by on September 26, 2023

Market Overview

The human capital management (HCM) market is a rapidly growing industry that provides software and solutions to help organizations manage their workforce. HCM solutions can help organizations with a variety of tasks, including recruiting, onboarding, performance management, training and development, compensation and benefits, and compliance.

The human capital management market is being driven by a number of factors, including the increasing globalization of the workforce, the growing demand for skilled workers, and the need for organizations to improve their employee engagement and productivity.

According to a report by Market Research Future, the global human capital management market was valued at $14.1 billion in 2022 and is projected to reach $28.65 billion by 2032, growing at a CAGR of 8.20% from 2023 to 2032.

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Key Companies

Some of the key players in the HCM market include:

  • Workday
  • SAP
  • Oracle
  • ADP
  • Paychex
  • UKG
  • Cornerstone OnDemand
  • SuccessFactors
  • BambooHR
  • Gusto

Market Segmentation

The HCM market can be segmented by component, deployment, organization size, end-use industry, and region.

By component:

  • Solution
  • Service

By deployment:

  • Cloud-based
  • On-premise

By organization size:

  • Small and medium-sized enterprises (SMEs)
  • Large enterprises

By end-use industry:

  • IT and telecommunications
  • Financial services
  • Healthcare
  • Manufacturing
  • Retail
  • Education
  • Government

By region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Regional Insights

North America is the largest market for HCM solutions, followed by Europe and Asia Pacific. The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to the increasing adoption of HCM solutions by SMEs in the region.

Industry Latest News

Here are some of the latest news stories from the HCM industry:

  • Workday Acquires Peakon for $700 Million: Workday, a leading provider of HCM software, acquired Peakon, an employee engagement platform, for $700 million in August 2023. The acquisition is expected to help Workday expand its portfolio of HCM offerings and provide its customers with a more comprehensive solution for managing their workforce.
  • SAP Launches New HCM Suite: SAP, another leading provider of HCM software, launched its new HCM suite in September 2023. The new suite includes a number of new features and enhancements, such as a new user interface, improved integration with SAP's other products, and new analytics and reporting capabilities.
  • Oracle Announces New HCM Cloud Partner Program: Oracle, another leading provider of HCM software, announced its new HCM Cloud Partner Program in October 2023. The program is designed to help Oracle's partners deliver HCM solutions to their customers more effectively.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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