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Global Human Capital Management Market

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Human capital management (HCM) changes the traditional administrative functions of human resources (HR) departments, recruiting, payroll, training, compensation, and performance management into opportunities to thrust the engagement, productivity, and business value.

HCM considers the workforce as more than just a cost of doing business, it is a crucial business asset whose value can be maximized through strategic investment and management just like any other asset. The term HCM can refer both to a business strategy and a set of modern IT applications and other technologies that are used to implement that strategy.

Though sometimes used interchangeably, the terms related HR, HRMS, and HRIS do have subtle distinctions. A complete HCM solution connects all HR processes, including recruiting, global HR, compensation, benefits, talent management, learning, workforce planning, work-life solutions, time tracking, and payroll.

With HCM solutions, businesses can make smarter and faster decisions, deliver a best-in-class employee experience, and leverage embedded cutting-edge technologies, such as artificial intelligence (AI) and chat-bots to automate workflows, improve efficiency, and engage quickly.

 

Global Hcm Market: Overview

The Global Human Capital Management (HCM) market size is anticipated to grow from USD 23.97 Billion in 2022 to USD 42.75 Billion by 2032, at a CAGR of 7.5%.

Attribute Key Insights
Estimated Market Value (2022) 23.97 USD Billion
Forecasted Market Value (2032) 42.75 USD Billion
CAGR % 2023-2028 7.5%
Leading Region North America

 

Integration of emerging technologies, such as Artificial Intelligence (AI) and Machine Learning (ML), with HCM software has evolved out as one of the rigid factors for HCM software and services endorsed across regions.  Factors such as rising cloud acquiring among small and medium enterprises to effectively manage field and office personnel are expected to create multiple opportunities for HCM vendors.

Enterprises are concerned over security, as most of the HCM software are in cloud premises, which is managed by a third-party.  Majority of the vendors are offering HCM software in cloud to avail cloud technology benefits, such as security, scalability, and IT infrastructure cost reduction. Cloud-based software often consists of built-in robust security features.

This prevents the dangers of hacking or data breaches. Still, many businesses are often hesitant to take HR files and systems, which usually include sensitive employee information, and move them to cloud.

Thus, enterprises are not ready to move their employee data, payroll, and admin information in cloud.

 

Key Trends Of Global HCM Market:

Integration Of AI And ML In HCM Suites:

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.

 

Segmental Analysis Of Global HCM Market:

Based On Component:

  • Software
  • Core HR
  • Applicant Tracking System
  • HR analytics
  • Workforce Management
  • Services
  • Integration and Implementation
  • Training and Education
  • Support and Maintenance
  • Consulting

The HCM market by component covers software and services. The service component is estimated to hold a larger market size during the forecast period. Increasing adoption of software to manage entire lifecycle of employees coupled with growing need to comply with government regulations are some of the critical factors responsible for software segment to have a highest market share during the forecast period.

 

Based On Deployment Model:

  • On-premises
  • On-cloud

Cloud adoption of HCM software is currently high and the same trend is expected to continue, where majority of the end users will have their software on premises, as it offers more security to the data and also helps enterprises comply with various regulations.

 

Based On Organization Size:

  • Small Enterprises and Medium Size Enterprises
  • Large Enterprises

HCM software traditionally were deployed by large enterprises. But now this trend has shifted to SMEs. In the coming years SMEs will contribute the highest to the HCM market. Factors such as growing need to manage diverse workforce, increase employee productivity, and comply with regulations are some of the factors responsible for this high growth.

 

Based On Vertical:

  • BFSI
  • Retail and E-Commerce
  • Government
  • Transportation and Logistics
  • Education
  • Hospitality
  • Media and Entertainment
  • Energy and Utilities
  • Telecom an IT
  • Manufacturing

 

Based On Region:

  • North America

US

Canada

  • Europe

Germany

UK

Italy

France

  • APAC

China

India

Japan

  • MEA

UAE

Kuwait

South Africa

  • Latin America

Mexico

Brazil

Asia Pacific is expected to account for the largest market size during the forecast period due to the presence of a large number of HCM vendors and increasing adoption of cloud-native technologies.

