The Human Capital Management Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period, from USD 27.5 billion by 2024 to USD 41.3 billion by 2029. The adoption of HCM solutions is expected to be driven by the increasing need of organizations to enhance business efficiency, improve scalability and flexibility, and make informed decisions.
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Based on the Offering, the Services segment will grow at the highest CAGR during the forecast period.
In services, HCM intersects with several vital drivers, reshaping how organizations manage human resource interactions and support functions. HCM offers scalability and flexibility, allowing businesses to adjust HR according to demand and changing customer needs while ensuring cost efficiency through outsourcing. Service segments in HCM are pivotal for the effective deployment, ongoing support, and continuous enhancement of HCM software solutions. These services encompass three critical areas: Implementation and Support, Ongoing Customer Support, and Continuous Improvement & Enhancements. Service providers assist organizations in transitioning to new HCM software by offering tailored implementation plans aligned with existing processes and providing hands-on training during the implementation phase. Post-implementation, dedicated customer support ensures prompt assistance for any issues or queries, essential for maximizing the software’s utility.
Based on Vertical, the BFSI segments will gain the highest market size during the forecast period.
HCM aids BFSI in inefficient workforce management, compliance adherence, and talent retention strategies. With the industry’s complex regulatory environment and demand for skilled professionals, HCM solutions streamline HR processes, enhance employee engagement, and facilitate strategic workforce planning. Providers like Peoplestrong offer features such as bulk transactions, complete and final settlements (FnF) management, mobile transactions, and AI chatbots. Akrivia HCM provides a unified HCM platform explicitly designed for the BFSI industry, featuring bulk employee detail uploads, background verification, approval flow configurations, personalized training programs, continuous performance management, employee engagement tools, and comprehensive reports and analytics for strategic workforce planning and operational efficiency.
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Unique Features in the Human Capital Management Market
HCM systems provide end-to-end support for the whole employee lifecycle and include robust personnel management features including hiring, onboarding, performance management, learning and development, and succession planning.
Several HCM platforms offer an integrated and unified platform that unifies various HR operations and procedures into a single system, simplifying data administration, boosting productivity, and facilitating improved decision-making inside the company.
By providing individualised self-service portals, mobile applications, and communication tools that enable staff members to take control of their own data, access resources, and interact with managers and other staff members, HCM solutions put the needs of their workers first.
Informed decision-making and strategic planning are made possible by HCM solutions, which use analytics and data-driven insights to give HR professionals and business leaders actionable intelligence on workforce trends, performance metrics, employee engagement, and talent acquisition.
Workforce planning and optimisation are supported by HCM systems, which analyse skills, competences, and workforce demographics to identify talent gaps, optimise resource allocation, and match staffing numbers with corporate objectives.
Major Highlights of the Human Capital Management Market
In order to recruit, retain, and develop top personnel and promote organisational success, the HR market is enabling businesses to go through a strategic HR transformation by modernising HR procedures, implementing digital technology, and matching HR strategies with business goals.
With tools for tracking and managing employee data, hours worked, leave entitlements, and other legal obligations, HCM platforms assist businesses in ensuring compliance with labour laws, regulations, and industry standards while lowering the risk of noncompliance and associated penalties.
With the help of HCM solutions that include wellness programmes, feedback channels, recognition programmes, and teamwork tools that promote a happy workplace, boost morale, and increase employee satisfaction and retention, there is an increasing emphasis on the well-being and engagement of employees.
To support workforce planning and optimisation, human capital management (HCM) systems analyse skills, competences, and workforce demographics. This allows them to detect talent gaps, optimise resource allocation for increased efficiency and performance, and match staffing levels with company goals.
HR professionals can now concentrate on strategic objectives and value-added activities by using HCM systems that integrate artificial intelligence (AI) and automation capabilities to automate repetitive operations, expedite HR procedures, and increase decision-making accuracy.
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Top Companies in the Human Capital Management Market
Major vendors in this market are in North America, Europe, and the Asia Pacific region. Workday (US), UKG (US), Oracle (US), SAP (Germany), and Dayforce (US) are among the leading players operating in the HCM market. These players have adopted many growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, collaborations, mergers, acquisitions, and new product development activities to expand market presence.
Workday
Workday was founded in 2005, and its headquarters is in California, US. The company’s main areas of expertise include professional services automation, financial management, business planning, and HR analytics software and services. It provides software customized to the client’s needs and cloud-based human capital management. Integrating talent management, workforce planning, and HR into a system facilitates total workforce visibility. Customers of Workday come from a wide range of industry verticals, including manufacturing, media and entertainment, retail, technology, healthcare, higher education, energy and utilities, financial services, government, and the life sciences. The company employs over 12,200 people worldwide and serves over 700 clients.
Oracle
Founded in 1977, Oracle is headquartered in Texas, US. Oracle provides various Human Capital Management (HCM) tools, including Talent Management, Workforce Management, HR, and AI apps. The business uses on-premises software, hardware, and services while operating on the cloud. In addition to these services, it develops software for supply chain management (SCM), HRM, and ERP. It is prevalent in emerging technologies such as blockchain, artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT). With over 136,000 workers, Oracle serves customers in the Americas, Europe, the Middle East, and Asia. It provides services for the following industry verticals: consumer goods, automotive, financial services, healthcare, hotel, retail, education and research, and construction and engineering.
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