Introduction
Human Capital Management (HCM) is a process of handling employee data and improving efficiency in an organization. It includes various aspects like payroll, time management, benefits administration, and recruiting. HCM solutions help automate these processes and are designed to manage the employee life cycle. The global human capital management solution market was valued at USD 22.3 billion in 2021, and is expected to reach USD 32.0 billion by 2029, growing at a CAGR of 7.5% during the forecast period. The factors driving the growth of the market include the increasing need for process automation and centralization of employee data, rising demand for cloud-based solutions, and the growing adoption of mobile devices. However, the high cost of HCM solutions is restraining the growth of the market. The human capital management solution market is segmented based on component, deployment type, organization size, industry vertical, and geography. Based on components, the market is divided into software and services. The software segment is further classified into payroll & time management, benefits administration & compliance management, recruiting & performance management, and others. The services segment includes professional services and managed services. Professional services are further categorized into integration & deployment services, support & maintenance services, consulting services, and education.
This rise in market value can be attributed to the ever-growing competition among businesses to identify and attract top talent, as well as engage and retain their current workforce. In order to achieve this goal, organizations are turning to human capital management solutions that offer a comprehensive suite of tools for talent acquisition, performance management, learning and development, and workforce planning.
What is Human Capital Management (HCM)?
Human capital management (HCM) is a strategic approach to managing an organization's most valuable asset - its people. By aligning employee goals with organizational objectives, HCM drives business results and enhances employee engagement and satisfaction.
The core components of an HCM system include:
-Talent acquisition: Recruiting and onboarding top talent
-Performance management: Setting goals and measuring progress towards those goals
-Learning and development: Offering training and development opportunities to employees
-Workforce planning: Analyzing workforce data to identify trends and forecast future needs
The global human capital management solution market is flourishing with immense opportunities. Businesses are rapidly deploying these solutions to manage employee data and talent acquisition. The talent acquisition process has become digitalized and organizations are now recruiting employees through online channels. The use of big data analytics in human resource management is gaining popularity as it helps in understanding the behavior of employees and managing them effectively.
Report Includes
An overview of the global Human Capital Management Solution market, and related technologies and developments. Analyses of global market trends, with historical data from 2018, 2019, and 2020 estimates and projections of CAGRs through 2029. It also includes breakdowns of the overall Human Capital Management Solution market along with various segments, and by geographic region. Analysis of the stakeholder value chain in the Human Capital Management Solution market and comprehensive profiles of leading companies in the industry
Report Scope
The report forecasts the size of the Human Capital Management Solution market for components from 2022 through 2029
The Executive Summary provides a snapshot of key findings of the report. The introduction chapter includes research scope, market segmentation, research methodology, and definitions and assumptions. It involves extreme rigorous scientific methods, tools and techniques to estimate the market size. Exhaustive secondary research is being carried out to collect information related to the market, the parent market, and the peer market. Primary research is undertaken to validate the assumptions, findings, and sizing with the industry experts and professionals across the value chain of the market. Both top-down and bottom-up approaches are employed to estimate the complete market size.
The chapter on market dynamics includes market drivers, restraints, and opportunities which helps familiarise with market potential and upcoming opportunities. The chapter on key insights includes emerging trends from major countries, the latest technological advancement, regulatory landscape, SWOT analysis, and Porter's five forces analysis. This chapter provides detailed insights into the market which derives the market trends, changing phase of investments, the scope of profit potential, and helps to take appropriate business decisions. The chapter on competitive analysis includes the profiling of leading companies in the global market to map the leading companies and their focus of interest in the market.
After deriving the market size from the market size estimation process, the total market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments, data triangulation and market breakdown procedures is being used. The data triangulation is carried out by studying various factors and trends from demand and supply perspectives.
Segmentation Analysis:
The Human Capital Management Solution market by component, deployment type, organization size, industry vertical, and geography.
The global human capital management solution market is segmented by component (solutions and services), deployment type (on-premises and cloud), organization size (SMEs and large enterprises), industry vertical (BFSI, healthcare, IT & Telecom, government, retail, manufacturing, and others), and geography.
The solutions segment includes core HRMS solutions, talent management solutions, learning management solutions, payroll & benefits administration solutions, and workforce analytics & planning solutions. Services segment include HCM solution implementation services, support & maintenance services, and HCM consulting services.
