Human Capital Management Market Analysis, Growth Factors and Dynamic Demand by 2032

Human Capital Management (HCM) market size is anticipated to grow from USD 23.97 Billion in 2022 to USD 42.75 Billion by 2030, at a CAGR of 7.5%.

The typical administrative duties of human resources (HR) departments, such as hiring, payroll, training, compensation, and performance management, are transformed into chances to boost engagement, productivity, and business value by human capital management (HCM).
The personnel is viewed by HCM as a vital company asset whose worth can be maximised via strategic investment and management, just like any other asset. HCM views the workforce as more than just a cost of conducting business.
HCM can refer to both a business strategy and a collection of contemporary IT tools and other implementation-related technology.

Although they are sometimes used synonymously, the phrases linked HR, HRMS, and HRIS do have a few subtle differences.
All HR processes, including as hiring, global HR, compensation, benefits, talent management, learning, and workforce management, are connected by a comprehensive HCM system.

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.

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What are the major growth propellants and challenges of this marketplace?
The primary factors bolstering the expansion of this business sphere are surging adoption of cloud adoption among SMEs and integration of innovative technologies such as AI, machine learning, and IoT to manage the operations of field and in-office employees.
Moreover, rising adoption of robotics technology to automate the recruitment process across numerous enterprises are adding momentum to the market progression. Also, widespread digital evolution, increasing trends of remote working, and technological advancements in the field are positively swaying the industry dynamics.
Also, firms are adopting various technologies to reduce their overall operational expenditure. This in turn is creating lucrative opportunities for the marketplace to prosper.
Furthermore, the adoption of HCM software is offering organizations with unlimited storage capacity, remote data access, and reduced maintainece charges. This is further bolstering the development of this industry.
Alongside, escalating demand to streamline HR operations is stimulating the overall outlook of global human capital management (HCM) market.
On the contrary, rising concerns regarding user data privacy is hampering the remuneration scope of this industry vertical.

Market Segmentations:
Global Human Capital Management Market: Top Key Players
SAP SE
Automatic Data Processing, LLC
Ultimate Software Group, Inc.
Linkedin (Microsoft)
Oracle Corporation
Workday
Ceridian HCM, Inc.
Kronos, Inc.
Infor
IBM Corporation
Cornerstone OnDemand
Paycom Software, Inc.
Intuit
SumTotal Systems, LLC (SkillSoft)
Sage
Epicor Software
Workforce Software
Zenefits
Ramco Systems
EPAY Systems
PeopleStrategy, Inc.
Human Capital Management Breakdown Data by Type
Talent Acquisition
Talent Management
HR Core Administration
HCM
Human Capital Management Breakdown Data by Application
Healthcare
Financial Services
Government/Non-Profit
Retail/Wholesale
Professional/Technical Services
Manufacturing

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Frequently Asked Questions
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