NEW
YORK, July 1, 2024 /PRNewswire/ -- The
global human capital management solutions market size is
estimated to grow by USD
13.92 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of about 9.52%
during the forecast period. Demand for automated
recruitment processes is driving market growth, with a
trend towards emergence of cloud-computing services.
However, threat from open-source software poses a
challenge. Key market players include Asure Software Inc.,
Automatic Data Processing Inc., Cegid SA, Ceridian HCM Holding
Inc., Cognizant Technology Solutions Corp., EmployWise, Inplenion,
Koch Industries Inc., Kronos Inc., OnePoint Human Capital
Management, Oracle Corp., PeopleStrategy Corp., Ramco Systems Ltd.,
Safeguard World International LLC, SAP SE, SolutionDot, Talentia
Software Group, The Goldman Sachs Group Inc., Workday Inc., and
WorkForce Software LLC.
![Technavio has announced its latest market research report titled Global human capital management solutions market 2024-2028 Technavio has announced its latest market research report titled Global human capital management solutions market 2024-2028](https://mma.prnewswire.com/media/2451412/IRTNTR40495_bw_info_v4.jpg)
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (Core HR,
Talent, and Workforce), Component (Solution and Service), and
Geography (North America, Europe, APAC, South America, and Middle
East and Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
Asure Software Inc.,
Automatic Data Processing Inc., Cegid SA, Ceridian HCM Holding
Inc., Cognizant Technology Solutions Corp., EmployWise, Inplenion,
Koch Industries Inc., Kronos Inc., OnePoint Human Capital
Management, Oracle Corp., PeopleStrategy Corp., Ramco Systems Ltd.,
Safeguard World International LLC, SAP SE, SolutionDot, Talentia
Software Group, The Goldman Sachs Group Inc., Workday Inc., and
WorkForce Software LLC
|
Key Market Trends Fueling Growth
Human Capital Management (HCM) solutions are increasingly
utilizing cloud computing technologies to offer cost-effective and
efficient services. Cloud storage enables centralized control over
resources and HR activities, eliminating the need for users to
manage IT infrastructure. Service level agreements ensure reliable
delivery and maintenance. Cloud technologies also provide access to
Software as a Service (SaaS) offerings, allowing remote access
without installation or management. The integration of cloud with
HCM solutions enhances collaboration with other software like ERP,
reducing costs and increasing efficiency. Therefore, the adoption
of cloud computing is driving the growth of the HCM solutions
market.
The Human Capital Management (HCM) solutions market is currently
witnessing significant trends. Companies are focusing on
implementing advanced technologies such as cloud, artificial
intelligence, and machine learning to streamline their HR
processes. These solutions enable organizations to manage their
workforce more effectively, from recruitment to retirement.
Data-driven decision making is becoming increasingly important, and
HCM solutions provide insights into employee performance and
engagement. Compliance with regulations is another key trend, with
solutions offering features to ensure adherence to labor laws and
tax regulations. Overall, HCM solutions are helping businesses
optimize their human resources and improve operational
efficiency.
Research report provides comprehensive data on impact of trend.
For more details- Download a Sample Report
Market Challenges
- The global Human Capital Management (HCM) solutions market
faces significant competition from open-source software solutions.
Companies like Sapplica offer HRMS software, such as Sentrifugo,
with features including human resource management, performance
appraisal, analytics, and more. Open-source software's availability
and affordability pose a challenge for HCM market growth,
particularly for small-scale enterprises. Separate software
offerings for HR functions also add to this competition.
- The Human Capital Management (HCM) solutions market faces
several challenges in implementing and optimizing technology for
organizations. These include the complexity of integrating various
systems, ensuring data security, and providing user-friendly
interfaces for employees. Additionally, keeping up with the latest
trends and technologies, such as artificial intelligence and
machine learning, can be a challenge for smaller businesses.
Procuring and implementing HCM solutions requires a significant
investment of time and resources, making it essential for
organizations to carefully consider their needs and goals before
making a decision. Ultimately, the success of an HCM solution
depends on its ability to streamline processes, improve efficiency,
and enhance the overall employee experience.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This human capital management solutions market report
extensively covers market segmentation by
- Application
- 1.1 Core HR
- 1.2 Talent
- 1.3 Workforce
- Component
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Core HR- Human Capital Management (HCM)
solutions have become essential for organizations to manage their
workforce efficiently. Core HR functions such as recruitment,
training, payroll, scheduling, benefits administration, internal
relations, and safety and compliance can be effectively managed
using HCM applications. The adoption of digital technologies and
the need for cost reduction have increased the demand for these
solutions. Oracle, SAP, and Workday offer HR functional software
solutions to help manage employee data and process information.
While HRIS and HRMS were once popular, HCM solutions have gained
prominence due to their advanced capabilities. Organizations are
expected to increasingly adopt HCM solutions for core HR
applications during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The Human Capital Management Solutions (HCM) market encompasses
a range of offerings designed to enhance business productivity
through effective HR Management. These solutions include updated HR
Information Systems (HRIS) software and Human Resource Management
Systems (HRMS), which address data security concerns by ensuring
secure storage and access to sensitive employee information.
Emerging vendors and established providers offer various solutions
to extend beyond traditional HR functions, such as Strategic
Sourcing, Talent Management, and Staff Experiences. Manual labor
intensive processes are being replaced with automated product
lines, making HCM solutions increasingly essential for businesses
seeking to optimize their workforce and improve overall
organizational efficiency.
Market Research Overview
The Human Capital Management Solutions (HCMS) market encompasses
a range of technologies and services designed to optimize workforce
management. These solutions cater to various aspects of HR
functions, including recruitment, onboarding, performance
management, learning and development, compensation, benefits
administration, and succession planning. HCMS enables organizations
to streamline HR processes, reduce manual work, ensure compliance
with regulations, and enhance employee engagement. With
advancements in artificial intelligence, machine learning, and
cloud technologies, HCMS solutions offer more personalized,
data-driven, and integrated HR experiences. They help businesses of
all sizes and industries to effectively manage their workforce,
improve operational efficiency, and drive business growth.
Learn and explore more about Technavio's in-depth
research reports
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operational efficiency, regulatory adherence, and informed business
strategies.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Component
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio