Press release
Human Capital Management Software Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Human Capital Management Software Market
The accelerating trend of remote work is expected to spur the growth of the human capital management (HCM) software market. Remote work is becoming more common due to its flexibility and improved work-life balance. HCM software aids remote performance management, goal-setting, and virtual collaboration, ensuring seamless operations. For example, a report from Forbes in June 2023 revealed that 12.7% of U.S. full-time employees worked remotely, with 28.2% using a hybrid model. Therefore, the rise in remote work is fostering growth in the HCM software market.
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What is the projected compound annual growth rate (CAGR) of the human capital management software market from 2025 to 2034, and what factors influence it?
The human capital management software market is projected to grow from $25.67 billion in 2024 to $28.6 billion in 2025 at a CAGR of 11.4%. Growth drivers include regulatory compliance, remote work shifts, employee experience focus, data analytics, and strategic HR management.
The Human Capital Management Software Market is set to reach $43.49 billion by 2029, growing at a CAGR of 11.0%. Growth is fueled by employee well-being initiatives, workforce agility, hybrid work models, and talent management needs. Key trends include AI-powered solutions, compliance support, continuous learning programs, agile workforce planning, and skills-based talent management.
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How are the latest trends influencing the growth of the human capital management software market?
Companies in the human capital management (HCM) software market are working on advanced digital solutions, such as intelligent human capital management platforms, to streamline workforce management and foster organizational growth. In August 2024, Neusoft, a China-based company, launched TalentBase, a cutting-edge solution that incorporates digital technologies, AI, and advanced talent management principles to enhance workforce management. TalentBase aims to help enterprises achieve intelligent transformation and drive growth by leveraging smart applications and data analytics.
What are the major segments of the human capital management software market and their role in driving growth?
The human capital management software market covered in this report is segmented -
1) By Solution: Payroll Management, Talent Management, Workforce Management
2) By Deployment: On-Premise, Cloud
3) By Application: Small Business, Midsized Business, Large Business
4) By End-Use Industry: Banking, Financial Services, And Insurance (BFSI), Retail And E-Commerce, Manufacturing, Healthcare, Government And Public Sector, Professional Services, Other End-Use Industries
Subsegments:
1) By Payroll Management: Payroll Processing, Tax Management, Benefits Administration, Compliance Management
2) By Talent Management: Recruitment And Onboarding, Learning And Development, Performance Management, Employee Engagement And Retention, Succession Planning
3) By Workforce Management: Time And Attendance Tracking, Scheduling And Shift Management, Labor Analytics, Absence And Leave Management, Employee Self-Service
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Which regions are key players in the growth of the human capital management software market?
North America was the largest region in the human capital management software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the human capital management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the human capital management software market?
Major companies operating in the human capital management software market are accenture* plc., 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
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What Is Covered In The Human Capital Management Software Global Market Report?
•Market Size Forecast: Examine the human capital management software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the human capital management software market for a structured understanding.
•Key Players Overview: Analyze major players in the human capital management software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the human capital management software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the human capital management software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the human capital management software market.
•Industry Challenges: Identify potential risks and obstacles affecting the human capital management software market.
•Competitive Landscape: Review strategic developments in the human capital management software market, including expansions, agreements, and new product launches.
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