Global Human Capital Management Market 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) and by Region: Global Forecast, 2024 - 2034
- PUBLISHED ON
- 2023-02-05
- NO OF PAGES
- 231
- CATEGORY
- Banking & Finance
Market Overview
The Human Capital Management market is predicted to develop at a compound annual growth rate (CAGR) of 9.4% from 2024 to 2034, when it is projected to reach USD 70.17 Billion, based on an average growth pattern. The market is estimated to reach a value of USD 28.57 Billion in 2024.
SOURCE: We Market Research
Human capital
management (HCM) is a strategic method to managing and optimising a company's
workforce. It entails hiring, training, developing, and retaining people in
order to maximise their contributions to the organisation. HCM incorporates a
variety of operations, including talent acquisition, performance management,
payroll, benefits administration, and workforce analytics. By connecting human
resource practices with business objectives, HCM seeks to improve employee
productivity, contentment, and retention, eventually driving organisational
success. Advanced human capital management systems use technology to expedite
operations, give insights, and support decision-making, ensuring that the
proper personnel is available to meet current and future company needs.
Human Capital Management (HCM) drivers are key components of effective workforce management. They include talent acquisition, which focuses on hiring competent workers, and staff development, which entails ongoing training. Performance management methods assess and increase employee productivity, whilst competitive pay and benefits motivate and keep employees. Employee engagement activities foster a healthy work environment, while workforce planning ensures that the right personnel is aligned with business requirements. Technology integration in HCM software accelerates HR procedures and enables data-driven decisions, hence improving overall organisational performance. These factors, taken together, assist strategic human resource management in order to meet company objectives.
Market Scope
|
Report Attributes |
Description |
|
Market Size in 2024 |
USD 12.39 Billion |
|
Market Forecast in 2034 |
USD 70.17 Billion |
|
CAGR % 2024-2034 |
9.4% |
|
Base Year |
2023 |
|
Historic Data |
2016-2022 |
|
Forecast Period |
2024-2034 |
|
Report USP
|
Production, Consumption, company share, company
heatmap, company production capacity, growth factors and more |
|
Segments Covered |
By Component, By Deployment Model, By Organization Size, By
Vertical and By Region |
|
Regional Scope |
North America, Europe, APAC, South America and
Middle East and Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic
Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia;
Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa;
Nigeria |
Human Capital Management Industry: Dynamics & Restrains
Market opportunity:
We Market Research: Human Capital Management Dashboard
Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool.
Human Capital Management Segmentation
Market- By Component Analysis
By Component, the Human Capital Management Market is Categories into Software and Services. The Software segment accounts for the largest share of around 71% in 2024.
The software segment in the Human Capital
Management (HCM) market is driven by increasing demand for automation and
efficiency in managing workforce operations. HCM software offers integrated
solutions for HR tasks, such as payroll, recruitment, and performance
management, enhancing organizational productivity and decision-making
capabilities.
The
following segments are part of an in-depth analysis of the global Human Capital
Management market
|
Market Segments |
|
|
By Deployment
Model |
·
On-Premises ·
On-Cloud |
|
By Organization
Size |
·
SME’s ·
Large Enterprises |
|
By Vertical |
·
Healthcare and Life Sciences ·
Government ·
BFSI ·
Manufacturing |
Human Capital Management Industry: Regional Analysis
North America Market Forecast
North America dominate the Human Capital Management Market with the highest revenue generating market with share of more than 46%. North America leads the global Human Capital Management market, with significant shares held by the United States and Canada. The high demand for workforce analytics is fueled by a data-driven approach to HR decision-making. Cloud-based solutions offer scalability and efficiency gains, while stringent regulatory compliance requirements drive adoption of advanced HCM technologies, fostering a competitive market environment.
Europe Market Statistics
Europe is a
leading market for Human Capital Management penetration rates, particularly in
the United Kingdom, Germany, and Sweden. GDPR compliance mandates robust data
protection measures, influencing HCM strategies. Digital transformation initiatives
integrate AI into HR processes for enhanced efficiency and decision-making.
Market leaders leverage these advancements to differentiate offerings and
capture market share in a competitive landscape emphasizing technological
innovation.
Asia Pacific Market Forecasts
Asia Pacific is
expected to be the fastest-growing regional segment of the Human Capital
Management market during the forecast period. The Asia-Pacific region accelerated
adoption of HR technology is driven by economic growth and increasing
digitalization across industries. Mobile HR solutions cater to a dynamic
workforce, while emphasis on employee engagement enhances productivity.
Investment in digital HR infrastructure supports scalability, fostering a
competitive edge in a rapidly evolving market.
Key Market Players
The Human Capital Management Market is dominated by a
few large companies, such as
·
Microsoft Corporation
·
Cornerstone OnDemand, Inc.
·
SAP SE
·
Automatic Data Processing
·
Oracle Corporation
·
Paycom Software, Inc.
·
UKG Inc.
