Human Capital Management Software Market

Market Overview

Human Capital Management (HCM) Software Market Size 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).

Human Capital Management (HCM) software is an integrated suite of technologies that can help businesses manage their employees, from hire to retire. HCM software typically includes core HR applications such as employee data management, time and attendance, payroll, benefits administration, and compliance management. In addition, HCM software can include more advanced functions such as talent management, learning management, performance management, and succession planning.

There are a large number of HCM software options available on the market, from large enterprise-level solutions to more budget-friendly options for small and medium-sized businesses. Some of the top HCM software options include SAP SuccessFactors, Oracle HCM Cloud, Workday, UltiPro, and ADP Workforce Now.

When evaluating HCM software options, it is important to consider factors such as your company's size and needs, the features and capabilities of the software, ease of use, and price. It may also be helpful to read reviews and compare multiple HCM software options to find the best fit for your organization.

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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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