The size of the global Human Capital Management (HCM) market was estimated at USD 26.63 billion in 2022; it is anticipated to increase from USD 28.86 billion in 2023 to USD 53.61 billion by 2030, at a projected CAGR of 9.2%.

The term "human capital management" (HCM) refers to a group of HR policies, procedures, and methods used to find, hire, retain, develop, and manage employees to meet organizational objectives. Along with compensation, it includes a company's primary goal and activities related to human resources. These solutions are implemented using mobile and cloud-based technology to process data, run reports, and provide a seamless end-user experience.

The human capital management software suite from Cornerstone OnDemand, the solution from IBM Corporation, and the HCM software suite from Workday Inc. are just a few examples of the software that is covered in the report.

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Information about the report:

  •     Forecast Timeframe: 2023–2030
  •     The starting year is 2022.
  •     Market Size in 2022: USD 26.63 billion
  •     The market size in 2030 will be USD 53.61 billion.
  •     CAGR: 9.2%
  •     Segments Included: according to deployment type, application, enterprise type, sector, and geographic region

Analyses of the worldwide Human Capital Management Market are conducted across regions, end-user industries, and material types. The study includes a thorough examination of segments and their sub-segments with the aid of tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.

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Businesses frequently employ cutting-edge technologies to enhance various talent-matching processes, such as machine learning. These include enhancing candidate expertise, expanding the applicant pool, streamlining internal selection processes, and eliminating partial recruitment. Other tools, including video tests, social sourcing tools, chatbots, and predictive analytics, are also used in these procedures to screen candidates who fit the job.

Key players are also choosing different business strategies by combining cloud-based methodologies and machine learning technologies to meet shifting business needs. They are introducing effective human capital management solutions to boost productivity and spur company expansion.

By Offering  Analysis, The market is split into two categories based on offerings: software and services. The software segment includes topics like core human resources, talent management, workforce management, payroll & compensation, and others. These solutions enable effective employee management and continuous communication between the management and staff. The report's section on services includes sections on HR transformation services and consulting for HCM systems.

The software market segment currently has the largest market share, and it is anticipated that it will maintain its leadership throughout the forecast. Businesses can deliver a better team member experience and increase productivity with the help of these solutions.

According to Industry analysis, 

Market segments include IT & telecommunications, BFSI, government, retail, healthcare, education, manufacturing, and others (energy & utilities) based on the end-use industry. Throughout the forecast period, the IT & telecom segment is anticipated to hold a sizeable market share.

During the forecasted timeframe, core HR, talent management, and workforce management solutions are expected to be significantly adopted by IT and telecommunication service providers. Businesses in all sectors are choosing HR software to manage employee benefits and handle HR operations efficiently.

By Region, Geographically, The market is studied across North America, South America, Europe, the Middle East & Africa, and Asia Pacific.

Players in the industry,

Prominent players operating in the global market are focusing on expanding their global presence through merger and acquisition strategies. Rising technological advancements and organizations' adoption of HCM solutions are projected to accelerate market growth. These companies aim to acquire small and local firms to expand their business presence.

SAP SE, Automatic Data Processing (ADP), Inc., Oracle Corporation, Microsoft Corporation, Cornerstone OnDemand, Inc., Ceridian HCM, Inc., Infor, Inc., Ramco Systems Ltd., Workday, Inc., Paycom Software, Inc., and others are the top players in the global market.

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https://www.fortunebusinessinsights.com/industry-reports/human-capital-management-hcm-market-100240

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