Human Capital Management Market Size to Reach USD 32.84 Billion in 2028 | Rising Usage of Cloud Services and Increasing Government Initiatives to Bolster Digitization are Key Factors Driving HCM Market Revenue Growth

VANCOUVER, BC, Nov. 15, 2021 /PRNewswire/ -- The global Human Capital Management (HCM) market size reached USD 18.04 billion in 2020 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing demand for unified platforms for HRM is one of the major factors expected to drive market revenue growth.

Drivers:

Adoption of advanced HR technologies is increasing at a fast pace owing to various benefits including capability to manage attendance records automatically, arrange schedules & meeting venues, and offer on-demand video training to employees. Besides, increasing usage of cloud services across small and medium-sized businesses to efficiently manage field and office workers is expected to open up opportunities for HCM solution providers, and in turn, boost revenue growth of the market.

Restraints:

Data security concerns are major restraints to revenue growth of the Human Capital Management (HCM) market. Though HCM solutions provide advantages, including ease of deployment and cost-effectiveness, security problems appear if cloud-based deployment approaches are utilized. A number of small and medium-sized businesses use public cloud services, owing to low cost. This further increases risks of security breaches and cyber-attacks.

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Growth Projections:

The global Human Capital Management (HCM) market is expected to expand at a CAGR of 7.9% from USD 18.04 billion in 2020 to USD 32.84 billion in 2028. Increasing demand for cloud-based business models and talent mobility for workforce planning is propelling market growth.

COVID-19 Impact Analysis:

The COVID-19 pandemic led to downsizing of various businesses, thereby limiting growth of the Human Capital Management (HCM) market. New laws and regulations aimed at curbing the crisis and improving employment rates are expected to generate growth opportunities for this market.

Current Trends and Innovations:

Integration of new technologies, including Artificial Intelligence (AI) and Machine Learning (ML) with HCM solutions, is one of the most significant factors boosting adoption of HCM solutions and services. Also, rising need for workforce management and performance management services is expected to increase the implementation of workforce & talent management solutions.

Geographical Outlook:

Asia Pacific is expected to register fastest revenue growth rate during the forecast period. Key factor contributing to the fastest revenue growth rate is rising government initiatives for boosting digitization and adoption of cloud technology in various industries, especially in developing countries of the region.

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Strategic Initiatives:

Some companies operating in the market include Microsoft Corporation, Workday, Inc., Automatic Data Processing, Inc., Ceridian HCM, Inc., Oracle Corporation, Cornerstone OnDemand, Inc., Ultimate Software Group, Inc., International Business Machines Corporation, SumTotal Systems, Inc., and Kronos Incorporated.

• In April 2020, Kronos Incorporated and Ultimate Software declared that the planned merger, which was announced on February 20, has been completed. Both companies are attempting to create the world's most advanced Human Capital Management (HCM) and workforce management firm to help various organizations across all industries manage employees more efficiently through the integration of cloud solutions.

Emergen Research has segmented global Human Capital Management (HCM) on the basis of offering, deployment, organization size, end-use, and region:

• Offering Outlook (Revenue, USD Billion; 2018–2028)
• Software
• a.  Payroll Management
• b.  Workforce Management
• c.  Talent Management
• d.  Applicant Tracking System
• e.  Core HR
• f.  HR Analytics
• Services
• Deployment Outlook (Revenue, USD Billion; 2018–2028)
• On-premises
• Cloud
• Organization Size Outlook (Revenue, USD Billion; 2018–2028)
• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)
• End-use Outlook (Revenue, USD Billion; 2018–2028)
• Telecom & IT
• Healthcare
• Government
• BFSI
• Manufacturing
• Transportation & Logistics
• Education
• Hospitality
• Media and Entertainment
• Retail
• Others

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• Regional Outlook (Revenue, USD Billion; 2018–2028)
• North America
• a.  U.S.
• b.  Canada
• c.  Mexico
• Europe
• a.  Germany
• b.  France
• c.  U.K.
• d.  Italy
• e.  Spain
• f.  Benelux
• g.  Rest of Europe
• Asia Pacific
• a.  China
• b.  India
• c.  Japan
• d.  South Korea
• e.  Rest of APAC
• Latin America
• a.  Brazil
• b.  Rest of LATAM
• Middle East & Africa
• a.  Saudi Arabia
• b.  UAE
• c.  South Africa
• d.  Turkey
• e.  Rest of MEA

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