Factors such as the adoption of Robotic Process Automation (RPA) technology to improve HR operations, artificial intelligence, as well as cloud-based solutions and talent mobility are expected to drive the human capital management market .
JERSEY CITY, NJ, July 14, 2022 /PRNewswire/ — Verified Market Research recently released a report, “human capital management market“By component (software, service), by deployment mode (on-premises, cloud), by verticals (retail, BFSI) and by geography. According to verified market research, the capital management market size human was evaluated at $21.63 billion in 2021 and is expected to reach $41.43 billion by 2030, growing at a CAGR of 7.49% from 2022 to 2030.
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Global Human Capital Management Market Overview
Increased adoption of cloud-based HCM software driving market growth. Adoption of cloud-based HCM solutions is accelerating across a number of verticals, including BFSI, Retail, Healthcare, Manufacturing, IT & Telecom, and Media & Entertainment. Through an HR employee access portal, these systems provide secure access to many administrative activities. With this, employees can virtually access their data from anywhere using a desktop or mobile device. The growing demand for the unified HCM solution is fueling the expansion of the market.
Businesses around the world are focused on improving productivity and resource efficiency. Companies can bring business strategy alignment, team execution, and peak employee performance to the organization by implementing unified HCM solutions and streamlining HR and people processes. Onboarding, Social Enterprise and Collaboration, Performance Management, and Learning Management are just some of the modules included in the HCM suite. Security issues with cloud-based deployment may be a restraining factor for the market. Since the majority of HCM software is located in a cloud infrastructure controlled by a third party, companies are concerned about security. To leverage the benefits of cloud technology such as IT infrastructure security, scalability, and cost reduction, the majority of vendors are now selling HCM software in the cloud.
- In September 2021: Google LLC has signed up for new Workday products, including Workday Adaptive Planning, Workday Extend, Workday Prism Analytics and Workday Strategic Sourcing, according to a statement from Workday. Google will also increase its current use of Workday HCM, introducing additional apps to improve the employee experience and recruiting to serve its global workforce, as part of its continued investment in talent management strategy.
- In May 2020: Workday has declared a partnership with Microsoft. This partnership aims to improve cloud-based business scheduling software by leveraging adaptive workday scheduling on the Microsoft Azure cloud.
- In July 2019; Ultimate Software has launched Employee File Management, which would help HR professionals easily share documents with third parties regardless of location.
Major market players include Workday, Oracle, ADP, SAP, Microsoft, IBM, Ultimate Software, Ceridian, SumTotal, Kronos, Infor, Cegid, EmployWise, PeopleStrategy, Cornerstone, Meta4, Ramco Systems.
Verified Market Research has segmented the global human capital management market on the basis of component, mode of deployment, verticals, and geography.
- Human Capital Management Market, By Component
- Human Capital Management Market, By Deployment Mode
- Human Capital Management Market, By Verticals
- IT & Telecommunications
- Health care
- Human Capital Management Market, By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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