Global Human Capital Management Market Analysis by Deployment Type, Vertical, Component, Organization Size, Region and segments forecast till 2033
Market Overview
The Global Human Capital Management market size is anticipated to grow from USD 23,970 million in 2022 to USD 42,750 million by 2033, at a CAGR of 7.5%.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 23,970 million |
Market Forecast in 2033 | USD 42,750 million |
CAGR % 2023-2033 | 7.5% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more |
Key Companies | Oracle, ADP, SAP, IBM, Cerdian, SumTotal, Kronos, Cegid, Employwise, Cornerstone on Demand, Infor, Netsuite Inc., Namely, Zoho, Sage Group, WebHR, Ultimate Software, Vibe HCM, Akrivia, Workday, and Others. |
Global Human Capital Management Market- Description
Human capital management (HCM) changes the traditional administrative functions of human resources (HR) departments, recruiting, payroll, training, compensation, and performance management into opportunities to thrust the engagement, productivity, and business value. HCM considers the workforce as more than just a cost of doing business, it is a crucial business asset whose value can be maximized through strategic investment and management just like any other asset. The term HCM can refer both to a business strategy and a set of modern IT applications and other technologies that are used to implement that strategy. Though sometimes used interchangeably, the terms related HR, HRMS, and HRIS do have subtle distinctions.
A complete HCM solution connects all HR processes, including recruiting, global HR, compensation, benefits, talent management, learning, workforce planning, work-life solutions, time tracking, and payroll. With HCM solutions, businesses can make smarter and faster decisions, deliver a best-in-class employee experience, and leverage embedded cutting-edge technologies, such as artificial intelligence (AI) and chat-bots to automate workflows, improve efficiency, and engage quickly. Integration of emerging technologies, such as Artificial Intelligence (AI) and Machine Learning (ML), with HCM software has evolved out as one of the rigid factors for HCM software and services endorsed across regions. Factors such as rising cloud acquiring among small and medium enterprises to effectively manage field and office personnel are expected to create multiple opportunities for HCM vendors.
Enterprises are concerned over security, as most of the HCM software are in cloud premises, which is managed by a third-party. Majority of the vendors are offering HCM software in cloud to avail cloud technology benefits, such as security, scalability, and IT infrastructure cost reduction. Cloud-based software often consists of built-in robust security features. This prevents the dangers of hacking or data breaches. Still, many businesses are often hesitant to take HR files and systems, which usually include sensitive employee information, and move them to cloud. Thus, enterprises are not ready to move their employee data, payroll, and admin information in cloud.
Key Trends Of Global Human Capital Management market:
· Integration Of AI And ML In HCM Suites:
Most of the businesses across verticals are facing lack of a highly skilled workforce, as business operations are getting complex day-by-day due to the adoption of latest technologies and innovations. Thus, HR managers are facing challenges in hiring the right personnel for the right job globally. Using Artificial Intelligence (AI) and Machine Learning (ML) technologies, HCM suites can help HR managers in finding skilled workforce. AI and ML can help automate the process of recruitment and provide more filters that help in finding the right person.
· Rising Adoption Of Cloud-Based Software Solutions:
The cloud-based deployment model offers benefits, such as lucrativeness, easy and high speed of deployment, and more agile management and operations of software. The cloud platform caters to the needs of geographically dispersed business units by providing one consolidated platform. To grip the benefits of this technology, organizations are shifting from on-premises HCM software to the HCM software in cloud. Considering the demand for cloud software, HCM vendors are focusing on providing SaaS-based software that help lower costs and achieve higher ROI. The shift from on-premises deployment to cloud-based deployment is an upcoming opportunity for most vendors, as the on-premises deployment is costlier and riskier as compared to SaaS-based deployment, which offers flexibility and stability to most of the organizations. Furthermore, it also limits capital expenditure and optimizes the return on assets. Thus, the transition to cloud is an added opportunity for HCM vendors.
Segmental Analysis Of Global Human Capital Management market:
Based On Component:
• Core HR
• Applicant Tracking System
• HR Analytics
• Workforce Management
o Absence Management
o Performance Management
o Workforce Scheduling
o Time and Attendance Management
o Workforce Analytics
• Services
o Support and Maintainece
o Integration and Implementation
o Training & Education
o Consulting
The Human Capital Management market by component covers software and services. The service component is estimated to hold a larger market size during the forecast period. Increasing adoption of software to manage entire lifecycle of employees coupled with growing need to comply with government regulations are some of the critical factors responsible for software segment to have a highest market share during the forecast period.
Based On Deployment Model:
• On-premises
• On-cloud
Cloud adoption of HCM software is currently high and the same trend is expected to continue, where majority of the end users will have their software on premises, as it offers more security to the data and also helps enterprises comply with various regulations.
Based On Organization Size:
• Small Enterprises and Medium Size Enterprises
• Large Enterprises
HCM software traditionally were deployed by large enterprises. But now this trend has shifted to SMEs. In the coming years SMEs will contribute the highest to the Human Capital Management market. Factors such as growing need to manage diverse workforce, increase employee productivity, and comply with regulations are some of the factors responsible for this high growth.
Based On Vertical:
• BFSI
• Retail and E-Commerce
• Government
• Transportation and Logistics
• Education
• Hospitality
• Media and Entertainment
• Energy and Utilities
• Telecom an IT
• Manufacturing
Global Human Capital Management market: Geographical ambit
North America, Europe, Middle East and Africa, Asia Pacific, and Latin America are the major regions constituting the geographical ambit of this market vertical. Among these, Asia Pacific is expected to account for the largest market size during the forecast period due to the presence of a large number of HCM vendors and increasing adoption of cloud-native technologies.
Global Human Capital Management Market- Recent Developments
· In March 2023, SAP announced that it had acquired Workday, a provider of cloud-based HCM software, for USD 37 billion. The acquisition is expected to strengthen SAP's position in the Human Capital Management market and expand its offerings in the cloud-based HCM software segment.
· In February 2023, Oracle announced that it had partnered with LinkedIn to integrate LinkedIn Learning content into its HCM Cloud platform. This integration will enable Oracle HCM Cloud customers to access LinkedIn Learning's library of online courses directly from the HCM platform.
Global Human Capital Management Market: Company Profiles
· Oracle
· ADP
· SAP
· IBM
· Cerdian
· SumTotal
· Kronos
· Cegid
· Employwise
· Cornerstone on Demand
· Infor
· Netsuite Inc.
· Namely
· Zoho
· Sage Group
· WebHR
· Ultimate Software
· Vibe HCM
· Akrivia
· Workday
· Others
Global Human Capital Management Market: Regional Scope
North America
· U.S.
· Canada
· Mexico
Europe
· U.K.
· Germany
· France
· Italy
· Spain
· Rest of Europe
Asia Pacific
· China
· India
· Japan
· South Korea
· Australia
· Rest of Asia Pacific
South America
· Brazil
· Argentina
· Rest of South America
Middle East and Africa
· Saudi Arabia
· UAE
· Egypt
· South Africa
· Rest of Middle East and Africa
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1. Global Human Capital Management (HCM) Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. Human Capital Management (HCM) Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years – 2020 to 2021
1.3.2. Projected Data Reporting Years – 2022 to 2033
1.3.3. Reporting Data Parameters – Value (US$ Million)
1.4. Global Human Capital Management (HCM) Market Scope and Market Estimation
1.4.1. Global Human Capital Management (HCM) Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Human Capital Management (HCM) Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Human Capital Management (HCM) Market Segmentation
1.5.1. Component of Global Human Capital Management (HCM)Market
1.5.2. Deployment Mode of Global Human Capital Management (HCM)Market
1.5.3. Organization Size of Global Human Capital Management (HCM)Market
1.5.4. End-user of Global Human Capital Management (HCM)Market
1.5.5. Key Regions of Global Human Capital Management (HCM)Market
2. Global Human Capital Management (HCM)Market- Executive Summary
2.1. Global Human Capital Management (HCM)Market– Summary & Snapshot
2.2. Global Human Capital Management (HCM)Market, By Component (US$ Million)
2.3. Global Human Capital Management (HCM)Market, By Deployment Mode (US$ Million)
2.4. Global Human Capital Management (HCM)Market, By Organization Size (US$ Million)
2.5. Global Human Capital Management (HCM)Market, By End-user (US$ Million)
2.6. Global Human Capital Management (HCM)Market, By Geography (US$ Million)
2.7. Global Human Capital Management (HCM) Market Outlook & Future Opportunities
3. Global Human Capital Management (HCM) Market Trends, Outlook, and Factors Analysis
3.1. Global Human Capital Management (HCM) Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Human Capital Management (HCM) Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Human Capital Management (HCM) Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Integration of Artificial Intelligence (AI) in technology in HR tools will boost the growth of this market.
