Human Capital Management Market 2022
According to detailed Persistence Market Research analysis, demand registered in the human capital management (HCM) market is set to increase at a CAGR of 7.7% from 2022 to 2032. The report also forecasts that the market will surpass a valuation of US$ 20.5 Bn by the end of 2022.
Adoption of human capital management solutions has been rising owing to increasing focus on effective workforce management practices and digitization of HR processes. Historic growth rate of major HCM solution providers has a significant impact due to the implementation of HR solutions from on-premise to cloud-based, and basic HR standalone solutions to integrated HCM suites. All these are developed by pioneer HCM vendors such as Oracle, Workday, Ramco Systems, and SAP.
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Shifting organizations’ preference from traditional ways of management, rising demand for automated systems & solutions, and streamlining all the aspects of business management are propelling market growth.
Integration of various emerging technologies such as Machine Learning (ML) and Artificial Intelligence (AI) with human capital management software has emerged as one of the leading growth factors for the global human capital management market. In addition, increased adoption of cloud technology by both, medium- and small-scale enterprises to manage offices and field personnel efficaciously are further estimated to create growth opportunities for human capital management system providers over the coming years.
However, growing concerns regarding data security and increasing cases of data breaches have been restraining market growth to some extent.
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- By solution, HCM software is anticipated to account for a leading share in the global human capital management market during the forecast period. Moreover, the segment is estimated to expand at a robust CAGR of 8% through 2032.
- Cloud-based HCM will be a dominating segment and is anticipated to expand at a CAGR of around 9% from 2022 to 2032.
- By enterprise size, large enterprises currently lead the market. However, demand for HCM solutions from SMEs is likely to expand at a noteworthy CAGR of nearly 8% through 2032.
- Demand from the IT & telecom sector is estimated to increase at a strong CAGR of nearly 10.5% over the forecast period. However, the BFSI industry is likely to hold a major market share by 2032.
- North America is expected to lead the market, followed by Europe in 2022. South Asia & Pacific is anticipated to emerge as the fastest-growing regional market from 2022 to 2032.
- The market in India is expected to progress at a CAGR of 12% through 2032.
- In the U.S., sales are expected to increase at a CAGR of close to 6% over the forecasted years.
“Growing need to streamline HR operations and unified HR suites are major driving factors for the market. As such, companies need to focus on the growing need to analyze human capital management requirements, polices, and obligations,” says a Persistence Market Research analyst.
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Emerging Self-Service Technologies such as ESS (Employee Self-service) and MSS (Mangers Self-service) Tools to Make HR Information More Accessible
ESS and MSS are types of technologies that enable workers to conduct numerous human resources (HR), information technology (IT), and other administrative tasks on their own.
ESS, which is often made available via a web portal or internal portal, typically helps with routine operations such as updating personal information, accessing employee handbooks, and tracking vacation and personal days. Employee self-service portals are increasingly allowing individuals to manage their insurance policies and other perks.
Employee self-service portals provide a comprehensive set of services by combining interactive online apps with searchable knowledge databases. The interactive components of ESS systems can mix automated systems with live chat or a ticket-based help desk system.
Many employee knowledge bases include Q&A or social media-style dialogues, in which, workers answer each other's queries regarding common HR and IT issues.
Such integration in HR operations provides ease in day-to-day activities of the HR department of any firm.
Key Developments in the Market
- In November 2021, Oracle expanded its Fusion Cloud HCM Analytics to enhance workforce insights in its HCM solutions.
- In June 2021, Workday announced plans to deliver workday payroll for Australia and Germany. This will leverage the company’s core payroll foundation in the cloud to provide HCM, time, absence, and a payroll solution in a single system.
- In July 2020, SAP announced the launch of SAP Fieldglass External Talent Marketplace. This is a simple solution that will aid organizations in quickly finding and hiring temporary workers.
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