The report titled “Human Capital Management Market: Global Demand Analysis & Opportunity Outlook 2027” delivers the detailed overview of the global human capital management market in terms of market segmentation by software, by service, by deployment, by enterprise, by end-user and by region.
The global human capital management market is segmented by software, service, deployment, enterprise, end-user and region. Based on software, the market is further segmented into Core HR, employee collaboration & engagement, recruiting, talent management, workforce planning & analytics and others, out of which, the Core HR segment is expected to dominate the software market on the back of increasing demand for automation of HR functions. Moreover, the flexibility and easy access of data are increasing the demand for adoption of Core HR across various countries.
On the basis of service, it is sub-segmented into integration & deployment, support & maintenance and training & consulting. Based on deployment, it is sub-segmented into cloud and on-premise, out of which, the cloud segment is expected to have largest market share on account of increased availability of internet connection with fast speed at a reasonable rate. The human capital management market is further segmented by enterprise into small, medium and large enterprise; by end-user, into academia, BFSI, government, healthcare, IT & Telecom, manufacturing, retail and others.
The human capital management market is anticipated to record a CAGR of 9.4% over the forecast period i.e. 2019-2027.The growing adoption of cloud-based system and unified HCM suite is digitalizing the human resource activities and procedures by enabling an organization to digitalize and track recruitment, payroll and benefits, employee profile and other human resource activities. These factors are anticipated to support the growth of the market in upcoming years.
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Geographically, the global human capital management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is expected to have largest market share on the back of presence of huge number of HR solution providers in this region such as software vendors, developers and system integrators.
Increasing demand for automated human resource processes such as compensation management, performance management and talent management are expected to drive the growth of the market in this region. Further, Asia-Pacific is expected to gain significant market share on the back of rising technological advancements that are helping HR to streamline HR policies and procedures. Additionally, increasing governmental support for adoption of digitalization and cloud-based system is expected to boost the market shares in this region.
Growing Demand for Human Capital Management
There is an increasing demand for unified HCM portal for employee activities for transparent visibility of activities in an organization such as attendance & leave of employees, perks & benefits, payroll & compensation and human resource rules & procedures. Increasing demand for streamlining human resource activities on the back of growing technological advancements which reduces the work time and help in speedy & easy flow of activities along with increasing adoption of digital HR technology are some of the significant factors that are expected to support the growth of the market.
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