This report describes and explains the human capital management market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
The global human capital management market reached a value of nearly $19,705.4 million in 2022, having grown at a compound annual growth rate (CAGR) of 5.4% since 2017. The market is expected to grow from $19,705.4 million in 2022 to $31,019.2 million in 2027 at a rate of 9.5%. The market is then expected to grow at a CAGR of 10.1% from 2027 and reach $50,149.0 million in 2032.
Growth in the historic period resulted from the advent of cloud-based HR management software, significant growth in the e-commerce sector and rapid globalization.
Going forward, the increase in adoption of cloud-based approaches, rising urbanization and increasing investments will drive the market. Factors that could hinder the growth of the human capital management market in the future include high cost of human capital management services and cyber security threats.
The human capital management market is segmented by component into software and services. The software market was the largest segment of the human capital management market segmented by component accounting for 66.0% of the total in 2022. Going forward, the software market is expected to be the fastest growing segment in the human capital management market segmented by component, at a CAGR of 9.7% during 2022-2027.
The human capital management market is segmented by deployment model into on premises, and cloud. The cloud market was the largest segment of the human capital management market segmented by deployment model accounting for 62.6% of the total in 2022. Going forward, the cloud market is expected to be the fastest growing segment in the human capital management market segmented by deployment model, at a CAGR of 9.6% during 2022-2027.
The human capital management market is segmented organization site into small and medium sized enterprises, and large enterprises. The large enterprises market was the largest segment of the human capital management market segmented by organization site accounting for 65.0% of the total in 2022. Going forward, the small and medium sized enterprises market is expected to be the fastest growing segment in the human capital management market segmented by organization site, at a CAGR of 9.6% during 2022-2027.
The human capital management market is segmented by vertical into banking, financial services, and insurance, government, manufacturing, telecom and IT, consumer goods and retail, healthcare and life sciences, energy and utilities, transportation and logistics, other verticals. The manufacturing market was the largest segment of the human capital management market segmented by vertical accounting for 32.4% of the total in 2022. Going forward, the telecom and IT market is expected to be the fastest growing segment in the human capital management market segmented by vertical, at a CAGR of 10.2% during 2022-2027.
North America was the largest region in the human capital management market, accounting for 34.1% of the total in 2022. It was followed by Western Europe then the other regions. Going forward, the fastest-growing regions in the human capital management market will be Asia Pacific and the Middle East where growth will be at CAGRs of 29.7% and 24.8% respectively. These will be followed by Eastern Europe and South America where the markets are expected to grow at CAGRs of 2.9% and 2.4% respectively.
The human capital management market is fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 8.33% of the total market in 2021. Automatic Data Processing (ADP) Inc was the largest competitor with 1.66% of the market, followed Oracle Corporation with 1.52%, SAP SE with 1.26%, Paycom Software Inc with 1.07%, Ceridian HCM Holding Inc with 1.03%, Microsoft Corporation with 0.95%, Ultimate Kronos Group with 0.34%, Workday Inc with 0.33%, IBM Corporation with 0.11% and Paylocity Corporation with 0.04%.
The top opportunities in the human capital management market segmented by component will arise in the software segment, which will gain $7,629.2 million of global annual sales by 2027. The top opportunities in segment by deployment model will arise in the cloud segment, which will gain $7,195.9 million of global annual sales by 2027. The top opportunities in segment by organization site will arise in the large enterprises segment, which will gain $7,316.8 million of global annual sales by 2027. The top opportunities in segment by vertical will arise in the telecom and IT segment, which will gain $3,975.2 million of global annual sales by 2027. The human capital management market size will gain the most in the USA at $2,125.5 million.
Market-trend-based strategies for the human capital management market include AI-featured talent acquisition, technology advancements, product innovations, video recruiting, learning experience platforms (LEPs) and employee productivity-enhancing platforms.
Player-adopted strategies in the human capital management market include focus on providing better user experiences and advanced tools for employees and businesses through expanding business across various geographies, focus on strengthening business operations through the launch of new products and focus on expanding operational capabilities through strategic acquisitions.
To take advantage of the opportunities, the analyst recommends the human capital management companies to focus on advanced technologies, focus on AI-featured talent acquisition, focus on product innovations, expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, provide competitively priced offerings, continue to use B2B promotions, focus on online marketing, continue to target fast-growing end-use verticals, and focus on small and medium-sized enterprises.
