Human Capital Management Market to see Rapid Growth by 2031

The global human capital management (HCM) market is anticipated to grow at a considerable CAGR of 6.8% during the forecast period. HCM market growth is expected to be accelerated during the forecast period by factors such as rising demand for artificial intelligence and machine learning in different HCM suites, the prevalence of advanced solutions in the form of data management and processing, rising usages of HCM for recruiting, time and attendance management, and applicant tracking, and the rising need to reduce HR-related costs. Such advantages of HCM prompt companies to use this software.

Another factor that contributes to the market's growth is the technological advancements in HCM that allow for more efficient work and HR operations. Particularly for remote or virtual employment, businesses use AR and VR technologies to interview candidates and hire personnel. Along with this, employees are now receiving training and development sessions online due to the growing trend of remote employment. The need for these kinds of technology has grown as a result, including the use of HR tech with gamification, AI, and AR/VR for a more practical and effective approach.

Additionally, companies are also launching new and effective HR analytics, core HR, and workforce management software solutions to contribute to the market's growth. Recently, in March 2023, Explorance, the global leader in People Insight Solutions, announced the availability of Explorance BlueML as well as the start of a special free offer for the award-winning workforce and student sentiment analysis solutions. BlueML, an industry-leading machine learning (ML) tool trained on employee and student feedback, delivers actionable insights from large datasets of comments and feedback. Businesses and academic institutions gain a clearer picture of employee and student needs and expectations by eliminating the need for time-consuming manual review and data organization processes while also informing preventive steps to support a more satisfied, involved, and well-trained workforce or student body.

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Market Coverage           

The Market Number Available for - 2023-2031
Base year- 2023
Forecast period- 2024-2031

Segment Covered- 

By Software Type
By Deployment Model

Regions Covered-

North America
Europe
Asia-Pacific
Rest of the World
Competitive Landscape-Bitrix, Cornerstone, Epicor Software, Gusto, Infor, and others.

A full Report of Human Capital Management Market is Available @  https://www.omrglobal.com/industry-reports/human-capital-management-market

Human Capital Management Market Report Segment

By Software Type

Core HR
Applicant Tracking System
HR Analytics
Workforce Management

By Deployment Model

Cloud
On-Premise

Human Capital Management Market Report Segment by Region

North America                                                                                                           

United States
Canada

Europe

UK
Germany
Spain
France
Italy
Rest of Europe

Asia-Pacific

India
China
Japan
South Korea
Rest of APAC

Rest of the World

Latin America
Middle East and Africa

Company Profiles 

Automatic Data Processing
Bamboo HR
Benefitfocus
Bitrix
Cornerstone
Epicor Software
Gusto
Infor
Kronos Incorporated
Meta4
Namely
Oracle Corp.
Paychex
Paycom Software
Paylocity Corp.
PeopleStrategy
Ramco Systems
Sage Group
Workday, Inc
Workforce Software

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