Growing Automation of Workflows Drives Human Capital Management Software Market
New York, US, Oct. 06, 2022 (GLOBE NEWSWIRE) -- The HCM Software Market is garnering significant traction worldwide. The growing adoption of HCM solutions in businesses to gain operational insights to make smarter & faster decisions and deliver best-in-class employee experiences drives the market growth. Besides, the rising use of embedded cutting-edge technologies, such as AI and chatbots, to automate workflows escalates the market value.
With the increasing competition in business environments, organizations worldwide are rapidly implementing HCM software solutions into their systems. This is expected to increase the HCM market shares. According to Market Research Future (MRFR), the global human capital management software market will reach USD 28.93 billion by 2030, growing at an 8.2% CAGR during the assessment period (2020-2030).
Key players involved in the HCM market are:
Oracle Corporation (US)
NetSuite Inc. (US)
Ultimate Software Group Inc. (US)
Workday Inc. (US)
ADP LLC (US)
Benefitfocus Inc. (US)
Cornerstone OnDemand (US)
SAP SE (Germany)
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Human capital management software or HCM software enables organizations to optimize their employees' productivity by helping in HR-related processes, such as core HR, recruitment, talent management, learning, compensation & benefits, workforce planning, work-life solutions, time tracking, and payroll. The software optimizes labor requirements by creating & managing staff schedules to accomplish various tasks.
Using HCM solutions, businesses can make smarter & faster decisions, deliver best-in-class employee experiences, and leverage embedded cutting-edge technologies, such as AI and chatbots, to automate workflows and quickly improve their efficiency and engagement. The functional components of HCM solutions include managing employee lifecycle end-to-end, strategic HR, HR service delivery, employee engagement, and compliance & fraud detection.
There are huge benefits of implementing human capital management software into business systems. Key benefits of HCM software include attract & retain talent, increasing hiring speed & quality, responding with agility to change by aligning resources with business strategy, optimizing workforce management & spending, managing time & labor, scheduling, related expenses, and streamlined HR operations.
HCM Software Market Report Scope:
USD 28.93 billion
CAGR of 8.2%
Key Market Drivers:
The new generation of AI is now capable of learning about human behaviors and acting accordingly.
COVID 19 pandemic fostered digitization and automation across industries worldwide. Besides, WFH or remote work location mandates established the importance of an online system to manage employees in real time and with accurate information. Many organizations are confronting the need to improve employee time management, attendance, and scheduling of various HR processes.
Resultantly, HCM software implementation increased rapidly in organizations of all sizes to better manage their HR operations while enhancing collaboration & productivity and simplifying related work requirements. The market growth is also driven by the rising adoption of HCM solutions across the BFSI, IT & telecom, and retail industries. The rising demand to gain enhanced control over employees influences market gains.
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Moreover, increasing investments by enterprises in deploying HCM software to increase employee productivity escalates the market value. The proliferation of mobile devices in the working culture encourages businesses to invest in cloud-based HCM solutions infrastructure, allowing HR staff to remotely manage workforces by accessing information anytime and anywhere.
Human Capital Management Software Market Segments
The human capital management software (HCM) market is segmented into types, services, organization size, deployments, end-users, and regions. The software type segment is sub-segmented into HR services & analytics, workforce management, sourcing & recruiting, tracking of applicants, and others. The service segment is sub-segmented into integration, consulting, management, and others.
The organization size segment is sub-segmented into large multinational corporations and SMEs. The deployment segment is sub-segmented into on-premise and on-cloud. The end user segment is sub-segmented into BFSI, manufacturing, healthcare, telecom, energy, retail, logistics, and others. The region segment is sub-segmented into the Asia-Pacific, MEA, Americas, Europe, and rest-of-the-world.
Human Capital Management Software Market Regional Analysis
North America is the largest market for human capital management software. The increasing early adoption of HCM solutions & services and advanced technologies such as cloud computing, machine learning, and artificial intelligence drive the market growth. Besides, the strong presence of leading HCM software providers and the rising demand for improved transparency in employer-employee relationships and operational efficiency boosts the human capital management software market size.
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Europe is another profiting market for human capital management software. The rising use of HCM solutions in rapidly growing organizations accelerates the region's market shares. Moreover, the vast adoption of digital workplace solutions in midsize businesses and the rising demand for data-driven decision-making & cloud-based deployment model in the region escalate the human capital management software market value.
The human capital management software market is brisk in the Asia Pacific region. The region demonstrates immense growth potential as more and more enterprises are looking to automate core HR processes. Furthermore, the proliferation of cloud technology and investments by players operating in the region influences market revenues. Also, the rapidly growing businesses in this region substantiate the human capital management software market size.
Human Capital Management Software Market Competitive Analysis
The human capital management software market witnesses significant product launches and implementations of several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature industry players invest strategically in research and development activities and foster their expansion plans.
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For instance, on Sept. 13, 2022, HRSoft, a leading employee compensation management software platform, announced the partnership with Bow River Capital's Software Growth Equity (SGE) to gain operational, growth, and innovation expertise. The HR tech company majorly invests in driving the use of its full suite of HCM applications, continuing scaling operational infrastructure, and profitable growth.
HRSoft's industry-leading low-code SaaS platform empowers enterprises to take control of employee compensation, rewards, and performance management. This modern architecture enables the full suite of 100% configurable applications that can be delivered quickly at a significantly lower cost of ownership than traditional human capital management systems.
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