The human capital management software market size has grown rapidly in recent years. It will grow from $23.12 billion in 2023 to $25.67 billion in 2024 at a compound annual growth rate (CAGR) of 11%. The growth in the historic period can be attributed to regulatory compliance, shift to remote work, employee experience focus, data analytics, and strategic HR focus.
The human capital management software market size is expected to see rapid growth in the next few years. It will grow to $39.2 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. Looking ahead to the forecast period, growth is anticipated due to increased attention on employee well-being and mental health, the implementation of skills-based talent management, emphasis on workforce planning and agility, and the adoption of hybrid work models. Key trends expected in the forecast period include the integration of AI-powered solutions, support for compliance and regulatory requirements, emphasis on continuous learning and development, agile workforce planning strategies, and the implementation of skills-based talent management approaches.
The increasing adoption of remote work is expected to drive the growth of the human capital management software market in the future. Remote work involves the strategies and tools used by organizations and individuals to effectively conduct work outside of traditional office settings. Human capital management (HCM) software plays a crucial role in managing remote workforce performance by facilitating goal setting, performance evaluation, and feedback exchange. It also enables organizations to effectively oversee remote teams through virtual collaboration, communication, and performance monitoring tools. For instance, in June 2023, according to reports published by Forbes Media LLC, a US-based publication company, around 12.7% of full-time employees worked from home, while 28.2% used a hybrid model in the US, which is expected to reach 32.6 million by 2025. Therefore, the rising acceleration of remote work is driving the growth of the human capital management software market.
Leading companies in the human capital management software market are prioritizing the development of cloud-based solutions to meet the evolving needs of organizations. Cloud-based HCM software, hosted on the web, centralizes HR functions remotely via the Internet. For instance, in March 2021, Zellis, a UK-based human resources management software developer, launched its flagship Human Capital Management (HCM) solution called Zellis HCM Cloud. This new solution combines with the recent cloud, automation, and AI advancements to provide engaging employee experiences, empower businesses with transformative data analytics, and achieve unprecedented levels of efficiency for payroll and HR procedures. It is used as part of a managed payroll and HR service, available to companies requiring a larger team of professionals to improve cost management, operational efficiency, and business resilience.
In June 2023, GrowthCurve Capital, a US-based private equity firm, acquired Netchex to strengthen its portfolio of human capital management and payroll software solutions. The acquisition aims to accelerate growth by leveraging AI strategies, developing data analytics capabilities, and expanding market reach. Netchex, a US-based provider of cloud-based HCM and payroll software solutions, aligns with GrowthCurve's vision for enhancing human capital management technologies.
Major companies operating in the human capital management software market are Accenture plc., International Business Machines Corporation, Oracle Corporation, SAP SE, Automatic Data Processing Inc. (ADP), Workday Inc., Paychex Inc., Ultimate Kronos Group Inc. (UKG), Sage Group plc, Paycom Software Inc., Ceridian HCM Inc., Unit4 NV, Cornerstone OnDemand Inc., Gusto Inc., Zenefits, SumTotal Systems, BambooHR, PeopleFluent Holdings Corporation, Ramco Systems, SmartRecruiters, Talentsoft, Namely, Saba Software.
North America was the largest region in the human capital management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the human capital management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the human capital management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Human Capital Management (HCM) software is a comprehensive suite of applications crafted to streamline and automate human resources (HR) processes and functions within an organization. This software encompasses various modules aimed at managing core HR activities, talent acquisition, workforce management, performance evaluation, learning and development, and employee engagement.
The primary solutions within human capital management software include payroll management, talent management, and workforce management. Payroll management involves the administration and oversight of wage, salary, bonus, and deduction payments to employees within an organization. These solutions can be implemented in both on-premises and cloud-based environments. Human capital management software finds application across diverse sectors, including banking, financial services, and insurance (BFSI), retail and e-commerce, manufacturing, healthcare, government and public sector, professional services, and others.
The human capital management software market research report is one of a series of new reports that provides human capital management software market statistics, including human capital management software industry global market size, regional shares, competitors with a human capital management software market share, detailed human capital management software market segments, market trends and opportunities, and any further data you may need to thrive in the human capital management software industry. This human capital management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The human capital management software includes revenues earned by entities by providing services such as employee data management, learning and development, benefits administration, succession planning, performance management, and workforce planning. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The human capital management software market size is expected to see rapid growth in the next few years. It will grow to $39.2 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. Looking ahead to the forecast period, growth is anticipated due to increased attention on employee well-being and mental health, the implementation of skills-based talent management, emphasis on workforce planning and agility, and the adoption of hybrid work models. Key trends expected in the forecast period include the integration of AI-powered solutions, support for compliance and regulatory requirements, emphasis on continuous learning and development, agile workforce planning strategies, and the implementation of skills-based talent management approaches.
The increasing adoption of remote work is expected to drive the growth of the human capital management software market in the future. Remote work involves the strategies and tools used by organizations and individuals to effectively conduct work outside of traditional office settings. Human capital management (HCM) software plays a crucial role in managing remote workforce performance by facilitating goal setting, performance evaluation, and feedback exchange. It also enables organizations to effectively oversee remote teams through virtual collaboration, communication, and performance monitoring tools. For instance, in June 2023, according to reports published by Forbes Media LLC, a US-based publication company, around 12.7% of full-time employees worked from home, while 28.2% used a hybrid model in the US, which is expected to reach 32.6 million by 2025. Therefore, the rising acceleration of remote work is driving the growth of the human capital management software market.
