The global human capital management market is expected to grow from USD 17.0 billion in 2020 to USD 27.3 billion by 2027, at a CAGR of 7.0% from 2021 to 2027. Human capital management (HMC) is the set of practices used by an organization to recruit, manage, develop and optimize employees to increase their performance and skills for the company. HCM software manages various processes and functions required for effective workforce management, time management, and saving costs. HCM software is sometimes referred to as Human Resources Information System (HRIS) and Human resources management system (HRMS). HCM software eases the process of human resource management and increases operation efficacy by analyzing data, saving time, reducing lengthy processes. Such factors will pave the way for the growth of the human capital management market across the globe during the forecasting period.
Digitalization, AI–introduction in HCM, analytics, and other technologies and software will accelerate the growth of the HCM market in upcoming years. Legal and security concerns and corporate data theft are major restraining factors that may hamper the market’s growth.
Global Human Capital Management Market Dynamics
Drivers: Rise HCM adoption in various verticals to streamline HR operations
Several verticals such as financial services, banking and insurance (BFSI), healthcare, telecommunications and IT, manufacturing, retail, media and entertainment, and others rapidly adopt cloud–based HCM software. The software provides secure access to various administrative tasks through a human resources employee login portal. Such factors will fuel the growth of the market in the upcoming years. This allows employees to access their data via their mobile or desktop from virtually anywhere. The software enables companies to attract and retain talents by providing professional learning and growth opportunities, optimizing workforce management and spending, streamlining HR operations, and more. This will drive the market growth of the human capital management solutions over the forecasting period.
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Restraints: Cyber security and privacy concerns
The cloud–based HR automation platforms have led to concerns about data privacy and security. The inability of market players to provide robust cloud security solutions is likely to restrict the market growth. However, with the cloud, the data is stored with a third–party cloud service provider. This increases the possibility of losing sensitive data and security risks. Security risks such as identity theft (Espionage), salary data theft, violation of regulatory rules, denial of service attack (DDoS) on the HR system is likely to restrain the market growth. Nonetheless, to mitigate the probability of security risks, organizations deploy multi–factor authentication (MFA) and remote wipe technology to protect human resource data, increasing the cost and affecting the company’s profitability. Such factors will hamper the growth of the human capital management market globally.
Opportunities: Digitalization HCM and rising adoption of cloud–based HCM solutions
The growing adoption of cloud–based business models and talent mobility is a factor that is anticipated to encourage the growth of the human capital management market globally during the forecasting period. Workforce management solution enables companies to build a strengthened leadership pool by improving employee engagement and retention. The growing attention towards talent mobility is forecasted to elevate the demand for human capital management solutions among various verticals. Cloud–based business models integrated with HCM services are expected to demonstrate rising demand from end–users across the globe. For instance, Ceridian HCM Holding Inc., global human capital management (HCM) technology providing company, announced that Seagrass Boutique Hospitality Group has employed, Dayforce, Ceridian’s flagship HCM cloud–based software platform, to pay, manage and engage its workforce. Dayforce will assist Seagrass in transforming its employees’ experience and interaction process and enabling enhanced decision–making at all levels. The software enables the company to develop an in–depth talent pool to enhance market strength and growth of the company, creating an employee experience for improved operations. This will contribute to the growth of the human capital management market globally in the upcoming years.
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Scope of the Report
The study categorizes the digital therapeutics market–based component, deployment model, organization size, end–use industries at the regional and global levels.
By Component (Revenue, USD Billion, 2017–2027)
- Core HR
- Applicant Tracking System
- HR Analytics, Workforce Management
- Integration and Implementation
- Training and Education,
- Support and Maintenance
By Deployment Model (Revenue, USD Billion, 2017–2027)
By Organization Size (Revenue, USD Billion, 2017–2027)
- Large Enterprise
By End–use Industries (Revenue, USD Billion, 2017–2027)
- Banking Financial Services and Insurance (BFSI)
- Telecom and IT
- Consumer Goods and Retail
- Healthcare and Life Sciences
- Energy and Utilities
- Transportation and Logistics
By Region (Revenue, USD Billion, 2017–2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The component type segment of the human capital management market is projected to account for the largest share in the global market
Based on the component, the human capital management market is segmented into software and services. The software component is estimated to hold a larger market size during the forecast period over services due to the increasing adoption of software to manage the entire employee lifecycle, talent acquisition, performance management, compliance, and fraud detection, and the growing need to comply with government regulations, are some of the critical factors responsible for the growth of the software segment, during the forecast period.
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Asia–Pacific accounts for the highest CAGR during the forecast period in the human capital management market
Based on the regions, the global human capital management market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Four main countries, namely, China, India, Japan, and the Rest of Asia–Pacific, are analyzed. Asia–Pacific is estimated for the highest CAGR during the forecasting period in the human capital management market. Owing to the rising adoption of technologies by companies to improve operations and gain a competitive advantage. To achieve that, companies aim to enhance their workforce by upgrading employee skills, conducting seminars, rewards and benefits, and individual development monitoring processes, using technologies such as HCM, which will accelerate the growth of the human capital management system in this region during the forecasting period. Followed by the rest of the world will elevate the human capital management market in the upcoming years.
Key Market Players
The human capital management market is mildly concentrated, with few global players operating in the market, such as Workday, Oracle, ADP, SAP, Microsoft, IBM, Ultimate Software, Ceridian, SumTotal, Kronos, Infor, Talentsoft, EmployWise, and others. These players have been adopting various winning strategies to gain higher shares or retain leading positions globally.
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