Human Capital Management Solutions Market size is set to grow by USD 11.19 billion from 2022-2027- Technavio
Industry: Technology
The increasing demand for unified solutions for all HR functions to drive the market growth
New York, NY (PRUnderground) November 20th, 2023
The Human Capital Management Solutions Market size is estimated to grow by USD 11.19 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 8.45% during the forecast period. The market growth is significantly driven by the rising need for comprehensive HR solutions encompassing all functions. As digital technologies gain widespread adoption, companies increasingly favor unified HR solutions. HCM solutions present software solutions streamlining an organization’s entire HR process. These solutions automate payroll, recruitment, performance reviews, onboarding, training, time and attendance management, strategic planning, and operational control processes. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
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- Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – buy the report
Human Capital Management (HCM) Solutions Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on application (core HR, talent, and workforce), component (solution and service), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
There will be notable market share growth in the core HR segment during the forecast period. Core HR tasks encompass employee recruitment, training, payroll, scheduling, benefits administration, internal relations, and safety and compliance.
Geography Overview
By geography, the Human Capital Management (HCM) Solutions Market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the Human Capital Management (HCM) Solutions Market.
North America is expected to contribute 34% to the global market’s growth. The region’s HCM solutions market is driven by factors like increased job opportunities, rising number of job seekers amid globalization, expanded use of social media in recruitment processes, and growing demand for cost optimization.
Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report
Human Capital Management (HCM) Solutions Market – Market Dynamics
Leading trends influencing the market
The market observes an increasing demand from SMEs seeking efficient HR solutions to overcome constraints in time, user adoption, and finances. Various HCM solutions, adaptable to different price ranges, now cater to SMEs due to technological advancements. Implementing these solutions enhances organizations’ competitiveness by facilitating quicker and better-quality candidate hires. Key advantages include global workforce management, staffing, payroll processing, training, performance evaluation, employee self-service, and business intelligence, driving the demand for HCM solutions.
Major challenges hindering the market growth
- Increasing workforce diversity impedes market growth, as open-source software emerges as stiff competition for HCM solutions, offering diverse HR functionalities.
- Various companies provide on-premise and cloud-based open-source software, like Sapplica’s Sentrifugo, offering HRMS features, set a challenge to HCM solutions’ market presence.
- Separate software offerings for specific HR functions, lower cost, and preference by micro and small-scale enterprises for freely available open-source products on the internet set significant threats to the growth of the global HCM solutions market.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report
What are the key data covered in this Human Capital Management (HCM) Solutions Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Human Capital Management (HCM) Solutions Market between 2023 and 2027
- Precise estimation of the size of the Human Capital Management (HCM) Solutions Market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Human Capital Management (HCM) Solutions Market industry across APAC, Europe, North America, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Human Capital Management (HCM) Solutions Market vendors
Related Reports:
Human Resource Outsourcing (HRO) Market: The human resource outsourcing (HRO) market size is estimated to grow at a CAGR of 5.65% between 2022 and 2027. The market size is forecast to increase by USD 13.65 billion.
Talent Management Software Market: The talent management software market is estimated to grow at a CAGR of 11.26% between 2022 and 2027. The market size is forecast to increase by USD 9,153.38 million.
TOC
- Executive Summarys
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Application
- Market Segmentation by Component
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About Technavio Research
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
