Human Capital Management Market to Reach $42.13 Billion Globally by 2030 at a CAGR of 9.6%: Allied Market Research

PORTLAND, Oregon., February 28, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, “Human Capital Management Market by Component (Software (Core HR, Recruiting, Workforce Management, Compensation & Payroll, and Others) and Service (Managed Service and professional service), mode of deployment (on-premises and cloud) and vertical (IT and telecommunications, retail, BFSI, healthcare, hospitality, government, manufacturing and others): global opportunity analysis and industry forecast, 2021-2030. According to the report, the global human capital management industry was pegged to $17.43 billion in 2020, and should reach $42.13 billion by 2030, growing at a CAGR of 9.6% from 2021 to 2030.

Drivers, constraints and opportunities

Rising inclination of cloud-based HRM software due to work-from-home policies and rising need for streamlining HR operations and a unified HR suite has driven the growth of the global HRM market human capital management. However, increasing data privacy and security concerns related to the implementation of cloud-based deployment of HCM is hampering the growth of the market. On the contrary, increasing adoption of digital HR technology and workforce analytics solutions is expected to open new opportunities for market players in the future.

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Covid-19 scenario:

  • The Covid-19 outbreak is having a positive impact on the human capital management market. During the pandemic, various companies have implemented incentive resets, salary cuts and salary bonuses, organizations have been forced to consider long-term strategies for all compensation programs, thus accelerating the demand for human capital management market.
  • The pandemic has created a difficult environment for managers and HR, and they need to find ingenious solutions to ensure the continuity of their businesses and help their employees cope with this crisis.
  • Additionally, human capital management has helped HR address emerging issues such as time and labor control, planning and related expenses, as well as maintaining budget for specific projects and other costs and establishing a pay-for-performance culture.

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The software segment to dominate by 2030

By component, the software segment accounted for nearly two-thirds of the global human capital management market share in 2020 and is expected to maintain its dominance throughout the forecast period. Organizations are inclined to implement professional services such as implementation, training, and support and consulting services to achieve a simple and reliable deployment. This is driving demand for the segment. The services segment, however, would show the fastest CAGR of 10.9% by 2030. This is due to the various benefits of services such as post-production support, reduced time and optimizing the system in the initial phase of deployment and empowering organizations to make a smooth transition among others.

The on-site segment took the lion’s share in 2020

Based on deployment mode, the on-premises segment held the lion’s share in 2020, contributing almost three-quarters of the global human capital management market, and is expected to maintain its lead over the forecast period. Growing concern for data privacy and security, better server maintenance, and ongoing system security checks encourage and facilitate organizations to implement on-premises solutions. However, the cloud segment is expected to experience the highest CAGR of 11.6% by 2030. Increase in adoption of cloud-based solutions among SMBs and large enterprises due to large volume transfer critical and confidential data and the growing trend towards mobile use. mobile phones in the workplace are driving the growth of the segment.

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North America held the lion’s share

By region, North America led the market in 2020, contributing around two-fifths of the global human capital management industry, due to the increase in the need to automate HR processes such as talent management, performance and compensation management in the region. However, Asia Pacific is expected to show the highest CAGR of 12.7% during the forecast period, due to its growing importance among manufacturers owing to benefits such as automatic updates, unlimited capacity upgrades, integrated disaster recovery and remote access in the region.

Main market players

  • Epicor Software Corporation
  • ADP, Inc.
  • Total Sum Systems, LLC
  • UKG Inc.
  • IBM Corporation
  • Kronos Incorporated
  • corner stone
  • SAP SE
  • Information
  • Oracle

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