Leading companies in the human capital management software market are prioritizing the development of cloud-based solutions to meet the evolving needs of organizations. Cloud-based HCM software, hosted on the web, centralizes HR functions remotely via the Internet. For instance, in March 2021, Zellis, a UK-based human resources management software developer, launched its flagship Human Capital Management (HCM) solution called Zellis HCM Cloud. This new solution combines with the recent cloud, automation, and AI advancements to provide engaging employee experiences, empower businesses with transformative data analytics, and achieve unprecedented levels of efficiency for payroll and HR procedures. It is used as part of a managed payroll and HR service, available to companies requiring a larger team of professionals to improve cost management, operational efficiency, and business resilience.
In June 2023, GrowthCurve Capital, a US-based private equity firm, acquired Netchex to strengthen its portfolio of human capital management and payroll software solutions. The acquisition aims to accelerate growth by leveraging AI strategies, developing data analytics capabilities, and expanding market reach. Netchex, a US-based provider of cloud-based HCM and payroll software solutions, aligns with GrowthCurve's vision for enhancing human capital management technologies.
Major companies operating in the human capital management software market are Accenture plc., International Business Machines Corporation, Oracle Corporation, SAP SE, Automatic Data Processing Inc. (ADP), Workday Inc., Paychex Inc., Ultimate Kronos Group Inc. (UKG), Sage Group plc, Paycom Software Inc., Ceridian HCM Inc., Unit4 NV, Cornerstone OnDemand Inc., Gusto Inc., Zenefits, SumTotal Systems, BambooHR, PeopleFluent Holdings Corporation, Ramco Systems, SmartRecruiters, Talentsoft, Namely, Saba Software.
North America was the largest region in the human capital management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the human capital management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the human capital management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Human Capital Management (HCM) software is a comprehensive suite of applications crafted to streamline and automate human resources (HR) processes and functions within an organization. This software encompasses various modules aimed at managing core HR activities, talent acquisition, workforce management, performance evaluation, learning and development, and employee engagement.
The primary solutions within human capital management software include payroll management, talent management, and workforce management. Payroll management involves the administration and oversight of wage, salary, bonus, and deduction payments to employees within an organization. These solutions can be implemented in both on-premises and cloud-based environments. Human capital management software finds application across diverse sectors, including banking, financial services, and insurance (BFSI), retail and e-commerce, manufacturing, healthcare, government and public sector, professional services, and others.
The human capital management software market research report is one of a series of new reports that provides human capital management software market statistics, including human capital management software industry global market size, regional shares, competitors with a human capital management software market share, detailed human capital management software market segments, market trends and opportunities, and any further data you may need to thrive in the human capital management software industry. This human capital management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The human capital management software includes revenues earned by entities by providing services such as employee data management, learning and development, benefits administration, succession planning, performance management, and workforce planning. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Human Capital Management Software Market Characteristics3. Human Capital Management Software Market Trends and Strategies32. Global Human Capital Management Software Market Competitive Benchmarking33. Global Human Capital Management Software Market Competitive Dashboard34. Key Mergers and Acquisitions in the Human Capital Management Software Market
4. Human Capital Management Software Market - Macro Economic Scenario
5. Global Human Capital Management Software Market Size and Growth
6. Human Capital Management Software Market Segmentation
7. Human Capital Management Software Market Regional and Country Analysis
8. Asia-Pacific Human Capital Management Software Market
9. China Human Capital Management Software Market
10. India Human Capital Management Software Market
11. Japan Human Capital Management Software Market
12. Australia Human Capital Management Software Market
13. Indonesia Human Capital Management Software Market
14. South Korea Human Capital Management Software Market
15. Western Europe Human Capital Management Software Market
16. UK Human Capital Management Software Market
17. Germany Human Capital Management Software Market
18. France Human Capital Management Software Market
19. Italy Human Capital Management Software Market
20. Spain Human Capital Management Software Market
21. Eastern Europe Human Capital Management Software Market
22. Russia Human Capital Management Software Market
23. North America Human Capital Management Software Market
24. USA Human Capital Management Software Market
25. Canada Human Capital Management Software Market
26. South America Human Capital Management Software Market
27. Brazil Human Capital Management Software Market
28. Middle East Human Capital Management Software Market
29. Africa Human Capital Management Software Market
30. Human Capital Management Software Market Competitive Landscape and Company Profiles
31. Human Capital Management Software Market Other Major and Innovative Companies
35. Human Capital Management Software Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Human Capital Management Software Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on human capital management software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for human capital management software ? 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 software 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 historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Solution: Payroll Management; Talent Management; Workforce Management2) by Deployment: on-Premise; Cloud
3) by Application: Small Business; Midsized Business; Large Business
4) by End-Use Industry: Banking, Financial Services, and Insurance (BFSI); Retail and E-Commerce; Manufacturing; Healthcare; Government and Public Sector; Professional Services; Other End-Use Industries
Key Companies Mentioned: Accenture plc.; International Business Machines Corporation; Oracle Corporation; SAP SE; Automatic Data Processing Inc. (ADP)
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
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.
Data Segmentation: 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.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Accenture plc.
- International Business Machines Corporation
- Oracle Corporation
- SAP SE
- Automatic Data Processing Inc. (ADP)
- Workday Inc.
- Paychex Inc.
- Ultimate Kronos Group Inc. (UKG)
- Sage Group plc
- Paycom Software Inc.
- Ceridian HCM Inc.
- Unit4 NV
- Cornerstone OnDemand Inc.
- Gusto Inc.
- Zenefits
- SumTotal Systems
- BambooHR
- PeopleFluent Holdings Corporation
- Ramco Systems
- SmartRecruiters
- Talentsoft
- Namely
- Saba Software
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | June 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 25.67 Billion |
Forecasted Market Value ( USD | $ 39.2 Billion |
Compound Annual Growth Rate | 11.2% |
Regions Covered | Global |