The Latin America, Middle East and Africa Human Capital Management Market would witness market growth of 10.3% CAGR during the forecast period (2022-2028).
In the coming years, rising demand for artificial intelligence and machine learning in numerous HCM suites, increasing need to reduce HR-related costs, and the predominance of advanced solutions in the form of data processing and management would augment the demand for HCM solutions. In addition, there is a rising usage of HCM for sourcing & recruiting, applicant tracking, time & attendance management, payroll & compensation, and others are expected to accelerate the growth of the human capital management (HCM) market. On the other hand, the widespread use of cloud-based software solutions, as well as the adoption of digital HR technology, will provide further opportunities for the human capital management (HCM) market to develop over the forecast period.
Business strategies are evolving, employment positions are being eliminated, and new job opportunities are being created as a result of new technology. However, as old hierarchical structures change, so does the workforce, which is becoming flattered, more flexible networks of teams, as well as more mobile, global, and diverse. HCM is changing at a rapid pace as well. Expect to see faster adoption of both well-known technologies like SaaS and mobile, as well as cutting-edge technologies like machine learning and artificial intelligence.
The Middle East, Africa, and North Africa had a significantly high literacy rate in 2018, according to the World Bank's collection of development indicators. There has been significant growth in potential job prospects, which are estimated to increase the use of advanced HR solutions in the region. To establish a more prosperous world, all Africans must have the opportunity to grow physically and intellectually.
Human capital investment, such as education and health care, is increasingly viewed as a vital aspect in enabling countries' progress and prosperity. They are incredibly cost-effective and assist in better coping with rapid change, such as the technological transition. It is increasingly seen as the primary driver of the region's economic development. Other changes are occurring, such as in the financial sector, where a revolution is currently underway. When combined with the increasing investment in the manufacturing and service sectors in the Middle East, this region is expected to become a major hub of service and manufacturing.
The Brazil market dominated the LAMEA Human Capital Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $734.7 million by 2028. The Argentina market is estimated to grow at a CAGR of 10.9% during (2022 - 2028). Additionally, The UAE market would witness a CAGR of 10% during (2022 - 2028).
Based on Component, the market is segmented into Software and Services. Based on Software Type, the market is segmented into Core HR, HR Analytics, Workforce Management, and Applicant Tracking System. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on Organization size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). Based on Vertical, the market is segmented into BFSI, Manufacturing, Government, Telecom & IT, Consumer Goods & Retail, Healthcare & Life Sciences, Energy & Utilities, Transportation & Logistics, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Human Capital Management Market is Predict to reach $36 Billion by 2028, at a CAGR of 6.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ADP, Inc., Cornerstone OnDemand, Inc. (Clearlake Capital Group), Epicor Software Corporation, IBM Corporation, Infor, Inc., Workday, Inc., Oracle Corporation, SAP SE, Sumtotal Systems, LLC (Skillsoft), and UKG, Inc.
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