The organizations are concentrating more on enhancing employee efficiency and engagement by advancing the employee experience platforms. Since organizations find it difficult to recruit appropriate candidates due to a large number of job applicants, they are adopting HCM solutions to organize employee recruitment and ensure apposite internal communications. HRM solutions enable managing employee leave requests and timesheets, employee onboarding, performance management, and more. Considering the above factors it is expected that the market size for global human capital management is anticipated to reach USD 18 billion by 2025.
Increasing adoptions of machine learning, data analytics, artificial intelligence, and the internet of things, is anticipated to boost the HCM industry growth. Various HRM solution providers are offering innovative solutions that combine advanced technologies into human resource systems for enhanced organizational performance. The industry participants have also developed solutions/software that can be assimilated with mobile applications, thus enabling employees as well as employers to access information through their devices.
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.
The report also focusses on different aspects of the global human capital management by assessing the industry using value chain analysis. The report includes various qualitative aspects of the human capital management industry in market drivers, market restraints & key industry trends. Moreover, the report provides an in-depth evaluation of the market competition with company profiles of global as well as local vendors.
The global human capital management market has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
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 solutions, owing to an outsized presence of an 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.
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.
Segment Overview of Global Human Capital Management Market
Solution Overview, 2018-2025 (USD Billion)
- Core HR
- Talent Management
- Workforce Management
- Payroll & Compensation
Services Overview, 2018-2025 (USD Billion)
- Integration & Implementation
- Support & Maintenance
Application Overview, 2018-2025 (USD Billion)
- IT & Telecom
- Transportation & Logistics
- Travel & Hospitality
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America