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Why Has the Human Capital Management Market Been Expanding at an Exponential Rate?
Over the years, the human capital management market has witnessed robust growth, escalating from $21.81 billion in 2023 to an estimated $24.01 billion in 2024, an impressive compound annual growth rate CAGR of 10.1%. Notable factors contributing to this surge include the advent of cloud-based HR management software, a significant upturn in the e-commerce sector, and rapid globalization.
How Will the Evolution of the Human Capital Management Market Unfold in the Coming Years?
Projections indicate a promising future for the human capital management market, which is set to soar to an incredible $35.39 billion by 2028, maintaining a robust CAGR of 10.2%. The forecast period’s growth can be credited to the increased adoption of cloud-based approaches, a rise in urbanization, and an influx of investments. Major trends expected to shape this period encompass AI-featured talent acquisition, cutting-edge technological advancements, novel product innovations, video recruiting, the introduction of Learning Experience Platforms LEPs, and platforms that enhance employee productivity.
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What is the Primary Driving Force Behind the Human Capital Management Market’s Rapid Expansion?
One of the key propellers of the human capital management market growth is the integration of robotic process automation RPA. This refers to the application of software robots for automating repetitive tasks, bringing time efficiency, increased focus on personnel development, retention, and policy implementation. RPA aids human capital management in automating various routine chores such as compensation management, payroll management, onboarding of new individuals, and compliance reporting. To illustrate its prevalence, according to Computer Economics, a US-based IT research firm, approximately 20% of organizations will have adopted RPA by 2021, marking a 13% advancement from 2020.
Which Major Companies Play a Crucial Role in the Human Capital Management Market?
Pivotal industry players operating in the human capital management market include Automatic Data Processing ADP Inc, Oracle Corporation, SAP SE, Paycom Software Inc, Ceridian HCM Holding Inc, Microsoft Corporation, Ultimate Kronos Group, Workday Inc, and IBM Corporation, among others. These companies have been instrumental in shaping the industry landscape through innovative offerings and breakthroughs.
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What are the Contemporary Trends Making Waves in the Human Capital Management Market?
Major companies operating in the human capital management sector are relentlessly focusing on the development of new technologies and automated solutions to simplify work. In a recent notable advancement, Ramco Systems, an India-based software company, in June 2021, launched Self Explaining Payslip – a smart and AI-based service enabling employees to seek clarifications for their payslip components, payroll queries, and compensations.
What are the Key Segments Within the Human Capital Management Market?
The human capital management market includes the following segments:
1 By Component: Software, Services
2 By Deployment Model: On-Premises, Cloud
3 By Organization Site: Small And Medium-sized Enterprises, Large Enterprises
4 By Vertical: Banking, Financial Services, And Insurance, Government, Manufacturing, Telecom And IT, Consumer Goods And Retail, Healthcare And Life Sciences, Energy And Utilities, Transportation And Logistics, Other Verticals
Where Does the Human Capital Management Market Stand Across Geographies?
Among the regions, North America reigned supreme in the human capital management market in 2023, with Asia-Pacific anticipated to be the fastest-growing region in the coming forecast period. The report covers rich regional information encompassing Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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