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.

Human Capital Management Market Trends:
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.

Key Market Segmentation:
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:

Software
Core HR
Recruiting
Workforce Management
Compensation and Payroll
Others
Service
Managed Service
Professional

Breakup by Deployment Type:

Cloud-based
On-premises

Breakup by Industry Verticals:

BFSI
Retail
IT and Telecommunication
Healthcare
Hospitality
Government
Manufacturing
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
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.

Key questions answered in this report:
How has the global human capital management market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global human capital management market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the deployment type?
What is the breakup of the market based on the industry verticals?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global human capital management market and who are the key players?
What is the degree of competition in the industry?