 

Competitive Landscape:

  • Oracle
  • ADP
  • SAP
  • IBM
  • Cerdian
  • SumTotal
  • Kronos
  • Cegid
  • Employwise
  • Cornerstone on Demand
  • Infor
  • Netsuite Inc.
  • Namely
  • Zoho
  • Sage Group
  • WebHR
  • Ultimate Software
  • Vibe HCM
  • Akrivia
  • Others

 

Scope Of The Report:

Global HCM Market: Base Year-2022

Global HCM Market: Historical Year- 2019-2022

Global HCM Market: Forecast Year- 2022-2032

Global HCM Market: CAGR-7.5%

Global HCM Market: USD Value in 2022

Global HCM Market: USD Value in 2032

Segments Covered- Deployment Type, Vertical, Component, Organization Size And Region

 

 

ToC

  1. Global Human Capital Management (HCM) Market Introduction and Market Overview

1.1. Objective of the Market Research Study

1.2. Human Capital Management (HCM) Market Definition & Description

1.3. Research Data Parameters & Reporting Timelines

1.3.1. Historical Data Reporting Years – 2018 to 2021

1.3.2. Projected Data Reporting Years – 2022 to 2030

1.3.3. Reporting Data Parameters – Value (US$ Million)

1.4. Global Human Capital Management (HCM) Market Scope and Market Estimation

1.4.1. Global Human Capital Management (HCM) Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2018 to 2030)

1.4.2. Global Human Capital Management (HCM) Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2018 to 2030

1.5.  Human Capital Management (HCM) Market Segmentation

1.5.1. Component of Global Human Capital Management (HCM)Market

1.5.2. Deployment Mode of Global Human Capital Management (HCM)Market

1.5.3. Organization Size of Global Human Capital Management (HCM)Market

1.5.4. End-user of Global Human Capital Management (HCM)Market

1.5.5. Key Regions of Global Human Capital Management (HCM)Market

 

  1. Global Human Capital Management (HCM)Market- Executive Summary

2.1. Global Human Capital Management (HCM)Market– Summary & Snapshot

2.2. Global Human Capital Management (HCM)Market, By Component (US$ Million)

2.3. Global Human Capital Management (HCM)Market, By Deployment Mode (US$ Million)

2.4. Global Human Capital Management (HCM)Market, By Organization Size (US$ Million)

2.5. Global Human Capital Management (HCM)Market, By End-user (US$ Million)

2.6. Global Human Capital Management (HCM)Market, By Geography (US$ Million)

2.7. Global Human Capital Management (HCM) Market Outlook & Future Opportunities

 

  1. Global Human Capital Management (HCM) Market Trends, Outlook, and Factors Analysis

3.1. Global Human Capital Management (HCM) Market Industry Development Trends under COVID-19 Outbreak

3.1.1. Global COVID-19 Status Overview

3.1.2. Influence of COVID-19 Outbreak on Global Human Capital Management (HCM) Market Industry Development

3.1.3. Pre & Post COVID-19 Trends and Scenarios

3.2.  Human Capital Management (HCM) Market Dynamics (Growth Impacting Factors & Rationales)

3.2.1. Drivers

3.2.1.1. Integration of Artificial Intelligence (AI) in technology in HR tools will boost the growth of this market.

3.2.2. Restraints

3.2.2.1. Increasing privacy and security concerns associated with the growing use of technology.

3.2.3. Opportunities

3.2.3.1. Increasing adoption of cloud based technologies.

3.2.4. Impact Analysis of Drivers and Restraints

3.3. Ecosystem/ Value Chain Analysis

3.4. Porter’s Five Forces Analysis

3.5. SWOT Analysis

3.6. PEST Analysis

3.7. Average Selling Prices and Pricing Trends Analysis of Human Capital Management (HCM)Market

3.8. Technological Roadmap

3.9. Key Investment Pockets of Human Capital Management (HCM)Market

3.9.1. By Component

3.9.2. By Deployment Mode

3.9.3. By Organization Size

3.9.4. By End-user

3.9.5. By Regions

 

