New York, US, Sept. 28, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Human Capital Management Market, By Component, By Organization size, By Deployment, By End-User – Forecast 2030”, the market will reach USD 28.93 billion at an 8.2% CAGR by 2030.
HCM Market Growth Drivers
Rising Adoption of Cloud-Based HCM Software to Boost Market Growth
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.
Eminent industry players profiled in the global human capital management market report include,
- SAP SE (Germany)
- IBM (U.S.)
- Workforce Software (U.S.)
- Software AG (Germany)
- WORKDAY (U.S.)
- ADP LLC (U.S.)
- Oracle Corporation (U.S.)
- Ultimate Software (U.S.)
- LinkedIn (U.S.)
- Zenefits (U.S.)
- Infor (U.S.)
- Talentsoft (France)
- Kronos Inc. (U.S.) and among others.
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Human Capital Management Market Opportunities
Integration of ML and AI in HCM Suites to offer Robust 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 Size by 2030||USD 28.93 Bullion|
|CAGR during 2022-2030||8.2%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Managing the cost-effective assessment efficiently by the large workforce of a big organization drives up the human capital management market growth opportunities.|
|Key Market Drivers||Rise in human capital management market growth takes place due to the rise in mobile applications and the widespread demand for workforce optimization.|
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Restraints and Challenges
Data Security to act as Market Restraint
Data security & privacy concerns associated with cloud deployment may act as market restraints over the forecast period.
Human Capital Management Market Segmentation
The global human capital management market is bifurcated based on end user, deployment, organization size, and component.
By component, service will lead the market over the forecast period.
By organization size, SMEs will dominate the market over the forecast period.
By deployment, cloud will spearhead the market over the forecast period.
By end user, IT/ITES will have the lions share in the market over the forecast period.
All enterprises have been affected by the COVID-19, creating a demanding and complex environment for managers and human resource management (HRM) professionals who must come up with creative solutions to maintain the viability of their businesses & assist their staff in navigating this crisis. By giving employees opportunities for professional learning and progress, human capital management has aided HR departments in retaining and fostering talent. Additionally, it has assisted in controlling time and labor, scheduling, and related expenditures, monitoring expenses for particular projects and other costs, and creating a culture of pay-for-performance during the COVID-19 pandemic. As a result, the human capital management sector benefited from the pandemic.
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Human Capital Management Market Regional Analysis
APAC to Head Human Capital Management Market
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. During the projection period, Asia Pacific is anticipated to have significant growth. In the upcoming years, a professional and talented workforce will be required due to the growth of startups and the adoption of new technologies like data analytics, Industry 4.0, cloud computing, and artificial intelligence. Thus, it is anticipated that managing and attracting skilled workers will increase demand for workforce management solutions throughout the region. In 2021, the human capital management market had a sizable revenue share for the Asia-Pacific region. Asia Pacific will account for the maximum revenue share in the market during the projected period due to the existence of an array of HCM vendors and the rising popularity of cloud-native technologies. A significant CAGR is anticipated in the global market for human capital management in Asia Pacific.
North America to Have Favorable Growth in Human Capital Management Market
It is expected that North America will dominate the worldwide market. The region’s market will increase as a result of the rising adoption of cutting-edge technology, smartphones, and workforce analytics solutions. In accordance to the U.S. Bureau of Labor Statistics, 2018 and 2028, employment in the healthcare sector is anticipated to grow exponentially by more than 14%. The predicted increase in demand for healthcare services can be ascribed to the increasing prevalence of diseases and research and development in the healthcare industry. Healthcare providers are therefore more likely to utilize workforce management systems to manage and recruit their workforce. The greatest revenue share for the human capital management market was in North America. Market growth in the area is a result of continual technological development. Growth in North America will be influenced favorably by more globalization and improved workplace environments. Rapid developments in IT and artificial intelligence (AI) are also necessary to support the growth of the North American HCM market.
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The examination of initiatives and aggressive investment chances in digitizing human capital resource operations to boost organizational efficiency is another factor anticipated to propel demand for the human capital management market. The market is anticipated to expand primarily because to the expansion of HCM solutions offered via a Software as a Service delivery model.
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