Human Capital Management Market Trends, Analysis, Growth & Forecast To 2032

Human Capital Management Market Overview:

The global human capital management market size is projected to reach a value of USD 28.65 billion by 2032, according to a new report by Market Research Future. This indicates a strong CAGR of 8.20% during the forecast period from 2023 to 2032. The driving force behind the growth of this market is the rising adoption of cloud-based solutions, increasing automation of human resource processes, and the need for efficient management of employee data and records.

Key Companies:

The key companies operating in the global human capital management market are,

• IBM Corporation
• SAP SE
• Oracle Corporation
• Ultimate Software
• Kronos Incorporated
• Workday, Inc.
• Cornerstone OnDemand
• Ceridian HCM Inc.

These companies are offering innovative solutions and services to gain a competitive advantage in the market.

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Industry Latest News:

The global human capital management market has been witnessing several strategic collaborations and partnerships among the leading players. For instance, in May 2020, Oracle Corporation entered into a strategic partnership with Deloitte to offer Oracle Cloud Human Capital Management (HCM) solutions to organizations. Similarly, in April 2020, Ultimate Software announced that it had acquired PeopleDoc, a provider of cloud-based HR services, to expand its human capital management solutions.

Market Opportunities:

The increasing demand for cloud-based solutions is expected to create a number of opportunities for the growth of the human capital management market. The rising need for workforce analytics is also expected to drive the growth of the market. Moreover, the rise in the number of mergers and acquisitions among market players is likely to propel the growth of the market during the forecast period.

Market Segmentation:

The global human capital management market is segmented on the basis of component, deployment type, organization size, end-user, and region. By component, the market is divided into software and services. The services segment is further bifurcated into implementation and consultation services, training and support services, and others. By deployment type, the market is categorized into cloud and on-premise. By organization size, the market is segregated into large enterprises and small and medium-sized enterprises. By end-user, the market is divided into BFSI, IT and telecommunication, healthcare, retail, manufacturing, and others.

Regional Insights:

Geographically, the global human capital management market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to dominate the market during the forecast period due to the presence of a large number of market players in the region. The increasing adoption of cloud-based solutions among the organizations is also expected to drive the growth of the market in the region. Europe is expected to be the second-largest market due to the increasing focus of the government on the development of the digital workplace. The market in Asia-Pacific is expected to register a significant growth due to the increasing demand for effective human resource management solutions.

Conclusion:

The global human capital management market is expected to witness a significant growth during the forecast period from 2019 to 2025. The increasing adoption of cloud-based solutions, rising automation of human resource processes, and the need for efficient management of employee data and records are some of the factors driving the growth of the market. The increasing demand for cloud-based solutions, rising need for workforce analytics, and increasing merger and acquisition activities are expected to create a number of opportunities for the growth of the market.

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