Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Human Capital Management Market size is expected to reach $36 billion by 2028, rising at a market growth of 7.6% CAGR during the forecast period.
The Software segment acquired the maximum revenue share in the Global Human Capital Management Market by Component in 2021, thereby, achieving a market value of $22.2 billion by 2028. Increasing software used to manage the complete employee lifecycle, as well as the growing requirement to comply with regulatory laws, are some of the key factors driving the software category. Ultimate Software's UltiPro solution, Infor Cloud-based software, Workday Inc.'s suite, and others make up the solution section. These tools give actionable and operational information to help companies make better business decisions.
The Cloud segment is showcasing a CAGR of 8% during (2022 - 2028). Cloud-based solutions have a considerable part of this market due to a variety of advantages such as faster and easier implementation, cost-effectiveness, and improved user experience. Enterprises can create effective employee engagement tools by leveraging social media integration and other APIs for learning, coaching, and recruiting tools that disrupt the market with cloud-based HCM solutions. HCM suppliers are offering cloud-based solutions while continuing to offer on-premise solutions, but with a lower focus on innovation than cloud-based solutions, anticipating the growth in cloud usage among organizations.
The Large Enterprises segment is leading the Global Human Capital Management Market by Organization Size in 2021, thereby, achieving a market value of $20.4 billion by 2028. Large enterprises have generally used HCM software. Due to major expenditures on modern technologies and the accessibility of ICT infrastructure, large firms have a significant market share. Furthermore, an increase in large-scale investment is projected to aid firms in improving their performance, developing a global perspective, and re-engineering a functional discipline.
The BFSI market dominated the Global Human Capital Management Market by Vertical in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $9.5 billion by 2028. The BFSI industry had the highest adoption of HCM software, outpacing other verticals in terms of growth. The vertical has mostly utilized HCM software to create a consolidated system to handle all employees' information, allowing for better collaboration and performance, particularly during the pandemic. Economic developments have a big impact on this vertical. Advanced technology, as well as a variety of software and services, can assist this sector in prioritizing its operations and effectively managing its staff. HR tools are also used by banks and financial institutions to manage payroll and compensation, automate routine HR procedures, and find and onboard the best employees. As a result, the BFSI vertical is a significant contributor to the HCM market's expansion.
North America is fastest growing region in the Global Human Capital Management Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $12.3 billion by 2028. The Europe market is estimated to witness a CAGR of 7.2% during (2022 - 2028). Additionally, The Asia Pacific market would ecperience a CAGR of 8.1% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Deployment Mode
By Organization size
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