Global Human Capital Management (HCM) Market Report and Forecast 2024-2032

Global Human Capital Management (HCM) Market Outlook

The global human capital management (HCM) market is expected to grow at a CAGR of 8% in the forecast period of 2024-2032.

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North America to be Among the Leading Markets for the Human Capital Management (HCM) Industry

North America has been among the leading regions for the global human capital management (HCM) industry in the historical period, and the region is likely to witness robust growth during the forecast period as well. The increase in the number of job-seekers due to globalisation and urbanisation, the wider penetration of social media into recruitment processes, and the growing need for cost optimization would have a major effect on human resource management solutions for the region's market. A significant portion of the global demand growth will come from North America during the forecast period.

Asia Pacific to Witness Rapid Growth in the Forecast Period

Asia Pacific is projected to witness fast growth in the future due to the presence of developing economies like China and India. The development can also be attributed to growing government policies to promote the digitization of business processes and the adoption of cloud-based systems. The regional population is rapidly shifting from the agricultural or manufacturing sector to the service sector due to better pay, that is further driving regional demand growth.

Human Capital Management (HCM): Market Segmentation

Human capital management is a series of human resource management strategies that concentrate on the organisational need to deliver competencies. These activities are applied in three major categories, such as the procurement of labour force, human resource management and optimization of labour force. Human capital management is a staffing strategy that considers people as human capital assets. The present value of human capital can be calculated in the management of human capital and its potential value can be increased by investment.

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Based on offering, the market can be divided into the following:

• Software
• Services

On the basis of deployment, the industry can be divided into:

• Cloud Based
• On-Premises

The enterprise size of the market can be divided as follows:

• SMEs
• Large Enterprises

It finds end-use in the following sectors:

• IT and Telecommunication
• BFSI
• Government
• Retail
• Healthcare
• Education
• Manufacturing
• Others

The regional markets for Human Capital Management (HCM) can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Technological Advancements Bolstering the Market Growth of Human Capital Management (HCM)

The growth of the market is primarily being driven by the rapid technological advancements. The rising demand for automated recruitment processes is a key factor in driving the growth of the global market for HCM solutions. Advances such as the convergence of AI and machine learning technology have made HCM solutions capable of automating recruitment processes. Automated HCM systems help to dramatically reduce the total time, effort and expense associated with the recruitment process. The growing demand for effective management of core HR functions, such as recruiting, employee training, scheduling, payroll, internal relations, benefits management and protection, and enforcement, is increasing the demand for HR functional software solutions.

Key Industry Players in the Global Human Capital Management (HCM) Market

The report gives a detailed analysis of the following key players in the global human capital management (HCM) market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Oracle Corporation
• SAP SE
• ADP, Inc.
• Ceridian HCM, Inc.
• Infor
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report