The cloud deployment type is anticipated to grow at a higher CAGR during the forecast period due to the flexibility and scalability offered by cloud-based HCM solutions. The large enterprises segment is expected to hold the largest market share in 2018 due to the need for these organizations to manage their large workforce effectively. The BFSI industry vertical is expected to grow at the highest CAGR during the forecast period due to the rising need for managing employee data efficiently in this rapidly growing industry.
North America is expected to hold the largest market share in 2018 due to the presence of a large number of key players in this region. APAC is anticipated to be the fastest-growing region during the forecast period due to the increasing adoption of cloud-based HCM solutions by SMEs in this region.
Global Human Capital Management Solution Market Competitive Analysis:
Key players in the Global Human Capital Management Solution market are Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Software (US), Ceridian (US), SumTotal (US), Kronos (US),Infor (US), Talentsoft (France), EmployWise (India), PeopleStrategy (US),Cornerstone (US), Meta4 (US), Ramco Systems (India), Bamboo HR (US), Namely (US), Workforce Software (US), Zoho (India), Sage Group (UK), Epicor Software (US), Zenefits (US), Paylocity (US), Gusto (US), Bitrix (US), Benefitfocus (US), WebHR (US) among other players.
*All our reports are customizable as per customer requirements
This study forecasts revenue and volume growth at global, regional, and country levels from 2018 to 2029. The Global Human Capital Management Solution market is distributed on the basis of the below-mentioned segments:
Global Human Capital Management Solution market, By Type:
Human Capital Management (HCM) is a process of handling employee data and improving efficiency in an organization. It includes various aspects like payroll, time management, benefits administration, and recruiting. HCM solutions help automate these processes and are designed to manage the employee life cycle. The global human capital management solution market was valued at USD 22.3 billion in 2021, and is expected to reach USD 32.0 billion by 2029, growing at a CAGR of 7.5% during the forecast period. The factors driving the growth of the market include the increasing need for process automation and centralization of employee data, rising demand for cloud-based solutions, and the growing adoption of mobile devices. However, the high cost of HCM solutions is restraining the growth of the market. The human capital management solution market is segmented based on component, deployment type, organization size, industry vertical, and geography. Based on components, the market is divided into software and services. The software segment is further classified into payroll & time management, benefits administration & compliance management, recruiting & performance management, and others. The services segment includes professional services and managed services. Professional services are further categorized into integration & deployment services, support & maintenance services, consulting services, and education.
This rise in market value can be attributed to the ever-growing competition among businesses to identify and attract top talent, as well as engage and retain their current workforce. In order to achieve this goal, organizations are turning to human capital management solutions that offer a comprehensive suite of tools for talent acquisition, performance management, learning and development, and workforce planning.
What is Human Capital Management (HCM)?
Human capital management (HCM) is a strategic approach to managing an organization's most valuable asset - its people. By aligning employee goals with organizational objectives, HCM drives business results and enhances employee engagement and satisfaction.
The core components of an HCM system include:
-Talent acquisition: Recruiting and onboarding top talent
-Performance management: Setting goals and measuring progress towards those goals
-Learning and development: Offering training and development opportunities to employees
-Workforce planning: Analyzing workforce data to identify trends and forecast future needs
The global human capital management solution market is flourishing with immense opportunities. Businesses are rapidly deploying these solutions to manage employee data and talent acquisition. The talent acquisition process has become digitalized and organizations are now recruiting employees through online channels. The use of big data analytics in human resource management is gaining popularity as it helps in understanding the behavior of employees and managing them effectively.
Report Includes
An overview of the global Human Capital Management Solution market, and related technologies and developments. Analyses of global market trends, with historical data from 2018, 2019, and 2020 estimates and projections of CAGRs through 2029. It also includes breakdowns of the overall Human Capital Management Solution market along with various segments, and by geographic region. Analysis of the stakeholder value chain in the Human Capital Management Solution market and comprehensive profiles of leading companies in the industry
Report Scope
The report forecasts the size of the Human Capital Management Solution market for components from 2022 through 2029
The Executive Summary provides a snapshot of key findings of the report. The introduction chapter includes research scope, market segmentation, research methodology, and definitions and assumptions. It involves extreme rigorous scientific methods, tools and techniques to estimate the market size. Exhaustive secondary research is being carried out to collect information related to the market, the parent market, and the peer market. Primary research is undertaken to validate the assumptions, findings, and sizing with the industry experts and professionals across the value chain of the market. Both top-down and bottom-up approaches are employed to estimate the complete market size.
