Global Human Capital Management Software Market Overview:
Human capital management software (HCM software) helps to streamline the entire human resource management process by improving human resource functions such as applicant tracking, sourcing and recruiting, time and attendance management, payroll and compensation, and workforce scheduling. HCM software market has high growth prospects owing to increasing demand to streamline HR operations across numerous industries such as IT & Telecom, BFSI, Healthcare, Retail, and Others.
As per latest study released by AMA Research, the Global Human Capital Management Software market is expected to see growth rate of 7.6%Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Emphasizing On Cloud-Based HCM Software Solutions and Increasing Demand for Customized HCM Solutions
Market Growth Drivers:
Growing Need for Advanced Workforce Analytics Solution, Rising Demand of Mobile-Based HCM Applications and Increasing Applications of Artificial Intelligence across HCM Solutions
Challenges:
Development in Cost-Effective HCM Solutions and Streamline the Process for Deployment of HCM Software
Restraints:
Data Privacy and Security Concerns Regarding Cloud-Based Deployment Model
Opportunities:
Increasing Adoption of HCM Software by Small & Medium Enterprises, The emergence of Digital HR Technologies and Rising Demand from Developing Economies Owing To Growing Industrialization
Competitive Landscape:
Human Capital Management Software is fragmented owing to number of players present in the market. Some of the market leaders are Oracle Corporation, SAP SE, IBM Corporation and others. Market leaders are focusing on technological developments to provide advanced HCM solutions for human resource management. Increasing demand from SMEs boosting the demand for HCM software.
Some of the key players profiled in the report are Workday Inc. (United States), Oracle Corporation (United States), SAP SE (Germany), Kronos Inc. (United States), Automatic Data Processing LLC (United States), Ultimate Software Group Inc. (United States), IBM Corporation (United States), Sum Total Systems LLC (United States), Employ Wise (Australia), Paycom Software, Inc. (United States), Ceridian HCM, Inc. (United States) and People Strategy Inc. (United States). Additionally, following companies can also be profiled that are part of our coverage like Ceridian HCM, Inc. (United States), Infor (United States) and Cornerstone Ondemand Inc. (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Human Capital Management Software market by 2030. Considering Market by Solutions , the sub-segment i.e. Payroll Management (Core HR) will boost the Human Capital Management Software market. Considering Market by End-User Industries, the sub-segment i.e. IT & Telecom will boost the Human Capital Management Software market. Considering Market by Services , the sub-segment i.e. Managed Services will boost the Human Capital Management Software market. Considering Market by Deployment , the sub-segment i.e. On-Premise will boost the Human Capital Management Software market. Considering Market by Size of Enterprise , the sub-segment i.e. Small and Medium Enterprize will boost the Human Capital Management Software market.
Latest Market Insights:
In December 2023, Oracle highlighted AI integration and new product launches in Oracle Fusion Cloud HCM.
June 2020, Automatic Data Processing (ADP) an American provider of human resources management software collaborated with Microsoft to integrate ADP’s Workforce Now HCM solutions with Microsoft Dynamics 365 Business Central aimed to integrate of business solutions.
What Can be Explored with the Human Capital Management Software Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Human Capital Management Software Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Human Capital Management Software
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Human Capital Management Software market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Human Capital Management Software market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Software Developer, Service Provider, Potential Investors, New Entrants and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.