  1. Global Human Capital Management (HCM)Market: Estimates & Historic Trend Analysis (2018 to 2021)

4.1. Global Human Capital Management (HCM)Market, 2018 – 2021 (US$ Million)

4.2. Global Human Capital Management (HCM)Market, By Component, 2018 to 2021 (US$ Million)

4.3. Global Human Capital Management (HCM)Market, By Deployment Mode, 2018 to 2021 (US$ Million)

4.4. Global Human Capital Management (HCM)Market, By Organization Size, 2018 to 2021 (US$ Million)

4.5. Global Human Capital Management (HCM)Market, By End-user, 2018 to 2021 (US$ Million)

4.6. Global Human Capital Management (HCM)Market, By Region, 2018 to 2021 (US$ Million)

 

  1. Global Human Capital Management (HCM) Market Estimates & Forecast Trend Analysis, by Component

5.1. Global Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, by Component, 2022 & 2031

5.2. Global Human Capital Management (HCM) Market Revenue (US$ Million) Estimates and Forecasts, by Component, 2022 to 2030

5.2.1. Software

5.2.1.1. Core HR

5.2.1.2. Applicant Tracking System

5.2.1.3. HR Analytics

5.2.1.4. Workforce Management

5.2.1.4.1. Absence Management

5.2.1.4.2. Performance Management

5.2.1.4.3. Workforce Scheduling

5.2.1.4.4. Time and Attendance management

5.2.1.4.5. Workforce Analytics

5.2.2. Services

5.2.2.1.1. Support and Maintenance

5.2.2.1.2. Integration and Implementation

5.2.2.1.3. Training & Education

5.2.2.1.4. Consulting

 

 

  1. Global Human Capital Management (HCM) Market Estimates & Forecast Trend Analysis, by Deployment Mode

6.1. Global Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, by Deployment Mode, 2022 & 2031

6.2. Global Human Capital Management (HCM) Market Revenue (US$ Million) Estimates and Forecasts, by Deployment Mode, 2022 to 2030

6.2.1. Cloud

6.2.2. On-premises

 

  1. Global Human Capital Management (HCM) Market Estimates & Forecast Trend Analysis, by Organization Size

7.1. Global Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, by Organization Size, 2022 & 2031

7.2. Global Human Capital Management (HCM) Market Revenue (US$ Million) Estimates and Forecasts, by Organization Size, 2022 to 2030

7.2.1. SME

7.2.2. Large Organization

 

  1. Global Human Capital Management (HCM) Market Estimates & Forecast Trend Analysis, by End-user

8.1. Global Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, by End-user, 2022 & 2031

8.2. Global Human Capital Management (HCM) Market Revenue (US$ Million) Estimates and Forecasts, by End-user, 2022 to 2030

8.2.1. Healthcare Industry

8.2.2. IT & Telecommunication

8.2.3. BFSI

8.2.4. Manufacturing

8.2.5. Government

8.2.6. Consumer Good & Retail

8.2.7. Energy & Utilities

8.2.8. Transport & Logistics

8.2.9. Others

 

  1. Global Human Capital Management (HCM) Market Analysis and Forecast, by Region

9.1. Global Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, by Region, 2022 & 2031

9.2. Global Human Capital Management (HCM) Market Revenue (US$ Million) Estimates and Forecasts, by Region, 2022 to 2030

9.2.1. North America

9.2.2. Europe

9.2.3. Asia Pacific

9.2.4. Middle East and Africa

9.2.5. Latin America

 

  1. North America Human Capital Management (HCM)Market: Estimates & Forecast Trend Analysis

10.1. North America Human Capital Management (HCM) Market Assessments & Key Findings

10.2. North America Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, 2022 & 2031

10.3. North America Human Capital Management (HCM) Market Size Estimates and Forecast (US$ Million) (2022 to 2030)

10.3.1. By Component

10.3.2. By Deployment Mode

10.3.3. By Organization Size

10.3.4. By End-user

10.3.5. By Major Country

10.3.5.1. The U.S.

10.3.5.2. Canada

 