The chapter on market dynamics includes market drivers, restraints, and opportunities which helps familiarise with market potential and upcoming opportunities. The chapter on key insights includes emerging trends from major countries, the latest technological advancement, regulatory landscape, SWOT analysis, and Porter's five forces analysis. This chapter provides detailed insights into the market which derives the market trends, changing phase of investments, the scope of profit potential, and helps to take appropriate business decisions. The chapter on competitive analysis includes the profiling of leading companies in the global market to map the leading companies and their focus of interest in the market.
After deriving the market size from the market size estimation process, the total market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments, data triangulation and market breakdown procedures is being used. The data triangulation is carried out by studying various factors and trends from demand and supply perspectives.
Segmentation Analysis:
The Human Capital Management Solution market by component, deployment type, organization size, industry vertical, and geography.
The global human capital management solution market is segmented by component (solutions and services), deployment type (on-premises and cloud), organization size (SMEs and large enterprises), industry vertical (BFSI, healthcare, IT & Telecom, government, retail, manufacturing, and others), and geography.
The solutions segment includes core HRMS solutions, talent management solutions, learning management solutions, payroll & benefits administration solutions, and workforce analytics & planning solutions. Services segment include HCM solution implementation services, support & maintenance services, and HCM consulting services.
The cloud deployment type is anticipated to grow at a higher CAGR during the forecast period due to the flexibility and scalability offered by cloud-based HCM solutions. The large enterprises segment is expected to hold the largest market share in 2018 due to the need for these organizations to manage their large workforce effectively. The BFSI industry vertical is expected to grow at the highest CAGR during the forecast period due to the rising need for managing employee data efficiently in this rapidly growing industry.
North America is expected to hold the largest market share in 2018 due to the presence of a large number of key players in this region. APAC is anticipated to be the fastest-growing region during the forecast period due to the increasing adoption of cloud-based HCM solutions by SMEs in this region.
Global Human Capital Management Solution Market Competitive Analysis:
Key players in the Global Human Capital Management Solution market are Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Software (US), Ceridian (US), SumTotal (US), Kronos (US),Infor (US), Talentsoft (France), EmployWise (India), PeopleStrategy (US),Cornerstone (US), Meta4 (US), Ramco Systems (India), Bamboo HR (US), Namely (US), Workforce Software (US), Zoho (India), Sage Group (UK), Epicor Software (US), Zenefits (US), Paylocity (US), Gusto (US), Bitrix (US), Benefitfocus (US), WebHR (US) among other players.
*All our reports are customizable as per customer requirements
This study forecasts revenue and volume growth at global, regional, and country levels from 2018 to 2029. The Global Human Capital Management Solution market is distributed on the basis of the below-mentioned segments:
Global Human Capital Management Solution market, By Type:
- Cloud-based
- Web-based
- On-Premises
- Others
- SSB Business
- SMB Business
- Enterprise Business
- Others
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- Rest of LAMEA
HUMAN CAPITAL MANAGEMENT SOLUTION MARKET STUDY GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2022-2029
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Human Capital Management Solution Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Segment 1
- 5.2.1. Sub-Segment 1
- 5.2.2. Sub-Segment 2
- 5.3. Market Analysis, Insights and Forecast – By Segment 2
- 5.3.1. Sub-Segment 1
- 5.3.2. Sub-Segment 2
- 5.3.3. Sub-Segment 3
- 5.3.4. Others
- 5.4. Market Analysis, Insights and Forecast – By Segment 3
- 5.4.1. Sub-Segment 1
- 5.4.2. Sub-Segment 2
- 5.4.3. Sub-Segment 3
- 5.4.4. Others
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Latin America
- 5.5.3. Europe
- 5.5.4. Asia Pacific
- 5.5.5. Middle East and Africa
6. North America Human Capital Management Solution Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Segment 1
- 6.2.1. Sub-Segment 1
- 6.2.2. Sub-Segment 2
- 6.3. Market Analysis, Insights and Forecast – By Segment 2
- 6.3.1. Sub-Segment 1
- 6.3.2. Sub-Segment 2
- 6.3.3. Sub-Segment 3
- 6.3.4. Others
- 6.4. Market Analysis, Insights and Forecast – By Segment 3
- 6.4.1. Sub-Segment 1
- 6.4.2. Sub-Segment 2
- 6.4.3. Sub-Segment 3
- 6.4.4. Others
- 6.5. Market Analysis, Insights and Forecast – By Country
- 6.5.1. U.S.
