Human Capital Management Market Size, Report Analysis and Future Growth 2023-2028

ByKishan Kumar
Human Capital Management Market

According to the latest report by IMARC Group “Human Capital Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global human capital management market size reached US$ 22.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.0 Billion by 2028, exhibiting a growth rate (CAGR) of 8.35% during 2023-2028.

Human Capital Management (HCM) refers to the strategic approach of managing an organization’s workforce to optimize its productivity, efficiency, and overall performance. It involves a comprehensive set of practices and processes that focus on acquiring, developing, and retaining top talent while aligning their skills and capabilities with the company’s goals and objectives. HCM encompasses various aspects of human resources management, such as recruitment, training and development, performance management, compensation and benefits, and succession planning. Effective HCM recognizes that employees are not merely resources but valuable assets to the organization, akin to tangible capital. It emphasizes the importance of nurturing a positive work culture, promoting employee engagement, and encouraging continuous learning and skill enhancement. By leveraging data-driven insights and analytics, HCM enables organizations to make informed decisions regarding workforce planning, resource allocation, and talent utilization, thereby bolstering the company’s competitive advantage in the market. Human capital management extends beyond the traditional HR functions and seeks to integrate HR practices with broader business strategies. It fosters collaboration between departments, promotes knowledge sharing, and creates an environment where employees feel empowered to contribute their best efforts to the organization’s success. Adopting HCM principles enables companies to adapt swiftly to changing market demands, technology advancements, and economic shifts by ensuring they have the right people with the right skills in the right positions.

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Human Capital Management Market Trends and Drivers:

The modern workforce is becoming more diverse, mobile, and remote, with a growing number of contingent workers and freelancers. Organizations are recognizing the need to efficiently manage this dynamic workforce, leading to the adoption of HCM solutions that can handle various workforce types and engage employees effectively across different locations. Additionally, employee experience has emerged as a crucial factor in attracting and retaining top talent. HCM solutions play a pivotal role in enhancing the overall employee experience by streamlining processes, providing self-service options, and enabling personalized learning and development opportunities, leading to improved job satisfaction and productivity. Other than this, organizations worldwide are undergoing digital transformation to stay competitive and agile. HCM software, particularly cloud-based solutions, facilitates seamless integration with other business systems, enabling real-time access to data and analytics, thus empowering better decision-making and organizational agility. Besides this, HCM solutions offer advanced analytics capabilities that provide valuable insights into workforce performance, skill gaps, and succession planning. Data-driven decision-making has become a strategic imperative for businesses, allowing them to optimize talent acquisition and development processes, leading to increased productivity and cost-efficiency. Other than this, the evolving landscape of labor laws and regulations across the globe necessitates the adoption of HCM solutions to ensure compliance with changing labor standards, tax regulations, and data protection laws, reducing the risk of non-compliance penalties. In line with this, the COVID-19 pandemic accelerated the adoption of remote work, and many organizations are adopting hybrid work models. HCM solutions facilitate effective management of remote teams, ensuring collaboration, communication, and performance evaluation in distributed work environments.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Component:

  • Software
    • Core HR
    • Recruiting
    • Workforce Management
    • Compensation and Payroll
    • Others
  • Service
    • Managed Service
    • Professional 

Breakup by Deployment Type:

  • Cloud-based
  • On-premises

Breakup by Industry Verticals:

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

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Competitive Landscape with Key Player:

  • Automatic Data Processing Inc.
  • Ceridian HCM Inc.
  • Infor Inc. (Koch Industries Inc.)
  • International Business Machines Corporation
  • Microsoft Corporation
  • Oracle Corporation
  • PeopleFluent Inc. (Learning Technologies Group plc)
  • Ramco Systems Limited
  • SAP SE
  • SumTotal Systems LLC (Skillsoft Limited)
  • UKG Inc.
  • Workday Inc.

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