Unlocking Growth to reach $51.3 billion by 2031: The State of Human Capital Management Market Worldwide

According to a new report published by Allied Market Research, titled, "Human Capital Management Market," The human capital management market size was valued at $21.8 billion in 2021, and is estimated to reach $51.3 billion by 2031, growing at a CAGR of 9% from 2022 to 2031.

A human capital management (HCM) strategy is a plan for managing talent in ways that enable an organization to meet its strategic objectives. Human capital management (HCM) transforms traditional administrative functions of human resources departments such as recruiting, training, payroll, compensation, and performance management into opportunities to drive engagement, productivity, and business value.

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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 chatbots to automate workflows, improve efficiency, and engage quickly.

Rise in adoption of cloud-based HCM solution, increase in automation of HR process, and increase in demand for unified HCM solutions are the factors propelling the growth of the global human capital management market during the forecast period. Moreover, simplification of HR operations has positively impacted the need for human capital management industry.

However, data security and privacy concerns related to cloud deployment is anticipated to hamper the human capital management market during the forecast period. On the contrary, technological advancements such as AI, ML, and RPA in HCM solutions is expected to offer remunerative opportunities for the expansion of the human capital management market forecast.

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On the basis of enterprise size, the large enterprises segment dominated the overall human capital management market in 2021 and is expected to continue this trend during the forecast period. This is attributed to the need of automated HCM solutions for smooth functioning of HR operations in large enterprises. However, the SMEs segment is expected to witness the highest growth owing to growth in technological advancements of SMEs, which is anticipated to grow in the coming years and is expected to further fuel the global human capital management market growth.

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.

Region wise, the HCM market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its higher expenditure on technological solutions However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the growth in number of startups and the expanding business sector of the region, which is expected to fuel the growth of the human capital management industry in the region during the forecast period.

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The key players profiled in the human capital management market analysis are ADP, INC., Cornerstone, Epicore Software Corporation, IBM Corporation, INFOR, Workday, Inc., Oracle Corporation, SAP SE, Sumtotal Systems, LLC, and UKG, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Emerging Trends:

1. Artificial Intelligence (AI): AI is increasingly being integrated into HCM solutions to automate repetitive tasks, provide data-driven insights, and enhance the recruitment process.

2. Employee Experience: There is a growing emphasis on improving the overall employee experience, from onboarding to ongoing development. HCM solutions are incorporating features such as self-service portals, personalized learning, and real-time feedback mechanisms.

3. Remote Workforce Management: The rise of remote work has led to a greater demand for HCM tools that can effectively manage dispersed teams, track productivity, and ensure collaboration.

4. People Analytics: Data analytics is becoming crucial for HR departments, allowing them to make informed decisions about workforce planning, performance management, and employee engagement.

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