated to represent the largest market during the projection period. Huge investments in industries like BFSI, healthcare, retail, manufacturing, telecommunications, & IT are being made by major nations like China and Japan, and this has fueled development and economic expansion in the APAC region.

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