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What are the recent trends in market size and growth for the human capital management software market?
The human capital management software market size has grown rapidly in recent years. It will grow from $25.67 billion in 2024 to $28.6 billion in 2025 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to regulatory compliance, shift to remote work, employee experience focus, data analytics, and strategic HR focus.
The human capital management software market size is expected to see rapid growth in the next few years. It will grow to $43.49 billion in 2029 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to employee well-being and mental health, skills-based talent management, workforce planning and agility, and hybrid work models. Major trends in the forecast period include AI-powered solutions, compliance and regulatory support, continuous learning and development, agile workforce planning, and skills-based talent management.
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Which major factors have contributed to the expansion of the human capital management software market?
The rising acceleration of remote work is expected to propel the growth of the human capital management software market going forward. Remote work practices refer to the strategies, methodologies, and guidelines employed by organizations and individuals to conduct work outside of a traditional office environment effectively. HCM software facilitates remote performance management by providing goal setting, performance evaluation, and feedback exchange tools. It also enables organizations to effectively manage remote workforces by offering tools for virtual collaboration, communication, and performance tracking. For instance, in June 2023, according to reports published by Forbes Media LLC, a US-based publication company, around 12.7% of full-time employees worked from home, while 28.2% used a hybrid model in the US, which is expected to reach 32.6 million by 2025. Therefore, the rising acceleration of remote work is driving the growth of the human capital management software market.
How is the human capital management software market segmented?
The human capital management software market covered in this report is segmented –
1) By Solution: Payroll Management, Talent Management, Workforce Management
2) By Deployment: On-Premise, Cloud
3) By Application: Small Business, Midsized Business, Large Business
4) By End-Use Industry: Banking, Financial Services, And Insurance (BFSI), Retail And E-Commerce, Manufacturing, Healthcare, Government And Public Sector, Professional Services, Other End-Use Industries
Subsegments:
1) By Payroll Management: Payroll Processing, Tax Management, Benefits Administration, Compliance Management
2) By Talent Management: Recruitment And Onboarding, Learning And Development, Performance Management, Employee Engagement And Retention, Succession Planning
3) By Workforce Management: Time And Attendance Tracking, Scheduling And Shift Management, Labor Analytics, Absence And Leave Management, Employee Self-Service
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Who are the top competitors in the human capital management software market?
Major companies operating in the human capital management software market are Accenture plc., International Business Machines Corporation, Oracle Corporation, SAP SE, Automatic Data Processing Inc. (ADP), Workday Inc., Paychex Inc., Ultimate Kronos Group Inc. (UKG), Sage Group plc, Paycom Software Inc., Ceridian HCM Inc., Unit4 NV, Cornerstone OnDemand Inc., Gusto Inc., Zenefits, SumTotal Systems, BambooHR, PeopleFluent Holdings Corporation, Ramco Systems, SmartRecruiters, Talentsoft, Namely, Saba Software
Which key trends are expected to influence the human capital management software market in the coming years?
Major companies operating in the human capital management software market focus on developing digital and intelligent human capital management solutions to enhance workforce management and drive organizational growth. A digital and intelligent human capital management solution refers to technology-driven platforms that use data analytics and AI to streamline HR processes, improve talent management, and support strategic workforce decisions. For instance, in August 2024, Neusoft, a China-based company that provides industry solutions and product engineering solutions, launched TalentBase, a cutting-edge digital and intelligent human capital management solution that embodies the company’s innovative approach to intelligent solutions in human capital management. It integrates the latest digital technologies, intelligent applications, and advanced talent management principles to support enterprises in achieving intelligent transformation and driving high-quality growth.
Which regional trends are influencing the human capital management software market, and which area dominates the industry?
North America was the largest region in the human capital management software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the human capital management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Human Capital Management Software Market Report 2025 Offer?
The human capital management software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Human Capital Management (HCM) software is a comprehensive suite of applications designed to streamline and automate human resources (HR) processes and functions within an organization. HCM software encompasses various modules that help manage core HR activities, talent acquisition, workforce management, performance management, learning and development, and employee engagement.
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