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Human Capital Management Software Market Share, Opportunities Analysis, Recent Trends, Regional Growth And Outlook By 2033
Human Capital Management Software Market
According to The Business Research Company's, The human capital management software market size has grown rapidly in recent years. It will grow from $23.12 billion in 2023 to $25.67 billion in 2024 at a compound annual growth rate (CAGR) of 11%. The growth in the historic period can be attributed to regulatory compliance, shift to remote work, employee experience focus, data analytics, and strategic HR focus.
The human capital management software market size is expected to see rapid growth in the next few years. It will grow to $39.2 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to employee well-being and mental health, skills-based talent management, workforce planning and agility, and hybrid work models. Major trends in the forecast period include AI-powered solutions, compliance and regulatory support, continuous learning and development, agile workforce planning, and skills-based talent management.
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Market Drivers and Trends:
The rising acceleration of remote work is expected to propel the growth of the human capital management software market going forward. Remote work practices refer to the strategies, methodologies, and guidelines employed by organizations and individuals to conduct work outside of a traditional office environment effectively. HCM software facilitates remote performance management by providing goal setting, performance evaluation, and feedback exchange tools. It also enables organizations to effectively manage remote workforces by offering tools for virtual collaboration, communication, and performance tracking. For instance, in June 2023, according to reports published by Forbes Media LLC, a US-based publication company, around 12.7% of full-time employees worked from home, while 28.2% used a hybrid model in the US, which is expected to reach 32.6 million by 2025. Therefore, the rising acceleration of remote work is driving the growth of the human capital management software market.
Major companies operating in the human capital management software market are focusing on developing cloud-based human capital management software to cater to the evolving needs of organizations. Cloud-based human capital management (HCM) software is a web-hosted platform that centralizes human resource (HR) functions remotely via the Internet. For instance, in March 2021, Zellis, a UK-based human resources management software developer, launched its flagship Human Capital Management (HCM) solution called Zellis HCM Cloud. This new solution combines with the recent cloud, automation, and AI advancements to provide engaging employee experiences, empower businesses with transformative data analytics, and achieve unprecedented levels of efficiency for payroll and HR procedures. It is used as part of a managed payroll and HR service, available to companies requiring a larger team of professionals to improve cost management, operational efficiency, and business resilience.
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Major Key Players of the Market:
International Business Machines Corporation, Oracle Corporation, SAP SE, Automatic Data Processing Inc. (ADP), Workday Inc., Paychex Inc., Ultimate Kronos Group Inc. (UKG), Sage Group plc, Paycom Software Inc., Ceridian HCM Inc., Unit4 NV, Cornerstone OnDemand Inc., Gusto Inc., Zenefits, SumTotal Systems, BambooHR, PeopleFluent Holdings Corporation, Ramco Systems, SmartRecruiters, Talentsoft, Namely, Saba Software
Human Capital Management Software Market 2024 Key Insights:
• The human capital management software market size is expected to see rapid growth in the next few years. It will grow to $39.2 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%.
• Remote Work Acceleration Fuels Growth In The Core HR Software Market
• Innovative Human Capital Management Cloud Solutions Transforming HR Landscape
• North America was the largest region in the human capital management software market in 2023
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