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The global human capital management market size reached US$ 20.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 34.3 Billion by 2027, exhibiting a growth rate (CAGR) of 8.47% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Human capital management (HCM) refers to a set of practices used for recruiting, managing, developing, optimizing, and increasing the value of employees within the company. It covers a wide range of core administrative and strategic practices and processes, such as payroll, training, compliance, onboarding, workforce planning, compensation planning, and performance management. It also comprises benefits administration, time and attendance, workflow management, reporting and analytics, employee service and self-service, and retirement services. Nowadays, organizations across the world are adopting HCM solutions that provide specific competencies to manage employees effectively and increase overall productivity.
Digitization of business processes represents one of the major factors encouraging enterprises to opt for HCM solutions. These solutions minimize manual efforts required for performing time-consuming tasks in the human resource (HR) department. Moreover, significant growth in the e-commerce sector is positively influencing the demand for HCM software to drive engagement and business value. The market is also influenced by the coronavirus disease (COVID-19) outbreak and the implementation of lockdown in numerous countries by governing agencies, which has propelled individuals to shift to online platforms for ordering essential items and adhering to social distancing measures. Apart from this, leading companies are offering HCM technologies in the cloud using a software-as-a-service (SaaS) delivery model. This approach accelerates deployment, turns variable capital expenses into fixed and transparent operating expenses, lowers infrastructure costs, and drives agility by speeding and simplifying upgrade paths. In addition, the increasing focus on an agile workplace that can drive staff coordination and quickly find thousands of suitable resumes and data points is driving the demand for HCM solutions around the globe.
IMARC Group provides an analysis of the key trends in each sub-segment of the global human capital management market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, deployment type and industry verticals.
Breakup by Component:
Breakup by Deployment Type:
Breakup by Industry Verticals:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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. and Workday Inc.
|Base Year of the Analysis||2021|
|Segment Coverage||Component, Deployment Type, Industry Verticals, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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. and Workday Inc.|
|Customization Scope||10% Free Customization|
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|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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