·
Cegid
·
Ceridian HCM, Inc.
·
Infor, Inc.
·
Ramco Systems Ltd.
· Workday, Inc.
· Other
1.
Global
Human Capital Management Market Introduction and Market Overview
1.1. Objectives of the Study
1.2. Global Human Capital Management
Market Scope and Market Estimation
1.2.1. Global Human Capital Management Overall
Market Size (US$ Bn), Market CAGR (%), Market forecast (2024 - 2034)
1.2.2. Global Human Capital Management
Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034
1.3. Market Segmentation
1.3.1. Component of Global Human
Capital Management Market
1.3.2. Deployment Model of Global Human
Capital Management Market
1.3.3. Organization Size of Global Human
Capital Management Market
1.3.4. Vertical of Global Human Capital
Management Market
1.3.5. Region of Global Human Capital
Management Market
2.
Executive Summary
2.1. Demand Side Trends
2.2. Key Market Trends
2.3. Market Demand (US$ Bn) Analysis
2019 – 2023 and Forecast, 2024 – 2034
2.4. Demand and Opportunity
Assessment
2.5. Market Dynamics
2.5.1. Drivers
2.5.2. Limitations
2.5.3. Opportunities
2.5.4. Impact Analysis of Drivers and
Restraints
2.6. Key Developments
2.7. Porter’s Five Forces Analysis
2.7.1. Bargaining Power of Suppliers
2.7.2. Bargaining Power of Buyers
2.7.3. Threat of Substitutes
2.7.4. Threat of New Entrants
2.7.5. Competitive Rivalry
2.8. PEST Analysis
2.8.1. Political Factors
2.8.2. Economic Factors
2.8.3. Social Factors
2.8.4. Legal Factors
2.9. Key Regulation
3.
Global Human Capital Management
Market Estimates & Historical Trend
Analysis (2019 - 2023)
4.
Global Human Capital Management
Market Estimates & Forecast Trend
Analysis, by Component
4.1. Global Human Capital Management
Market Revenue (US$ Bn) Estimates and Forecasts, Component, 2019 - 2034
4.1.1. Software
4.1.2. Services
5.
Global Human Capital Management
Market Estimates & Forecast Trend
Analysis, by Deployment Model
5.1. Global Human Capital Management
Market Revenue (US$ Bn) Estimates and Forecasts, Deployment Model, 2019 - 2034
5.1.1. On-Premises
5.1.2. On-Cloud
6.
Global Human Capital Management
Market Estimates & Forecast Trend
Analysis, by Organization Size
6.1. Global Human Capital Management
Market Revenue (US$ Bn) Estimates and Forecasts, Organization Size, 2019 - 2034
6.1.1. SME’s
6.1.2. Large Enterprises
7.
Global Human Capital Management
Market Estimates & Forecast Trend
Analysis, by Vertical
7.1. Global Human Capital Management
Market Revenue (US$ Bn) Estimates and Forecasts, Vertical, 2019 - 2034
7.1.1. Healthcare and Life Sciences
7.1.2. Government
7.1.3. BFSI
7.1.4. Manufacturing
8.
Global Human Capital Management
Market Estimates & Forecast Trend
Analysis, by Region
8.1. Global Human Capital Management
Market Revenue (US$ Bn) Estimates and Forecasts, by Region, 2019 - 2034
8.1.1. North America
8.1.2. Eastern Europe
8.1.3. Western Europe
8.1.4. Asia Pacific
8.1.5. Middle East & Africa
8.1.6. Latin America
9.
North
America Human Capital Management Market: Estimates & Forecast Trend Analysis
9.1.
North
America Human Capital Management Market Assessments & Key Findings
9.1.1. North America Human Capital
Management Market Introduction
9.1.2. North America Human Capital
Management Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
9.1.2.1. By Component
9.1.2.2. By Deployment Model
9.1.2.3. By Organization
Size
9.1.2.4. By Vertical
9.1.2.5. By Country
9.1.2.5.1. The U.S.
9.1.2.5.2. Canada
9.1.2.5.3. Mexico
10. Western Europe Human
Capital Management Market: Estimates
& Forecast Trend Analysis
10.1. Western Europe Human Capital
Management Market Assessments & Key Findings
10.1.1. Western Europe Human Capital
Management Market Introduction
10.1.2. Western Europe Human Capital
Management Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
10.1.2.1. By Component
10.1.2.2. By Deployment Model
10.1.2.3. By Organization
Size
10.1.2.4. By Vertical
10.1.2.5. By Country
10.1.2.5.1.
Germany
10.1.2.5.2.
Italy
10.1.2.5.3.
U.K.
10.1.2.5.4.
France
10.1.2.5.5.
Spain
10.1.2.5.6.
Benelux
10.1.2.5.7.