The global human capital management market reached a value of nearly $19,705.4 million in 2022, having grown at a compound annual growth rate (CAGR) of 5.4% since 2017. The market is expected to grow from $19,705.4 million in 2022 to $31,019.2 million in 2027 at a rate of 9.5%. The market is then expected to grow at a CAGR of 10.1% from 2027 and reach $50,149.0 million in 2032.
Growth in the historic period resulted from the advent of cloud-based HR management software, significant growth in the e-commerce sector and rapid globalization.
Going forward, the increase in adoption of cloud-based approaches, rising urbanization and increasing investments will drive the market. Factors that could hinder the growth of the human capital management market in the future include high cost of human capital management services and cyber security threats.
The human capital management market is segmented by component into software and services. The software market was the largest segment of the human capital management market segmented by component accounting for 66.0% of the total in 2022. Going forward, the software market is expected to be the fastest growing segment in the human capital management market segmented by component, at a CAGR of 9.7% during 2022-2027.
The human capital management market is segmented by deployment model into on premises, and cloud. The cloud market was the largest segment of the human capital management market segmented by deployment model accounting for 62.6% of the total in 2022. Going forward, the cloud market is expected to be the fastest growing segment in the human capital management market segmented by deployment model, at a CAGR of 9.6% during 2022-2027.
The human capital management market is segmented organization site into small and medium sized enterprises, and large enterprises. The large enterprises market was the largest segment of the human capital management market segmented by organization site accounting for 65.0% of the total in 2022. Going forward, the small and medium sized enterprises market is expected to be the fastest growing segment in the human capital management market segmented by organization site, at a CAGR of 9.6% during 2022-2027.
The human capital management market is segmented by vertical into banking, financial services, and insurance, government, manufacturing, telecom and IT, consumer goods and retail, healthcare and life sciences, energy and utilities, transportation and logistics, other verticals. The manufacturing market was the largest segment of the human capital management market segmented by vertical accounting for 32.4% of the total in 2022. Going forward, the telecom and IT market is expected to be the fastest growing segment in the human capital management market segmented by vertical, at a CAGR of 10.2% during 2022-2027.
North America was the largest region in the human capital management market, accounting for 34.1% of the total in 2022. It was followed by Western Europe then the other regions. Going forward, the fastest-growing regions in the human capital management market will be Asia Pacific and the Middle East where growth will be at CAGRs of 29.7% and 24.8% respectively. These will be followed by Eastern Europe and South America where the markets are expected to grow at CAGRs of 2.9% and 2.4% respectively.
The human capital management market is fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 8.33% of the total market in 2021. Automatic Data Processing (ADP) Inc was the largest competitor with 1.66% of the market, followed Oracle Corporation with 1.52%, SAP SE with 1.26%, Paycom Software Inc with 1.07%, Ceridian HCM Holding Inc with 1.03%, Microsoft Corporation with 0.95%, Ultimate Kronos Group with 0.34%, Workday Inc with 0.33%, IBM Corporation with 0.11% and Paylocity Corporation with 0.04%.
The top opportunities in the human capital management market segmented by component will arise in the software segment, which will gain $7,629.2 million of global annual sales by 2027. The top opportunities in segment by deployment model will arise in the cloud segment, which will gain $7,195.9 million of global annual sales by 2027. The top opportunities in segment by organization site will arise in the large enterprises segment, which will gain $7,316.8 million of global annual sales by 2027. The top opportunities in segment by vertical will arise in the telecom and IT segment, which will gain $3,975.2 million of global annual sales by 2027. The human capital management market size will gain the most in the USA at $2,125.5 million.
Market-trend-based strategies for the human capital management market include AI-featured talent acquisition, technology advancements, product innovations, video recruiting, learning experience platforms (LEPs) and employee productivity-enhancing platforms.
Player-adopted strategies in the human capital management market include focus on providing better user experiences and advanced tools for employees and businesses through expanding business across various geographies, focus on strengthening business operations through the launch of new products and focus on expanding operational capabilities through strategic acquisitions.
