Global Human Capital Management Market Size 2024, Forecast To 2033
11 Mar, 2024
The human capital management market has witnessed rapid expansion, escalating from $21.81 billion in 2023 to $24.01 billion in 2024 with a CAGR of 10.1% during the historic period. This growth can be attributed to the introduction of cloud-based HR management software, substantial growth in the e-commerce sector, and the rapid globalization of businesses. Projecting into the future, the market is poised for substantial growth, reaching $35.39 billion in 2028 at a CAGR of 10.2%. Factors influencing this growth include the increasing adoption of cloud-based approaches, rising urbanization, and heightened investments. Noteworthy trends in the forecast period encompass AI-featured talent acquisition, technological advancements, product innovations, video recruiting, the emergence of Learning Experience Platforms (LEPs), and platforms designed to enhance employee productivity.
Global Human Capital Management Market Key Driver
The integration of robotic process automation (RPA) is poised to fuel the growth of the human capital management market. Robotic process automation involves using software robots to automate repetitive tasks, bringing benefits such as time efficiency and enhanced focus on personnel development and policy implementation. RPA plays a significant role in automating tasks within human capital management, including compensation management, payroll processing, onboarding procedures, and compliance reporting. According to Computer Economics, a US-based IT research firm, the adoption of robotic process automation is projected to increase by 13% from 2020 to 2021, with 20% of organizations having implemented RPA by 2021. Thus, the integration of robotic process automation is a key factor propelling the growth of the human capital management market. The market size for human capital management is expected to align with this trend in 2023, and by 2024 and 2028, the ongoing integration of RPA is anticipated to contribute to the sustained growth of the market.
Get A Free Sample Of The Global Human Capital Management Market ReportGlobal Human Capital Management Market Segments
The human capital management market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Model: On-Premises, Cloud
3) By Organization Site: Small And Medium-sized Enterprises, Large Enterprises
4) By Vertical: Banking, Financial Services, And Insurance, Government, Manufacturing, Telecom And IT, Consumer Goods And Retail, Healthcare And Life Sciences, Energy And Utilities, Transportation And Logistics, Other Verticals
By Geography:The regions covered in the human capital management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the human capital management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the human capital management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Human Capital Management Industry Players
Automatic Data Processing (ADP) Inc, Oracle Corporation, SAP SE, Paycom Software Inc, Ceridian HCM Holding Inc, Microsoft Corporation, Ultimate Kronos Group, Workday Inc, IBM Corporation, Paylocity Corporation, CareerNet, Global InnovSource, IKYA Human Capital, Kelly Services, China International Intellectech Co., Ltd., Huisi Group, Horizons, Scaleup Consulting, Sapience Pro, HROne, Anhui Tiancheng Technology Co., Ltd, Arcoro GmbH, Platri IT GmbH, Gini Talent, INKUBIT Business Solutions GmbH, DevsData Tech Talent LLC, The Stakeholder Management Group, Prabisha Consulting, Ingold Solutions GmbH, Leinonen Group, ManpowerGroup, Brainpower, Unistaff Payroll Company, Unity Business Solutions, ABU Accounting Services, UCMS Group, Rufil Russia Consulting, Coleman Services, Paychex, Inc, People Hum, Volaris Group, Black Mountain HR, Talentor, Grant Thornton's, Infor, RSM, Maof Group, Capterra, Houlihan Lokey, Finesse, Ramco Systems, Azdan, Apploye, Nexus Busines Solution, Sage, Syspro, Monday.com, QuickBooks
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Human Capital Management Market Overview
Human capital management (HCM) refers to the process of hiring people, managing workforces effectively, and optimizing productivity. This helps to transform the traditional administrative functions of human resources and to hire the right people. Human capital management is used for strategic planning and operations of human resources departments, including recruiting, payroll, compensation, training, and performance management.
Human Capital Management Global Market Report 2023 provides data on the global human capital management market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The human capital management market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.