Global Human Capital Management Market worth USD 27.3 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Global Human Capital Management Market segmented by Component (Software- Core HR, Applicant Tracking System, HR Analytics, Workforce Management; and Services- Integration and Implementation, Training and Education, Support and Maintenance, Consulting), by Deployment Model (On-Premises and Cloud), by Organization Size (Large and SMEs), by End-Use Industries (Banking, Financial Services, and Insurance (BFSI), Government, Manufacturing, Telecom and IT, Consumer Goods and Retail, Healthcare and Life Sciences, Energy and Utilities, Transportation and Logistics, and Others) and by Region - Global Trends, Market Share, and Forecast to 2027". The global human capital management market is estimated to grow from USD 17.0 billion in 2020 to USD 27.3 billion by 2027, at a CAGR of 7.0% from 2021 to 2027. Human Capital Management (HCM) reshapes the traditional administrative functions of human resources (HR) departments, file keeping, record management documents, training, payroll, recruiting, and performance management. HCM shifts it into opportunities to productivity, drive engagement, and business value. This will impact the growth of the HCM market in upcoming years across the globe. The HCM-term is an interchangeable term for both business strategy and a set of modern IT software, applications, and other technologies used to implement that strategy.

Global Human Capital Management  Market Segmentation

The overall global human capital management market has been segmented into the component, deployment model, organization size, end-use industry, and region.

• By Component (Software- Core HR, Applicant Tracking System, HR Analytics, Workforce Management; and Services- Integration and Implementation, Training and Education, Support and Maintenance, Consulting)
• By Deployment Model (On-premises and Cloud)
• By Organization Model (SMEs and Large Enterprises)
• By End-Use Industries (Banking Financial Services, and Insurance (BFSI), Government, Manufacturing, Telecom and IT, Consumer Goods and Retail, Healthcare and Life Sciences, Energy and Utilities, Transportation and Logistics, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Healthcare, by end-use industry, is estimated to hold the largest market share during the forecast period in the human capital management Market

Based on the end-use industry, the human capital management market is segmented into banking financial services, insurance (BFSI), government, manufacturing, telecom and IT, consumer goods and retail, healthcare and life sciences, energy, and utilities, transportation and logistics, and others. Among them, the healthcare sector is expected to showcase significant adoption of human capital management solutions in the coming years. According to the US Bureau of Labor Statistics, employment in the healthcare sector is expected to increase by 14% between 2018 and 2028, adding around 1.9 million new jobs. The estimated growth can be attributed to the increasing prevalence of diseases, research, and development in the health sector, which has increased the demand for health services. Therefore, healthcare professionals are more likely to adopt workforce management solutions to recruit and manage the workforce, contributing to the growth of the human capital management market.

The BFSI industry is expected to be one of the potential clients for workforce solutions. For instance, the BFSI sector Skill Council of India is creating strategies and operational plans to standardize the skills required for various positions in the industry. These factors are likely to create profitable opportunities for solution providers. The IT and telecommunications, government, and retail industries are expected to significantly embrace talent management and HR  workforce management solutions in the coming years. HR professionals in industries are increasingly adopting HR automation tools to administer employee benefits.

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North America accounts for the highest market share during the forecast period in the human capital management  market

Based on the region human capital management market is segmented into North America, Europe, the Asia Pacific, and the RoW. North America holds the largest share of the global market, followed by Europe. Due to the increasing investments in human capital management, the influx of new startups, the presence of large enterprises, availability of major players, improvements in the reimbursement structure for human capital management, and government initiatives to support technological advancements drive market growth in this region.

The Asia Pacific region is expected to register potential growth, during the forecast period, due to emerging markets such as China and India are witnessing growth due to the increasing penetration of technology in the region. This has resulted in the increasing acceptance of advanced systems in the Asia Pacific region.  

This research report includes a study on the development and marketing strategies, product portfolios, and winning design of the leading companies operating in the human capital management market. It also consists of the profiles of leading companies such as
Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Software (US), Ceridian (US), SumTotal (US), Kronos (US), Infor (US), Talentsoft (France), and EmployWise (India), among others. These market players have focused on acquisitions and expansion to gain a larger market share in the human capital management market.

Browse complete report: https://www.marketstatsville.com/human-capital-management-market

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