Global Human Capital Management (HCM) Market size is anticipated to grow from USD 23.97 Billion in 2022 to USD 42.75 Billion by 2030, at a CAGR of 7.5% over 2022-2030.
Human capital management is referred to the set of practices used by a firm for hiring, managing, optimizing, and developing employees with an aim to enhance their value in the organization. It includes a wide array of strategic and administrative processes including payroll, compliance, workforce planning, time & attendance, onboarding, and workflow management, among others. There has been a widespread integration of advance technologies like AI to enhance the applications of human capital management strategies.
What are the major growth propellants and challenges of this marketplace?
The primary factors bolstering the expansion of this business sphere are surging adoption of cloud adoption among SMEs and integration of innovative technologies such as AI, machine learning, and IoT to manage the operations of field and in-office employees.
Moreover, rising adoption of robotics technology to automate the recruitment process across numerous enterprises are adding momentum to the market progression. Also, widespread digital evolution, increasing trends of remote working, and technological advancements in the field are positively swaying the industry dynamics.
Also, firms are adopting various technologies to reduce their overall operational expenditure. This in turn is creating lucrative opportunities for the marketplace to prosper.
Furthermore, the adoption of HCM software is offering organizations with unlimited storage capacity, remote data access, and reduced maintainece charges. This is further bolstering the development of this industry.
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Alongside, escalating demand to streamline HR operations is stimulating the overall outlook of global human capital management (HCM) market.
On the contrary, rising concerns regarding user data privacy is hampering the remuneration scope of this industry vertical.
Segmental Assessment of the industry
Based on component
- Software
- Service
The software segment is slated to amass notable gains over 2022-2030 owing to the affordability and operational efficiency of HCM software.
In terms of Deployment Mode
- Industry verticals IT & telecommunication
- Hospitality
- Retail, BFSI
- Manufacturing, government
- Healthcare
- Others
The manufacturing segment is expected to garner notable gains over the stipulated timeline. This is credited to the rising demand from manufacturing companies to automate their operations.
Expounding the geographical landscape and competitive hierarchy of the market vertical
The major regions constituting the geographical ambit of this business sphere are North America, Middle East & Africa, Europe, Latin America, and Asia Pacific. Among these, Asia Pacific is anticipated to capture a substantial revenue share. This is attributable to the presence of emerging players, digital evolution, and growing adoption of cloud based HCM technologies.
The prominent companies operating in global human capital management market are Ultimate Software (US), Ceridian (US), SumTotal (US), Kronos (US), Infor (US), Cegid (US) (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).
Notably, in May 2020, Workday inked a partnership deal with Microsoft corporation to diversify its HCM solution portfolio.
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Most of the businesses across verticals are facing lack of a highly skilled workforce, as business operations are getting complex day-by-day due to the adoption of latest technologies and innovations. Thus, HR managers are facing challenges in hiring the right personnel for the right job globally. Using Artificial Intelligence (AI) and Machine Learning (ML) technologies, HCM suites can help HR managers in finding skilled workforce. AI and ML can help automate the process of recruitment and provide more filters that help in finding the right person.
Rising Adoption Of Cloud-Based Software Solutions:
The cloud-based deployment model offers benefits, such as lucrativeness, easy and high speed of deployment, and more agile management and operations of software. The cloud platform caters to the needs of geographically dispersed business units by providing one consolidated platform.
To grip the benefits of this technology, organizations are shifting from on-premises HCM software to the HCM software in cloud. Considering the demand for cloud software, HCM vendors are focusing on providing SaaS-based software that help lower costs and achieve higher ROI.
The shift from on-premises deployment to cloud-based deployment is an upcoming opportunity for most vendors, as the on-premises deployment is costlier and riskier as compared to SaaS-based deployment, which offers flexibility and stability to most of the organizations.
Furthermore, it also limits capital expenditure and optimizes the return on assets. Thus, the transition to cloud is an added opportunity for HCM vendors.
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