$33.48 Billion Worldwide Human Capital Management Industry to 2031 - Integration of Robotic Process Automation (RPA) is Expected to Propel Growth
Global Human Capital Management Market
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This report provides strategists, marketers and senior management with the critical information they need to assess the global human capital management market.
The global human capital management market is expected to grow from $ 21.55 billion in 2021 to $ 23.82 billion in 2022 at a compound annual growth rate (CAGR) of 10.5%.The human capital management market is expected to grow to $ 33.48 billion in 2026 at a CAGR of 8.9%.
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Major players in the human capital management market are Workday Inc, Oracle Corporation, Automatic Data Processing Inc., SAP SE, International Business Machines Corporation, Ultimate Software, Ceridian HCM, SumTotal Systems Inc., Kronos Incorporated, Infor, Cegid Group, Cornerstone OnDemand, Bamboo HR, Epicor Software Corporation, Sumtotal Systems LLC, NetSuite Inc., Microsoft Corporation, EmployWise, PeopleStrategy, Meta4, and Ramco Systems.
The human capital management market consists of sales of human capital management software and related services by entities (manufacturers, sole traders, and partnerships) that are used for strategic planning and operations of human resources departments, including recruiting, payroll, compensation, training, and performance management. 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.
The main types of human capital management components are software and services. The different deployment models include on-premises and the cloud. The software segment is an integrated suite of technologies that helps businesses manage their employees, from recruitment to retirement.
This software helps the HR team manage various activities in the department, such as personnel information, payroll, and benefits administration, HR service delivery functions, and so on. The various organization sites are small and medium-sized enterprises and large enterprises that are employed in banking, financial services, and insurance (BFSI), government, manufacturing, telecom and IT, consumer goods and retail, healthcare and life sciences, energy and utilities, transportation and logistics, and other verticals.
North America was the largest region in the human capital management market in 2021. 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 and Africa.
Integration of robotic process automation (RPA) is expected to propel the growth of the human capital management market going forward. Robotic process automation refers to automation that uses software robots to automate various repetitive tasks. RPA has several advantages, including time efficiency, increased focus on personnel development, retention, and policy implementation. RPA helps human capital management in the process of automating repetitive tasks such as compensation management, payroll management, onboarding of new people, and compliance reporting.
For instance, according to Computer Economics, a US-based IT research firm, in 2021, 20% of organizations will have adopted robotic process automation, an increase of 13% from 2020. Therefore, the integration of robotic process automation is driving the growth of the human capital management market.
Technological advancement has emerged as the new trend gaining popularity in the human capital management market. Major companies operating in the human capital management sector are focused on developing new technologies and automated solutions for simplifying work. For instance, in June 2021, Ramco Systems, an India-based software company, launched Self Explaining Payslip, a smart and AI-based service that helps employees seek explanations for their pay slip components, payroll queries, and compensation.
The countries covered in the human capital management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
No. of Pages
2022 - 2026
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2026
Compound Annual Growth Rate
Key Topics Covered:
1. Executive Summary
2. Human Capital Management Market Characteristics
3. Human Capital Management Market Trends And Strategies
4. Human Capital Management Market - Macro Economic Scenario
4.1. COVID-19 Impact On Human Capital Management Market
4.2. Ukraine-Russia War Impact On Human Capital Management Market
4.3. Impact Of High Inflation On Human Capital Management Market
5. Human Capital Management Market Size And Growth
5.1. Global Human Capital Management Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Human Capital Management Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Human Capital Management Market Segmentation
6.1. Global Human Capital Management Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.2. Global Human Capital Management Market, Segmentation By Deployment Model, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.3. Global Human Capital Management Market, Segmentation By Organization Site, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Small And Medium-sized Enterprises
6.4. Global Human Capital Management Market, Segmentation By Vertical, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Banking, Financial Services, And Insurance
Telecom And IT
Consumer Goods And Retail
Healthcare And Life Sciences
Energy And Utilities
Transportation And Logistics
7. Human Capital Management Market Regional And Country Analysis
7.1. Global Human Capital Management Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Human Capital Management Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/hgcz57-capital?w=12
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