Human Capital Management Market Size Worth USD 32.84 Billion in 2028 -

(Newswire.net — October 3, 2022) —

According to the most recent Emergen Research analysis, the global Human Capital Management (HCM) market reached USD 18.04 billion in 2020 and is expected to grow at a 7.9% CAGR during the forecast period. One of the most important aspects influencing the adoption of HCM software and services globally is the integration of new technologies like artificial intelligence (AI) and machine learning (ML) with HCM software. HCM vendors could have plenty of chances as a result of factors including small and medium businesses’ increasing use of the cloud to manage field and office staff.

Since business operations are becoming more complex daily as a result of the adoption of cutting-edge technologies and innovations, the majority of companies across all industries are experiencing a shortage of highly trained workers. As a result, HR managers around the world have trouble finding the right people for the right jobs. HCM suites can assist HR managers in discovering skilled workers by utilising Artificial Intelligence (AI) and Machine Learning (ML) technology. Automation of the hiring process and the addition of more filters that aid in selecting the perfect candidate are both possible with AI and ML.

The deployment technique that uses the cloud has become very popular. The global cloud IP traffic is anticipated to increase between 2015 and 2020 at a CAGR of 30%, according to the Cisco Global Cloud Index Forecast. Benefits of the cloud-based deployment approach include its profitability, ease of use and rapid deployment, and more agile management and operation of software. The cloud platform offers a single consolidated platform that meets the needs of geographically separated business divisions. Organizations are switching from on-premises HCM software to HCM software in the cloud in order to take advantage of the advantages of this technology. HCM suppliers are concentrating on providing SaaS-based software that helps reduce costs and achieve higher ROI in light of the demand for cloud software.

The majority of businesses across verticals are facing a shortage of highly skilled labour as business operations become more complex as new technologies and innovations are adopted. As a result, HR managers around the world are having difficulty finding the right people for the right jobs. HCM suites can assist HR managers in finding skilled workers by utilising Artificial Intelligence (AI) and Machine Learning (ML) technologies. AI and machine learning can help to automate the recruitment process and provide more filters to help find the right person.

Competitive Landscape:

Microsoft Corporation, Workday, Inc., Automatic Data Processing, Inc., Ceridian HCM, Inc., Oracle Corporation, Cornerstone OnDemand, Inc., Ultimate Software Group, Inc., International Business Machines Corporation, SumTotal Systems, Inc., and Kronos Incorporated.

Some Key Highlights from the Report

Service segment is expected to expand at a substantially rapid revenue CAGR during the forecast period due to rising need for implementation and maintenance services as a result of increasing deployment of HCM solutions.
Cloud segment is expected to register a significantly robust revenue growth rate over the forecast period as organizations are shifting rapidly towards cloud-based deployment models to manage large data efficiently and remotely.
North America is expected to register a larger revenue growth rate in the Human Capital Management (HCM) market over the forecast period among other regional markets due to robust presence of international and domestic HCM solution providers such as Microsoft Corporation, Workday, Inc., Automatic Data Processing, Inc., Ceridian HCM, Inc., and Oracle Corporation, among others.

Emergen Research has segmented global Human Capital Management (HCM) on the basis of offering, deployment, organization size, end-use, and region:

Offering Outlook (Revenue, USD Billion; 2018–2028)