The global human capital management (HCM) market is anticipated to grow at a considerable CAGR of 6.8% during the forecast period. HCM market growth is expected to be accelerated during the forecast period by factors such as rising demand for artificial intelligence and machine learning in different HCM suites, the prevalence of advanced solutions in the form of data management and processing, rising usages of HCM for recruiting, time and attendance management, and applicant tracking, and the rising need to reduce HR-related costs. Such advantages of HCM prompt companies to use this software.
Another factor that contributes to the market’s growth is the technological advancements in HCM that allow for more efficient work and HR operations. Particularly for remote or virtual employment, businesses use AR and VR technologies to interview candidates and hire personnel. Along with this, employees are now receiving training and development sessions online due to the growing trend of remote employment. The need for these kinds of technology has grown as a result, including the use of HR tech with gamification, AI, and AR/VR for a more practical and effective approach.
Additionally, companies are also launching new and effective HR analytics, core HR, and workforce management software solutions to contribute to the market‘s growth. Recently, in March 2023, Explorance, the global leader in People Insight Solutions, announced the availability of Explorance BlueML as well as the start of a special free offer for the award-winning workforce and student sentiment analysis solutions. BlueML, an industry-leading machine learning (ML) tool trained on employee and student feedback, delivers actionable insights from large datasets of comments and feedback. Businesses and academic institutions gain a clearer picture of employee and student needs and expectations by eliminating the need for time-consuming manual review and data organization processes while also informing preventive steps to support a more satisfied, involved, and well-trained workforce or student body.
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Market Coverage
- The Market Number Available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
Segment Covered-
- By Software Type
- By Deployment Model
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape-Bitrix, Cornerstone, Epicor Software, Gusto, Infor, and others.
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Human Capital Management Market Report Segment
By Software Type
- Core HR
- Applicant Tracking System
- HR Analytics
- Workforce Management
By Deployment Model
- Cloud
- On-Premise
Human Capital Management Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Automatic Data Processing
- Bamboo HR
- Benefitfocus
- Bitrix
- Cornerstone
- Epicor Software
- Gusto
- Infor
- Kronos Incorporated
- Meta4
- Namely
- Oracle Corp.
- Paychex
- Paycom Software
- Paylocity Corp.
- PeopleStrategy
- Ramco Systems
- Sage Group
- Workday, Inc
- Workforce Software
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