The global Human Capital Management market worth USD 56.15 billion by 2030, growing at a CAGR of 12.8 %
.jpg "The Global Human Capital Management Market 2020-2030 (USD Billion)")
The global human capital management (HCM) market size is anticipated to reach at USD 28 billion by 2025. Factors including growing cloud adoption among SMBs to proficiently manage office and field personnel is anticipated to drive the industry growth in the coming few years. Additionally, integration of evolving technologies such as machine learning (ML) and artificial intelligence (AI) with human capital management solutions has arisen as one of the key factors responsible for HCM services and solutions adoption across regions.
Today, the requirement for proper data management and processing has grown rapidly. HCM solutions denote to a distinguished set of practices related to the people resource management devoted to fulfilling the management requirements of the enterprises. It offers particular skills including the HCM software suite. For example, the Workday HCM software suite enables organizations to prioritize privacy and security so that it can ensure compliance such as GDPR mandates that are imposed in the European nations.
Human Capital Management Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 56.15 billion |
| Growth Rate | CAGR of 12.8 % during 2020-2030 |
| Segment Covered | Component, Service,By Solution, Deployment, Enterprise Size, By End Use, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Kronos Incorporated, Mercer LLC, Oracle, PwC, SAP SE, Cegid, UKG, Inc., Workday, Inc. |
Key Segment Of The Human Capital Management Market
Component (USD Billion)
• Software
• Service
Software, (USD Billion)
• Core HR
• Employee Collaboration & Engagement
• Recruiting
• Talent Management
• Workforce Planning & Analytics
• Others
Service, (USD Billion)
• Integration & Deployment
• Support & Maintenance
• Training & Consulting
Deployment, (USD Billion)
• Hosted
• On-premise
Enterprise Size, (USD Billion)
• Large Enterprise
• Small & Medium Enterprise (SME)
End-use, (USD Billion)
• Academia
• BFSI
• Government
• Healthcare
• IT & telecom
• Manufacturing
• Retail
• Others
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The market value of human capital management market in 2030 was USD 56.15 billion.
The major contenders in the global market are Kronos Incorporated, Mercer LLC, Oracle, PwC, SAP SE, Cegid, UKG, Inc., Workday, Inc
The base year for the report is 2023 in human capital management market.
Organizations throughout the globe are concentrating on building a digital workplace that ensures high efficiency, delivers mobility and flexibility, along with using modern communication systems. This transformation of business processes from traditional systems to digital HR is playing a crucial role in the centralization of human resource data across the streams of an enterprise, thus enabling for convenient data access. Various HR solution enablers provide their software on cloud, delivering easy access virtually through any system throughout the enterprise. Buyers prefer cloud-based solutions due to their decreased maintenance charges, flexibility in usage, and eradication of installation costs and time.
Solutions Segment
The global human capital management market contains core HR, workforce management, talent management, payroll & compensation, and others. The workforce management segment of the human capital management component has a maximum revenue share within the global human capital management market in 2019. However, the talent management segment is anticipated to grow at a considerable rate over the forecast period.
Services Segment
Based on the organization size segment, the market is segmented into integration & implementation, support & maintenance, and consulting. The market for implementation to possess the largest market share in 2019 since enterprises today are predominantly developing to match their user needs. However, the human capital management for consulting is expected to experience a significant CAGR from 2020 to 2025.
Application Segment
Based on the application, the market is segmented into BFSI, retail, manufacturing, IT & telecom, healthcare, transportation & logistics, travel & hospitality, and others. The market for the IT & telecom sector is anticipated to possess the largest market share in 2019 owing to the high demand for system automation and sourcing of candidates according to the organization structure and job profiles. However, the government sector is anticipated to grow at a substantial CAGR over the forecast period.
The global human capital management market is a wide range to North America, Europe, APAC, South America, and the Middle East & Africa. North America is considered a mature market in the human capital management applications, owing to an outsized presence of organization with the availability of technical expertise and advanced IT infrastructure. The US and Canada are the highest contributory countries to the expansion of the human capital management market in North America.
.png "North America Human Capital Management Market, 2018-2025 (USD Billion)")
The major players of the global human capital management market are Accenture, Automatic Data Processing (ADP), Ceridian HCM, IBM Corporation, Cezanne HR; Kronos, NetSuite, Mercer, Oracle Corporation, SAP; Ultimate Software, Talentsoft, and Workday. The human capital management market is fragmented with the existence of well-known global and domestic players across the globe.