  1. Europe Human Capital Management (HCM)Market: Estimates & Forecast Trend Analysis

11.1. Europe Human Capital Management (HCM) Market Assessments & Key Findings

11.2. Europe Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, 2022 & 2031

11.3. Europe Human Capital Management (HCM) Market Size Estimates and Forecast (US$ Million) (2022 to 2030)

11.3.1. By Component

11.3.2. By Deployment Mode

11.3.3. By Organization Size

11.3.4. By End-user

11.3.5. By Major Country

11.3.5.1. Germany

11.3.5.2. The U.K.

11.3.5.3. France

11.3.5.4. Italy

11.3.5.5. Spain

11.3.5.6. Rest of Europe (includes all other European countries)

 

  1. Asia Pacific Human Capital Management (HCM)Market: Estimates & Forecast Trend Analysis

12.1. Asia Pacific Human Capital Management (HCM) Market Assessments & Key Findings

12.2. Asia Pacific Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, 2022 & 2031

12.3. Asia Pacific Human Capital Management (HCM) Market Size Estimates and Forecast (US$ Million) (2022 to 2030)

12.3.1. By Component

12.3.2. By Deployment Mode

12.3.3. By Organization Size

12.3.4. By End-user

12.3.5. By Major Country

12.3.5.1. China

12.3.5.2. Japan

12.3.5.3. India

12.3.5.4. ASEAN

12.3.5.5. South Korea

12.3.5.6. Rest of Asia Pacific (includes all other Asia Pacific countries)

 

  1. Middle East & Africa Human Capital Management (HCM)Market: Estimates & Forecast Trend Analysis

13.1. Middle East & Africa Human Capital Management (HCM) Market Assessments & Key Findings

13.2. Middle East & Africa Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, 2022 & 2031

13.3. Middle East & Africa Human Capital Management (HCM) Market Size Estimates and Forecast (US$ Million) (2022 to 2030)

13.3.1. By Component

13.3.2. By Deployment Mode

13.3.3. By Organization Size

13.3.4. By End-user

13.3.5. By Major Country

13.3.5.1. GCC

13.3.5.2. South Africa

13.3.5.3. Egypt

13.3.5.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)

 

  1. Latin America Human Capital Management (HCM)Market: Estimates & Forecast Trend Analysis

14.1. Latin America Market Assessments & Key Findings

14.2. Latin America Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, 2022 & 2031

14.3. Latin America Human Capital Management (HCM) Market Size Estimates and Forecast (US$ Million) (2022 to 2030)

14.3.1. By Component

14.3.2. By Deployment Mode

14.3.3. By Organization Size

14.3.4. By End-user

14.3.5. By Country

14.3.5.1. Brazil

14.3.5.2. Mexico

14.3.5.3. Rest of Latin America (includes all other Latin America countries)

 

  1. Competitive Landscape

15.1.  Human Capital Management (HCM) Market Revenue Share Analysis (%), by Major Players (2021)

15.2.  Human Capital Management (HCM) Market Competition Matrix, by Leading Players

15.3.  Human Capital Management (HCM)List of Emerging, Prominent and Leading Players

15.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.

 

  1. Company Profiles

16.1. Workday

16.1.1. Company Overview & Insights

16.1.2. Financial Performance

16.1.3. Product / Service Portfolio

16.1.4. Geographical Footprint & Share

16.1.5. Strategic Initiatives & Key Developments

*Similar details would be provided for all the players mentioned below

16.2. Oracle

16.3. ADP

16.4. SAP

16.5. IBM

16.6. Cerdian

16.7. SumTotal

16.8. Kronos

16.9. Cegid

16.10. Employwise

16.11. Cornerstone on Demand

16.12. Infor

16.13. Netsuite Inc.

16.14. Namely

16.15. Zoho

16.16. Sage Group

16.17. WebHR

16.18. Ultimate Software

16.19. Vibe HCM

16.20. Akrivia

16.21. Others

 

  1. Assumptions and Research Methodology

17.1. Data Mining

17.2. Secondary Research

17.3. Primary Research

17.4. Subject Matter Expert Advice

17.5. Quality Check

17.6. Final Review

17.7. Data Triangulation

17.8. Bottom-Up Approach

17.9. Top Down Approach

17.10. Research Flow

17.11. Key Insights from Industry Experts

17.12. Data Sources

17.13. Assumptions

17.14. Limitations

 

  1. Conclusions and Recommendations

18.1. Key Research Findings and Conclusion

18.2. Key Insights & Recommendations from Analysts

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