HCM Solutions are Revolutionizing Human Resource Management Market Update Report 2024 | Industry Trends, Demand, Leading Companies and Segmentation till 2032

The global Human Capital Management (HCM) market is anticipated to grow at a considerable CAGR of 6.8% during the forecast period (2024-2031). The market growth is majorly driven by the changing nature of work and the workforce and the increasing use of technology in HR processes. This can be attributed to the increasing complexity of the business environment that calls for effective HCM solutions in organizations to attract, retain, and manage talent. The increasing employment rates in emerging economies and the rising demand for skilled talent are also significant contributors to industry growth. In addition, digital transformation and the shift towards remote and flexible work arrangements have also contributed to the increasing demand for HCM solutions.

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The market is segmented by software type (into core HR, applicant tracking system, HR analytics, and workforce management), deployment model (into cloud and on-premise), and regions (into North America, Europe, Asia-Pacific, and Rest of the World).
Market Insights

• The core HR segment held the highest market share during the forecast period attributing to the demand for centralization in the organization. The segment is composed of all HR-related functions, including employee records, payroll, benefits, and performance management. Switching to an HCM solution leads to automation of repetitive, and time-consuming HR processes.

• According to the deployment model type the cloud HCM market held the highest market share. The demand for cloud HCM products is primarily increasing due to the elimination of upfront infrastructure costs and the pay-as-you-go feature. It is widely adopted in Small and Medium Enterprises (SMEs) owing to its scalability, accessibility, and cost-effectiveness.

• North America held the highest share of the global Human Capital Management (HCM) market, as the US is the leader in technology adoption. Thus, the increasing adoption of HCM solutions along with a large customer base, highly competitive talent landscape, growing digitalization, and globalization of business are contributing significantly towards regional market expansion.

• The market is growing as the market players are adopting advanced technologies to gain competitive advantage and the companies are focusing on employee well-being, diversity, equity, and inclusion (DEI). The increasing Artificial Intelligence (AI) and Machine Learning (ML) also act as a potential opportunity for the growth of the industry. However, it is anticipated that product customization could help market players for overall business growth.

• The industry growth is primarily restrained by the data security issue especially in the cloud-based deployment model, as this software is regulated by a third party. This calls for the establishment of a proper security framework. The other factors include heavy infrastructural investment for on-premise HCM solutions. The adoption is also hindered attributing to the complex implementation structure.
The major players in the global Human Capital Management (HCM) market are SAP, Oracle, Workday, ADP, Microsoft, UKG, Ceridian, Personio SE & Co. KG, and others. The companies are considerably contributing to the industry's growth. For instance, in June 2023, Oracle announced the addition of generative AI-powered capabilities within Oracle Fusion Cloud HCM. Supported by the Oracle Cloud Infrastructure (OCI) generative AI service, the new capabilities are embedded in existing HR processes to drive faster business value, improve productivity, enhance the candidate and employee experience, and streamline HR processes.

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