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Human Capital Management Market worth $41.3 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 5, 2024 /PRNewswire/ — Digital transformation, with a focus on employee experience, remote workforce management, skills-based talent management, diversity and inclusion efforts, and AI-powered HR automation, will influence the future of the human capital management (HCM) market. Enhancing workforce management strategies and promoting corporate success will also require agile HR practices, regulatory compliance, data protection, and interaction with business platforms.
The Human Capital Management Market is expected to grow from USD 27.5 billion in 2024 to USD 41.3 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period, according to a new report by MarketsandMarkets™. HCM focuses on optimizing the potential of a company’s workforce through strategic HR practices. It transcends borders, harnessing diverse talents worldwide and shaping global enterprises for sustainable growth and competitive advantage. These drive the development of the HCM market.
Browse in-depth TOC on “Human Capital Management Market”
398 – Tables
58 – Figures
294 – Pages
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Scope of Report
|
Report Metrics |
Details |
|
Market Size Available For Years |
2019–2029 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2029 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Segments Covered |
Offering, Deployment Model, Organization Size, and Vertical |
|
Regions Covered |
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
|
Companies Covered |
Workday(US), UKG(US), Oracle (US), SAP(Germany), Dayforce(US), ADP (US), Paylocity(US), Paycom(US), Cornerstone(US), and Microsoft(US). |
Based on the Offering, the Services segment will grow at the highest CAGR during the forecast period.
In services, HCM intersects with several vital drivers, reshaping how organizations manage human resource interactions and support functions. HCM offers scalability and flexibility, allowing businesses to adjust HR according to demand and changing customer needs while ensuring cost efficiency through outsourcing. Service segments in HCM are pivotal for the effective deployment, ongoing support, and continuous enhancement of HCM software solutions. These services encompass three critical areas: Implementation and Support, Ongoing Customer Support, and Continuous Improvement & Enhancements. Service providers assist organizations in transitioning to new HCM software by offering tailored implementation plans aligned with existing processes and providing hands-on training during the implementation phase. Post-implementation, dedicated customer support ensures prompt assistance for any issues or queries, essential for maximizing the software’s utility.
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Based on Vertical, the BFSI segments will gain the highest market size during the forecast period.
HCM aids BFSI in inefficient workforce management, compliance adherence, and talent retention strategies. With the industry’s complex regulatory environment and demand for skilled professionals, HCM solutions streamline HR processes, enhance employee engagement, and facilitate strategic workforce planning. Providers like Peoplestrong offer features such as bulk transactions, complete and final settlements (FnF) management, mobile transactions, and AI chatbots. Akrivia HCM provides a unified HCM platform explicitly designed for the BFSI industry, featuring bulk employee detail uploads, background verification, approval flow configurations, personalized training programs, continuous performance management, employee engagement tools, and comprehensive reports and analytics for strategic workforce planning and operational efficiency.
By Region, Asia-Pacific will grow at the highest CAGR during the forecast period.
Businesses in Asia Pacific are increasingly focusing on resource optimization and productivity enhancement, leading to a rising demand for HCM solutions. Critical countries covered include China, Japan, India, Singapore, Malaysia, the Philippines, and other Asia Pacific countries. Growth is anticipated due to the emergence of startups and the adoption of new technologies such as Industry 4.0, data analytics, cloud technology, and artificial intelligence, necessitating a skilled workforce. Integration with other business systems, like payroll, accounting, and talent management, is a crucial focus for HCM software providers in the region. Seamless integration allows for the smooth flow of data across different departments, improving data accuracy and overall operational efficiency. Due to the increasing prevalence of mobile devices, HCM software providers offer mobile applications to enhance accessibility and connectivity. Mobile apps allow employees and HR professionals to access HR-related information and perform essential tasks on the go, making managing HR functions remotely in the region more accessible.
Top Key Companies in Human Capital Management Market:
Some of the key players operating in the Human Capital Management Market are – Workday (US), UKG (US), Oracle (US), SAP (Germany), