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Human Capital Management Market Size, Industry Analysis By Component (Software And Services), By Deployment Model (On-Premises And On-Cloud), By Organization Size (SME’s And Large Enterprises), By Vertical (Healthcare And Life Sciences, Government, BFSI, Manufacturing) & Region - Forecasts

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  • 1970-01-01
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  • 225
  • CATEGORY
  • Banking & Finance

 

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

 

Why to buy this Report?

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Due diligence: The report can be used by investors and acquirers as part of their due diligence process when considering investing in or acquiring a technology company. These reports can provide valuable information on the company's financials, technology, market position, and other key factors.

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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We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




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To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

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