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Remote Work Acceleration Fuels Growth In The Core HR Software Market: A Key Catalyst Accelerating Human Capital Management Software Market Growth in 2025
Human Capital Management Software Market Size
Human Capital Management Software Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for software developed for human capital management has seen significant expansion in the previous few years. Predictions indicate an increase from $25.67 billion in 2024 to $28.6 billion in 2025, representing a compound annual growth rate (CAGR) of 11.4%. This historical growth trend is primarily linked to factors such as regulatory compliance, the transition to remote employment, emphasis on employee experience, data analytics, and a strategic approach to human resources.
Human Capital Management Software Market Size Forecast: What's the Projected Valuation by 2029?
The market for human capital management software is forecasted to experience a swift expansion in the incoming years. The projected growth to $43.49 billion by 2029, with a compound annual growth rate (CAGR) of 11.0%, is mainly due to factors like employee well-being and mental health, talent management based on skills, agile workforce planning, and the adoption of hybrid work structures. The predicted trends for this period comprise AI-oriented solutions, assistance in compliance and regulation, continuous learning and development opportunities, nimble workforce planning, and management of talent based on skills.
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What Are the Drivers Transforming the Human Capital Management Software Market?
The anticipated surge in remote work is set to drive the expansion of the human capital management software market. Remote work practices encompass the approaches, techniques, and policies used by corporations and individuals to efficiently perform tasks outside a conventional office setting. HCM software aids in remotely managing performance by offering functionalities such as goal development, performance rating, and feedback sharing. It also equips organizations with the means to successfully supervise remote teams by way of virtual collaboration, communication, and performance monitoring tools. As an example, in June 2023, Forbes Media LLC, a publication company based in the US, alleged that nearly 12.7% of full-time employees worked from home, and 28.2% used a hybrid model in the US, a number predicted to rise to 32.6 million by 2025. As a result, the rapid increase in remote work is bolstering the growth of the human capital management software market.
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What Long-Term Trends Will Define the Future of the Human Capital Management Software Market?
Leading businesses in the human capital management software market are concentrating on the creation of digital and intelligent solutions for managing human capital. This is done as a way to improve management of the workforce and facilitate growth within the organization. Digital and intelligent human capital management solutions can be described as technology-supported platforms that utilize data analytics and artificial intelligence to simplify HR procedures, enhance talent management and provide strategic support for workforce decisions. For instance, in August 2024, Neusoft, a company based in China that delivers industrial solutions and product engineering solutions, introduced TalentBase. TalentBase is a state-of-the-art digital and intelligent solution for managing human capital, reflecting the company's forward-thinking stance regarding intelligent solutions in human capital management. This platform fuses the newest digital technologies, intelligent applications, and contemporary talent management principles to help businesses realize intelligent transformation and foster high-grade growth.
Which Segments in the Human Capital Management Software Market Offer the Most Profit Potential?
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 Firms Dominate the Human Capital Management Software Market by Market Share and Revenue in 2025?
Major companies operating in the human capital management software market are 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
Which Regions Offer the Highest Growth Potential in 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.
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