Nordics
10.1.2.5.8. Rest
of W. Europe
11. Eastern Europe Human
Capital Management Market: Estimates
& Forecast Trend Analysis
11.1. Eastern Europe Human Capital
Management Market Assessments & Key Findings
11.1.1. Eastern Europe Human Capital
Management Market Introduction
11.1.2. Eastern Europe Human Capital
Management Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
11.1.2.1. By Component
11.1.2.2. By Deployment Model
11.1.2.3. By Organization
Size
11.1.2.4. By Vertical
11.1.2.5. By Country
11.1.2.5.1.
Russia
11.1.2.5.2.
Hungary
11.1.2.5.3.
Poland
11.1.2.5.4.
Balkan & Baltics
11.1.2.5.5. Rest of E. Europe
12. Asia Pacific Human
Capital Management Market: Estimates
& Forecast Trend Analysis
12.1. Asia Pacific Market Assessments
& Key Findings
12.1.1. Asia Pacific Human Capital
Management Market Introduction
12.1.2. Asia Pacific Human Capital
Management Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
12.1.2.1. By Component
12.1.2.2. By Deployment Model
12.1.2.3. By Organization
Size
12.1.2.4. By Vertical
12.1.2.5. By Country
12.1.2.5.1. China
12.1.2.5.2. Japan
12.1.2.5.3. India
12.1.2.5.4. Australia & New Zealand
12.1.2.5.5. South Korea
12.1.2.5.6. ASEAN
12.1.2.5.7. Rest of Asia Pacific
13. Middle East & Africa Human
Capital Management Market: Estimates
& Forecast Trend Analysis
13.1. Middle East & Africa Market
Assessments & Key Findings
13.1.1. Middle
East & Africa Human
Capital Management Market Introduction
13.1.2. Middle
East & Africa Human
Capital Management Market Size Estimates and Forecast (US$ Billion) (2019 -
2034)
13.1.2.1. By Component
13.1.2.2. By Deployment Model
13.1.2.3. By Organization
Size
13.1.2.4. By Vertical
13.1.2.5. By Country
13.1.2.5.1. UAE
13.1.2.5.2. Saudi
Arabia
13.1.2.5.3. Turkey
13.1.2.5.4. South
Africa
13.1.2.5.5. Rest of
MEA
14. Latin America
Human Capital Management Market:
Estimates & Forecast Trend Analysis
14.1. Latin America Market Assessments
& Key Findings
14.1.1. Latin America Human Capital
Management Market Introduction
14.1.2. Latin America Human Capital
Management Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
14.1.2.1. By Component
14.1.2.2. By Deployment Model
14.1.2.3. By Organization Size
14.1.2.4. By Vertical
14.1.2.5. By Country
14.1.2.5.1. Brazil
14.1.2.5.2. Argentina
14.1.2.5.3. Colombia
14.1.2.5.4. Rest of
LATAM
15. Country Wise Market:
Introduction
16. Competition Landscape
16.1. Global Human Capital Management
Market Product Mapping
16.2. Global Human Capital Management Market
Concentration Analysis, by Leading Players / Innovators / Emerging Players /
New Entrants
16.3. Global Human Capital Management
Market Tier Structure Analysis
16.4. Global Human Capital Management
Market Concentration & Company Market Shares (%) Analysis, 2023
17. Company Profiles
17.1.
Microsoft Corporation.
17.1.1. Company Overview & Key Stats
17.1.2. Financial Performance & KPIs
17.1.3. Product Portfolio
17.1.4. SWOT Analysis
17.1.5. Business Strategy & Recent
Developments
* Similar details would be provided
for all the players mentioned below
17.2. Cornerstone
OnDemand, Inc.
17.3. SAP SE
17.4. Automatic Data
Processing
17.5. Oracle
Corporation
17.6. Paycom
Software, Inc.
17.7. UKG Inc.
17.8. Cegid
17.9. Ceridian HCM,
Inc.
17.10. Infor, Inc.
17.11. Ramco Systems
Ltd.
17.12. Workday, Inc..
17.13. Others
18. Research
Methodology
18.1. External Transportations /
Databases
18.2. Internal Proprietary Database
18.3. Primary Research
18.4. Secondary Research
18.5. Assumptions
18.6. Limitations
18.7. Report FAQs
19. Research Findings & Conclusion
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Frequently Asked Questions
What is the market size of Human Capital Management Market in 2024?
Human Capital Management Market was valued at USD 28.57 Billion in 2024.
What is the growth rate for the Human Capital Management Market?
Human Capital Management Market size will increase at approximate CAGR of 9.4% during the forecasted period.
Which are the top companies operating within the market?
Major companies operating within the Human Capital Management Market Are Microsoft Corporation, Cornerstone OnDemand, Inc., SAP SE , Automatic Data Processing , Oracle Corporation , Paycom Software, Inc. , UKG Inc. , Cegid , Ceridian HCM, Inc. , Infor, Inc. , Ramco Systems Ltd., Workday, Inc. and Others.
Which region dominates the Human Capital Management Market?
North America dominates the market with an active share of 46%.
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