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) assists organizations in recruiting, managing, developing, and optimizing the value of employees. It covers various administrative and strategic procedures and processes, including workforce planning, training, payroll, performance management, compliance, and retirement services. It also handles many of the functions and processes needed for effective workforce management and saving time and capital.
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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 demand for HCM solutions in small and medium-scale enterprises (SMEs) represents one of the major factors bolstering the market growth. It can also be attributed to the rising need for faster management procedures and monitoring the performance of employees, and automating the task in real-time to minimize manual efforts. Moreover, the growing adoption of remote working solutions is driving the market. Apart from this, key players are focusing on offering HCM solutions integrated with advanced technologies, such as the internet of things (IoT), machine learning (ML), artificial intelligence (AI), and cloud-based solutions.
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(NASDAQ: ADP)
- Ceridian HCM Inc(NYSE: CDAY)
- Infor Inc. (Koch Industries Inc.)
- International Business Machines Corporation(NYSE: IBM)
- Microsoft Corporation(NASDAQ: MSFT)
- Oracle Corporation(NYSE: ORCL)
- PeopleFluent Inc. (Learning Technologies Group plc)(LON: LTG)
- Ramco Systems Limited(NSE: RAMCOSYS)
- SAP SE(ETR: SAP)
- SumTotal Systems LLC (Skillsoft Limited)
- UKG Inc
- Workday Inc(NASDAQ: WDAY)
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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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