3.2.2. Restraints
3.2.2.1. Increasing privacy and security concerns associated with the growing use of technology.
3.2.3. Opportunities
3.2.3.1. Increasing adoption of cloud based technologies.
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porter’s Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Human Capital Management (HCM)Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of Human Capital Management (HCM)Market
3.9.1. By Component
3.9.2. By Deployment Mode
3.9.3. By Organization Size
3.9.4. By End-user
3.9.5. By Regions
4. Global Human Capital Management (HCM)Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Human Capital Management (HCM)Market, 2020 – 2021 (US$ Million)
4.2. Global Human Capital Management (HCM)Market, By Component, 2020 to 2021 (US$ Million)
4.3. Global Human Capital Management (HCM)Market, By Deployment Mode, 2020 to 2021 (US$ Million)
4.4. Global Human Capital Management (HCM)Market, By Organization Size, 2020 to 2021 (US$ Million)
4.5. Global Human Capital Management (HCM)Market, By End-user, 2020 to 2021 (US$ Million)
4.6. Global Human Capital Management (HCM)Market, By Region, 2020 to 2021 (US$ Million)
5. Global Human Capital Management (HCM) Market Estimates & Forecast Trend Analysis, by Component
5.1. Global Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, by Component, 2022 & 2033
5.2. Global Human Capital Management (HCM) Market Revenue (US$ Million) Estimates and Forecasts, by Component, 2022 to 2033
5.2.1. Software
5.2.1.1. Core HR
5.2.1.2. Applicant Tracking System
5.2.1.3. HR Analytics
5.2.1.4. Workforce Management
5.2.1.4.1. Absence Management
5.2.1.4.2. Performance Management
5.2.1.4.3. Workforce Scheduling
5.2.1.4.4. Time and Attendance management
5.2.1.4.5. Workforce Analytics
5.2.2. Services
5.2.2.1.1. Support and Maintenance
5.2.2.1.2. Integration and Implementation
5.2.2.1.3. Training & Education
5.2.2.1.4. Consulting
6. Global Human Capital Management (HCM) Market Estimates & Forecast Trend Analysis, by Deployment Mode
6.1. Global Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, by Deployment Mode, 2022 & 2033
6.2. Global Human Capital Management (HCM) Market Revenue (US$ Million) Estimates and Forecasts, by Deployment Mode, 2022 to 2033
6.2.1. Cloud
6.2.2. On-premises
7. Global Human Capital Management (HCM) Market Estimates & Forecast Trend Analysis, by Organization Size
7.1. Global Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, by Organization Size, 2022 & 2033
7.2. Global Human Capital Management (HCM) Market Revenue (US$ Million) Estimates and Forecasts, by Organization Size, 2022 to 2033
7.2.1. SME
7.2.2. Large Organization
8. Global Human Capital Management (HCM) Market Estimates & Forecast Trend Analysis, by End-user
8.1. Global Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, by End-user, 2022 & 2033
8.2. Global Human Capital Management (HCM) Market Revenue (US$ Million) Estimates and Forecasts, by End-user, 2022 to 2033
