According to the latest report by IMARC Group, titled “Human Capital Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global human capital management market size reached US$ 20.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 34.3 Billion by 2027, exhibiting a growth rate (CAGR) of 8.47% during 2022-2027.
Human capital management (HCM) stands for a set of practices that are utilized for recruiting, assessing, optimizing, developing, and improving the value of employees within an organization. It covers various core administrative and strategic processes, including payroll, training, compliance, onboarding, workforce planning, performance management, etc. Human capital management comprises of several components, such as benefits administration, time and attendance, workflow management, reporting and analytics, employee service and self-service, retirement services, etc. Numerous organizations are employing HCM solutions as they offer specific competencies to manage employees effectively while enhancing the overall productivity.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The increasing digitization of business processes is primarily driving the global human capital management market. Moreover, the expanding e-commerce industry, where customer engagement and retention are critical, is also catalyzing the product demand. Apart from this, shifting preferences towards online platforms for ordering essential items owing to the sudden outbreak of the COVID-19 pandemic are augmenting the HCM market. Additionally, numerous leading companies are providing HCM services over cloud-based platforms by using Software-as-a-Service (SaaS) delivery model. In the coming years, the rising focus on creating an agile workplace, which assists in analyzing thousands of suitable resumes and ensuring staff coordination, is expected to fuel the human capital management market across the globe.
Breakup by Component:
- Software
- Core HR
- Recruiting
- Workforce Management
- Compensation and Payroll
- Others
- Service
- Managed Service
- Professional
Breakup by Deployment Type:
- Cloud-based
- On-premises
Breakup by Industry Verticals:
- BFSI
- Retail
- IT and Telecommunication
- Healthcare
- Hospitality
- Government
- Manufacturing
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Automatic Data Processing Inc
- Ceridian HCM Inc
- Infor Inc. (Koch Industries Inc.)
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- PeopleFluent Inc. (Learning Technologies Group plc)
- Ramco Systems Limited
- SAP SE
- SumTotal Systems LLC (Skillsoft Limited)
- UKG Inc
- Workday Inc
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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