- 6.5.2. Canada
7. Latin America Human Capital Management Solution Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Segment 1
- 7.2.1. Sub-Segment 1
- 7.2.2. Sub-Segment 2
- 7.3. Market Analysis, Insights and Forecast – By Segment 2
- 7.3.1. Sub-Segment 1
- 7.3.2. Sub-Segment 2
- 7.3.3. Sub-Segment 3
- 7.3.4. Others
- 7.4. Market Analysis, Insights and Forecast – By Segment 3
- 7.4.1. Sub-Segment 1
- 7.4.2. Sub-Segment 2
- 7.4.3. Sub-Segment 3
- 7.4.4. Others
- 7.5. Insights and Forecast – By Country
- 7.5.1. Brazil
- 7.5.2. Mexico
- 7.5.3. Rest of Latin America
8. Europe Human Capital Management Solution Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Segment 1
- 8.2.1. Sub-Segment 1
- 8.2.2. Sub-Segment 2
- 8.3. Market Analysis, Insights and Forecast – By Segment 2
- 8.3.1. Sub-Segment 1
- 8.3.2. Sub-Segment 2
- 8.3.3. Sub-Segment 3
- 8.3.4. Others
- 8.4. Market Analysis, Insights and Forecast – By Segment 3
- 8.4.1. Sub-Segment 1
- 8.4.2. Sub-Segment 2
- 8.4.3. Sub-Segment 3
- 8.4.4. Others
- 8.5. Market Analysis, Insights and Forecast – By Country
- 8.5.1. UK
- 8.5.2. Germany
- 8.5.3. France
- 8.5.4. Italy
- 8.5.5. Spain
- 8.5.6. Russia
- 8.5.7. Rest of Europe
9. Asia Pacific Human Capital Management Solution Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Segment 1
- 9.2.1. Sub-Segment 1
- 9.2.2. Sub-Segment 2
- 9.3. Market Analysis, Insights and Forecast – By Segment 2
- 9.3.1. Sub-Segment 1
- 9.3.2. Sub-Segment 2
- 9.3.3. Sub-Segment 3
- 9.3.4. Others
- 9.4. Market Analysis, Insights and Forecast – By Segment 3
- 9.4.1. Sub-Segment 1
- 9.4.2. Sub-Segment 2
- 9.4.3. Sub-Segment 3
- 9.4.4. Others
- 9.5. Market Analysis, Insights and Forecast – By Country
- 9.5.1. China
- 9.5.2. India
- 9.5.3. Japan
- 9.5.4. Australia
- 9.5.5. South East Asia
- 9.5.6. Rest of Asia Pacific
10. Middle East & Africa Human Capital Management Solution Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Segment 1
- 10.2.1. Sub-Segment 1
- 10.2.2. Sub-Segment 2
- 10.3. Market Analysis, Insights and Forecast – By Segment 2
- 10.3.1. Sub-Segment 1
- 10.3.2. Sub-Segment 2
- 10.3.3. Sub-Segment 3
- 10.3.4. Others
- 10.4. Market Analysis, Insights and Forecast – By Segment 3
- 10.4.1. Sub-Segment 1
- 10.4.2. Sub-Segment 2
- 10.4.3. Sub-Segment 3
- 10.4.4. Others
- 10.5. Market Analysis, Insights and Forecast – By Country
- 10.5.1. GCC
- 10.5.2. South Africa
- 10.5.3. Rest of Middle East & Africa
11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2018
- 11.2. Key Industry Developments
- 11.3. Company Profile
- 11.3.1. Company 1
- 11.3.1.1. Business Overview
- 11.3.1.2. Segment 1 & Service Offering
- 11.3.1.3. Overall Revenue
- 11.3.1.4. Geographic Presence
- 11.3.1.5. Recent Development
- 11.3.2. Company 2
- 11.3.3. Company 3
- 11.3.4. Company 4
- 11.3.5. Company 5
- 11.3.6. Company 6
- 11.3.7. Company 7
- 11.3.8. Company 8
- 11.3.9. Company 9
- 11.3.10. Company 10
- 11.3.11. Company 11
- 11.3.12. Company 12
- 11.3.1. Company 1
Research Process
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
