Human Capital Management Software Market
Human Capital Management (HCM) software is an integrated suite of technologies designed to help organizations manage their human resources effectively. HCM software typically includes modules for managing employee information, benefits administration, payroll processing, recruiting, performance management, and more.
Human Capital Management (HCM) Software Market Share was valued at USD 15.4 billion in 2021. The human capital management (HCM) software market industry is projected to grow from USD 16.7 billion in 2022 to USD 28.9 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.20% during the forecast period (2022 - 2030).
The overarching goal of HCM software is to improve workforce productivity and help HR managers hire , engage, and retain employees. By streamlining HR processes and automating administrative tasks, HCM software can enable HR teams to focus on more strategic initiatives, such as talent development, and help organizations achieve their business goals.
One of the key advantages of HCM software is its ability to provide real-time data and analytics to support informed decision-making. For example, HR teams can use HCM software to track and analyze employee data, such as compensation and performance history, to identify trends and make better decisions about promotions, raises, and other important HR actions.
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The global Human Capital Management Software Market has lucrative growth opportunities for market leaders, including talent management, workforce management, HR management, payroll, and compensation. Through this, the HR department can make appropriate decisions regarding managing talented workers and planning for hiring the employees.
Market Segmentation
Based on the service segment, the global market has been classified as tracking applicants, workforce management, software, HR services, analytics, and sourcing and recruiting. The Human Capital Management Software Market Analysis explains that this management software is helpful to track and manage the staff's job.
Based on the technology segment, the global market has constantly been improving AI to be more powerful, better, and efficient to learn the human behavior patterns and psychology. Therefore, it tracks the hiring and training of people, monitors employees as they are working, helps HR departments better administer and manage employee benefits, and helps train people who are being promoted internally.
In terms of the vertical segment, the global market has been segregated into BFSI, Healthcare, Manufacturing, Energy, Telecoms, Logistics, and Retail. These vertical industries adopt Human Capital Management Software to stay competitive, profitable, and productive in the global market.
Regional Analysis
According to Human Capital Management Software Market Analysis, the global market has been categorized based on various locations such as North America, Asia-Pacific, Europe, Middle East Africa, and Latin America.
The Human Capital Management Software Market Forecast report explains that the North American region is currently showing its growth potential on a large scale due to the better-educated workers and better infrastructure in the region. Moreover, the European regional market is projected to hold the second-largest market in terms of growth and development. Furthermore, the Asia-Pacific region is fueling its moderate growth in the forecast period due to developing countries such as Japan, India, and China employing the management software in various organizations.
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Industry News
In February 2019, the prominent market player SAP AG accounted for a stake in Newgen Software Technologies Limited, offering enterprise solutions in insurance, banking, financial services, government, and telecom segments. Moreover, it also manages Enterprise Content Management and Business Process Management.
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