To take advantage of the opportunities, the analyst recommends the human capital management companies to focus on advanced technologies, focus on AI-featured talent acquisition, focus on product innovations, expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, provide competitively priced offerings, continue to use B2B promotions, focus on online marketing, continue to target fast-growing end-use verticals, and focus on small and medium-sized enterprises.
Table of Contents
1. Executive Summary2. Table Of Contents3. List Of Figures4. List Of Tables5. Report Structure18. Competitive Landscape and Company Profiles
6. Introduction And Market Characteristics
7. Major Market Trends
8. Global Market Size And Growth
9. Global Human Capital Management Market Segmentation
10. Human Capital Management Market, Regional and Country Analysis
11. Asia-Pacific Market
12. Western Europe Market
13. Eastern Europe Market
14. North America Market
15. South America Market
16. Middle East Market
17. Africa Market
19. Company Profiles
20. Key Mergers And Acquisitions
21. Opportunities And Strategies
22. Human Capital Management Market, Conclusions And Recommendations
23. Appendix
Executive Summary
Human Capital Management Global Market Opportunities And Strategies To 2032 provides the strategists; marketers and senior management with the critical information they need to assess the global human capital management market as it emerges from the COVID-19 shut down.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
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- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
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Description:
Where is the largest and fastest-growing market for human capital management? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The human capital management market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider human capital management market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions, and explanations about the human capital management market.
- Key Trends - Highlights the major trends shaping the global human capital management market. This section also highlights likely future developments in the market.
- Global Market Size and Growth - Global historic (2017-2022) and forecast (2022-2027,2032F) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis - Historic (2017-2022) and forecast (2022-2027,2032F), market values and growth and market share comparison by region.
- Market Segmentation - Contains the market values (2017-2032) and analysis for each segment by component, by deployment model, by organization site and by vertical in the market.
- Regional Market Size and Growth - Regional market size (2022), historic (2017-2022) and forecast (2022-2027,2032F) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations - Includes recommendations for human capital management providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
1) By Component: Software; Services2) By Deployment Model: On Premises; Cloud
3) By Organization Site: Small And Medium Sized Enterprises; Large Enterprises
4) By Vertical: Banking, Financial Services, And Insurance; Government; Manufacturing; Telecom And IT; Consumer Goods And Retail; Healthcare And Life Sciences; Energy And Utilities; Transportation And Logistics; Other Verticals
Companies Mentioned: Automatic Data Processing (ADP) Inc; Oracle Corporation; SAP SE; Paycom Software Inc; Ceridian HCM Holding Inc
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time-series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; human capital management indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Automatic Data Processing (ADP) Inc
- Oracle Corporation
- SAP SE
- Paycom Software Inc
- Ceridian HCM Holding Inc
- Microsoft Corporation
- Ultimate Kronos Group
- Workday Inc
- IBM Corporation
- Paylocity Corporation
- CareerNet
- Global InnovSource
- IKYA Human Capital
- Kelly Services
- China International Intellectech Co., Ltd. (CIIC)
- Huisi Group
- Horizons
- Scaleup Consulting
- Sapience Pro
- HROne
- Anhui Tiancheng Technology Co., Ltd
- Arcoro GmbH
- Platri IT GmbH
- Gini Talent
- INKUBIT Business Solutions GmbH
- DevsData Tech Talent LLC
- The Stakeholder Management Group
- Prabisha Consulting
- Ingold Solutions GmbH
- Global Retail Recruitment
- Leinonen Group
- ManpowerGroup
- Brainpower
- Unistaff Payroll Company
- Unity Business Solutions
- ABU Accounting Services
- UCMS Group
- Rufil Russia Consulting
- Coleman Services
- Paychex, Inc
- Oracle Fusion Cloud HCM
- HRdownloads
- People Hum
- Volaris Group
- Black Mountain HR
- Talentor
- Grant Thornton's
- Infor
- RSM
- Maof Group
- Capterra
- Houlihan Lokey
- Finesse
- Ramco Systems
- Azdan
- Apploye
- Nexus Busines Solution
- Sage
- Syspro
- SAP
- Monday.com
- QuickBooks
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 344 |
| Published | October 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 19.7 Billion |
| Forecasted Market Value ( USD | $ 50.1 Billion |
| Compound Annual Growth Rate | 9.8% |
| Regions Covered | Global |
