Human Capital Management Market: Exponential Growth Predicted During 2021 - 2030

Increase in adoption of cloud-based human capital management software, growth in requirement to streamline HR operations, and rise in demand for unified human capital management suite augment the growth of the global human capital management market.

However, data security & privacy concerns due to cloud based deployment and need to comply with government regulations restrain the growth to certain extent.

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Moreover, increase in popularity of workforce analytics solution and growth in adoption of digital HR technology are expected to offer innumerable opportunities to the market in the coming years.

According to the report, the global human capital management industry was pegged at $17.43 billion in 2020, and is expected to reach $42.13 billion by 2030, growing at a CAGR of 9.6% from 2021 to 2030.

By component, the software segment accounted for nearly two-thirds of the global human capital management market share in 2020, and is anticipated to retain its dominance throughout the forecast period.

Organizations are inclined towards implementing professional services such as implementation, training & support, and consulting services to achieve easy and reliable deployment. This drives the demand for the segment. The services segment, however, would showcase the fastest CAGR of 10.9% by 2030.

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This is due to various advantages of services such as post-production support, reduced time and cost linked with optimizing the system in the initial phase of deployment, and empowering organizations to transition smoothly among others.

Based on deployment mode, the on-premise segment held the lion's share in 2020, contributing to nearly three-fourths of the global human capital management market, and is expected to continue its lead during the forecast period.

Growing concern for privacy and data security, better maintenance of servers, and continuous system security checks encourage and facilitate organizations to implement on-premise solutions.

However, the cloud segment is expected to witness the highest CAGR of 11.6% by 2030. Increase in adoption of cloud-based solutions among both SMEs and large enterprises due to the transfer of large volume of critical and confidential data and growing trend of using mobile phones at workplace drive the growth of the segment.

By region, North America dominated the market in 2020, contributing to around two-fifths of the global human capital management industry, due to increase in need to automate HR processes such as talent management, performance, and compensation management in the region.

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However, Asia-Pacific is expected to portray the highest CAGR of 12.7% during the forecast period, due to its growing importance among manufacturers owing to benefits such as automatic updates, unlimited capacity upgrades, built-in disaster recovery, and remote access in the region.

Key Benefits for Stakeholders:

• The study provides in-depth analysis of the global human capital management market share along with current & future trends to illustrate the imminent investment pockets.

• Information about key drivers, restrains, & opportunities and their impact analysis on the global human capital management market size are provided in the report.

• Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the human capital management market.

• An extensive analysis of the key segments of the industry helps to understand the global human capital management market trends.

• The quantitative analysis of the global human capital management market forecast from 2021 to 2030 is provided to determine the market potential.

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