Report Ocean has recently published the “Human Capital Management (HCM) Market” Research Report 2023-2030, offering a comprehensive analysis of the market. This report delves deep into the market dynamics, including key trends, upcoming technologies, drivers, challenges, and regulatory policies. It also features company profiles and strategies of prominent players in the industry. With over 100+ market data tables, pie charts, graphs, and figures, this global market study provides a thorough understanding of the market landscape. It presents a complete assessment, encompassing future trends, current growth factors, informed opinions, factual insights, and industry-validated market data, enabling accurate forecasts until 2030.
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The global human capital management (HCM) market is expected to be worth USD 29.9 billion by 2023, expanding at a CAGR of 8.7%.
Automation in the administration of employees, policies, and procedures in regional as well as global firms is a crucial driver for the HCM market. A significant share of the market is dominated by large global players such as SAP, Oracle, Workday, Ramco, ADP, Microsoft, Ultimate Software, and Cornerstone. These companies are focusing on acquiring smaller vendors to provide end-to-end solutions in all categories to the customers.
Segmentation based on component
HCM software accounted for 66.5% of the overall market revenue in 2018, mainly driven by the demand for cloud-based SaaS applications. Pricing flexibility has acted as the key driving force of growth in software and has led to the movement of on-premises or datacenter customers to SaaS-based HR software. Services segment includes various aftersales activities such as maintenance, upgradation, agreement renewal, and consultation. The market share of this segment is estimated to increase by 7% from 2018 to 2023 owing to rising demand for migration services, extension, and plug-in development.
Segmentation based on software
Based on software, the HCM market is segmented by core HR, payroll & compensation management, performance management, learning, talent acquisition, workforce management, benefits administration, and others. Workforce management software dominated the global market, with a market size of USD 4.4 billion in 2018. Augmented need for automation in absence & leave management and time & attendance tracking has bolstered the demand for workforce management software. The learning software segment is anticipated to witness a significant increase in market share, expanding at a CAGR of 12.8% from 2018 to 2023. Spurring demand for self-directed agile learning tools, next-generation learning management systems, and micro-learning platform have been key trends over the past few years.
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Segmentation based on deployment type
Based on the deployment type, the cloud-based HCM solutions achieved the largest share of the global market, garnering a market size of USD 15.4 billion in 2018. Flexibility, cost-effectiveness, easy accessibility, and adaptability across platforms have motivated the demand for cloud-based HCM software more than the on-premises segment to maintain HR operations across offices located in different geographies.
Segmentation based on organization size
Based on organization size, the HCM market is categorized into large and SME. Large enterprises with more than 2,500 employees were the early consumers of HCM solutions; however, the SME segment with employees less than 2,500 has emerged rapidly and accounted for a market share of 52.5% in 2018. The market is anticipated to witness a promising trend in the SME segment, especially in emerging economies.
Segmentation based on vertical
Manufacturing, energy & utilities, consumer goods & retail, healthcare, transportation, telecom & IT, and BFSI are the major industry verticals adopting HCM solutions. The HCM market is expected to witness a spurring demand from government and manufacturing sectors. The shift of workforce from baby boomers to millennial is projected to encourage the adoption of HCM solutions to automate talent acquisition and workforce management operations. The demand from the manufacturing vertical is expected to reach USD 3.8 billion in 2023.
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Regional insights
North America became the largest consumer of HCM solutions in 2018, accounting for 56.5% of the market share and is predicted to continue to be the leading regional segment over the forecast period. A group of software vendors, customers, developers, and system integrators has encouraged the high market share of the region. The Asia-Pacific region is estimated to experience a significant gain in market share of 3.3% from 2018 to 2023. The rise of corporate culture owing to the expanding footprint of global companies in emerging economies like China, India, and the ASEAN countries is expected to drive the market growth in the Asia Pacific.
Companies covered
- Oracle
- ADP
- SAP SE
- Workday, Inc.
- Ultimate Software Group, Inc.
- Kronos Incorporated
- Ceridian HCM, Inc.
- IBM Corporation
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
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The report addresses the following key questions regarding the Human Capital Management (HCM) market:
- What is the expected growth rate of the market in the upcoming years and what factors are driving this growth?
- How do consumers perceive and adopt different types of Human Capital Management (HCM) in the market?
- How are regulatory policies and government initiatives impacting the growth of the Human Capital Management (HCM) market?
- What is the market share of the top 5 players in the Human Capital Management (HCM) market and how is it likely to change in the future?
- What are the latest technologies and innovations in the Human Capital Management (HCM) market and how are they shaping the industry landscape?
- How do macroeconomic factors such as inflation, GDP, and exchange rates affect the Human Capital Management (HCM) market?
- What are the challenges related to the supply chain and logistics that Human Capital Management (HCM) market players face and how are they addressing them?
- How is the changing consumer behavior and preferences influencing the dynamics of the Human Capital Management (HCM) market?
- What are the potential risks and uncertainties associated with investing in the Human Capital Management (HCM) market, and how can they be mitigated?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Human Capital Management (HCM) market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Human Capital Management (HCM) market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Human Capital Management (HCM) market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Human Capital Management (HCM) business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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