Human Capital Management Market size worth $ 41.43 Billion, Globally, by 2030 at 7.49% CAGR: Verified Market Research
Factors such as adoption of Robotic Process Automation (RPA) technology to improve HR Operations, Artificial Intelligence, as well as cloud based solutions and talent mobility is expected to boost the Human Capital Management Market.
Verified Market Research recently published a report, “Human Capital Management Market” By Component (Software, Service), By Deployment Mode (On-premise, Cloud), By Industry Verticals (Retail, BFSI), and By Geography. According to Verified Market Research, the Human Capital Management Market size was valued at USD 21.63 Billion in 2021 and is projected to reach USD 41.43 Billion by 2030, growing at a CAGR of 7.49% from 2022 to 2030.Global Human Capital Management Market Overview
Increase in the adoption of Cloud-based HCM software driving the growth of the market. The adoption of cloud-based HCM solutions is accelerating across a number of business verticals, including BFSI, retail, healthcare, manufacturing, IT & telecommunication, and media & entertainment. Through an HR employee access portal, these systems offer secure access to numerous administrative activities. Employees can practically access their data from anywhere using a desktop or mobile device owing to this. Growing Demand for HCM Unified Solution fueling market expansion.
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Companies all across the world focus on improving productivity and resource efficiency. Businesses may bring business strategy alignment, team execution, and maximum employee performance to the organization by implementing unified HCM solutions and simplifying HR and people processes. Onboarding, social business & collaboration, performance management, and learning management are just a few of the modules included in the HCM suite. Security concerns over cloud-based deployment may act as a restraining factor for the market. Owing to the majority of HCM software being located in cloud infrastructure that is controlled by a third party, companies are concerned about security. To take advantage of cloud technology benefits such as security, scalability, and reduced costs for IT infrastructure, the majority of vendors are now selling HCM software in the cloud.
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Key Developments
In September 2021: Google LLC has subscribed to new Workday products, including Workday Adaptive Planning, Workday Extend, Workday Prism Analytics, and Workday Strategic Sourcing, according to a release from Workday. Google will also increase its current use of Workday HCM, introducing additional applications to enable improved employee experiences and recruiting to serve its global workforce, as part of its ongoing investment in talent management strategy.
In May 2020: Workday said a partnership with Microsoft. This partnership aims to enhance cloud-based enterprise planning software by operating workday adaptive planning on the Microsoft Azure cloud.
In July 2019; Ultimate Software launched the Employee File Management, which would help HR professionals easily share documents with third parties irrespective of their location.
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