8.2.1. Healthcare Industry
8.2.2. IT & Telecommunication
8.2.3. BFSI
8.2.4. Manufacturing
8.2.5. Government
8.2.6. Consumer Good & Retail
8.2.7. Energy & Utilities
8.2.8. Transport & Logistics
8.2.9. Others
9. Global Human Capital Management (HCM) Market Analysis and Forecast, by Region
9.1. Global Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033
9.2. Global Human Capital Management (HCM) Market Revenue (US$ Million) Estimates and Forecasts, by Region, 2022 to 2033
9.2.1. North America
9.2.2. Europe
9.2.3. Asia Pacific
9.2.4. Middle East and Africa
9.2.5. Latin America
10. North America Human Capital Management (HCM)Market: Estimates & Forecast Trend Analysis
10.1. North America Human Capital Management (HCM) Market Assessments & Key Findings
10.2. North America Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, 2022 & 2033
10.3. North America Human Capital Management (HCM) Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
10.3.1. By Component
10.3.2. By Deployment Mode
10.3.3. By Organization Size
10.3.4. By End-user
10.3.5. By Major Country
10.3.5.1. The U.S.
10.3.5.2. Canada
11. Europe Human Capital Management (HCM)Market: Estimates & Forecast Trend Analysis
11.1. Europe Human Capital Management (HCM) Market Assessments & Key Findings
11.2. Europe Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Europe Human Capital Management (HCM) Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
11.3.1. By Component
11.3.2. By Deployment Mode
11.3.3. By Organization Size
11.3.4. By End-user
11.3.5. By Major Country
11.3.5.1. Germany
11.3.5.2. The U.K.
11.3.5.3. France
11.3.5.4. Italy
11.3.5.5. Spain
11.3.5.6. Rest of Europe (includes all other European countries)
12. Asia Pacific Human Capital Management (HCM)Market: Estimates & Forecast Trend Analysis
12.1. Asia Pacific Human Capital Management (HCM) Market Assessments & Key Findings
12.2. Asia Pacific Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Asia Pacific Human Capital Management (HCM) Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
12.3.1. By Component
12.3.2. By Deployment Mode
12.3.3. By Organization Size
12.3.4. By End-user
12.3.5. By Major Country
12.3.5.1. China
12.3.5.2. Japan
12.3.5.3. India
12.3.5.4. ASEAN
12.3.5.5. South Korea
12.3.5.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
13. Middle East & Africa Human Capital Management (HCM)Market: Estimates & Forecast Trend Analysis
13.1. Middle East & Africa Human Capital Management (HCM) Market Assessments & Key Findings
13.2. Middle East & Africa Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, 2022 & 2033
13.3. Middle East & Africa Human Capital Management (HCM) Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
13.3.1. By Component
13.3.2. By Deployment Mode
13.3.3. By Organization Size
13.3.4. By End-user
13.3.5. By Major Country
13.3.5.1. GCC
13.3.5.2. South Africa
13.3.5.3. Egypt
13.3.5.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
14. Latin America Human Capital Management (HCM)Market: Estimates & Forecast Trend Analysis
14.1. Latin America Market Assessments & Key Findings
14.2. Latin America Human Capital Management (HCM) Market Share (%) Estimates and Forecasts, 2022 & 2033
14.3. Latin America Human Capital Management (HCM) Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
14.3.1. By Component
14.3.2. By Deployment Mode
14.3.3. By Organization Size
14.3.4. By End-user
14.3.5. By Country
14.3.5.1. Brazil
14.3.5.2. Mexico
14.3.5.3. Rest of Latin America (includes all other Latin America countries)
15. Competitive Landscape
15.1. Human Capital Management (HCM) Market Revenue Share Analysis (%), by Major Players (2021)
15.2. Human Capital Management (HCM) Market Competition Matrix, by Leading Players
15.3. Human Capital Management (HCM)List of Emerging, Prominent and Leading Players
15.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
16. Company Profiles
16.1. Workday
16.1.1. Company Overview & Insights
16.1.2. Financial Performance
16.1.3. Product / Service Portfolio
16.1.4. Geographical Footprint & Share
16.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
16.2. Oracle
16.3. ADP
16.4. SAP
16.5. IBM
16.6. Cerdian
16.7. SumTotal
16.8. Kronos
16.9. Cegid
16.10. Employwise
16.11. Cornerstone on Demand
16.12. Infor
16.13. Netsuite Inc.
16.14. Namely
16.15. Zoho
16.16. Sage Group
16.17. WebHR
16.18. Ultimate Software
16.19. Vibe HCM
16.20. Akrivia
16.21. Others
17. Assumptions and Research Methodology
17.1. Data Mining
17.2. Secondary Research
17.3. Primary Research
17.4. Subject Matter Expert Advice
17.5. Quality Check
17.6. Final Review
17.7. Data Triangulation
17.8. Bottom-Up Approach
17.9. Top Down Approach
17.10. Research Flow
17.11. Key Insights from Industry Experts
17.12. Data Sources
17.13. Assumptions
17.14. Limitations
18. Conclusions and Recommendations
18.1. Key Research Findings and Conclusion
18.2. Key Insights & Recommendations from Analysts
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