Human Capital Management Software Market
Overview and Scope
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.
Sizing and Forecast
The human capital management software market size has grown rapidly in recent years. It will grow from $23.12 billion in 2023 to $25.67 billion in 2024 at a compound annual growth rate (CAGR) of 11%. 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 $39.2 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. 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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Segmentation & Regional Insights
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
North America was the largest region in the human capital management software market in 2023. 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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The human capital management software market report table of contents includes:
1. Executive Summary
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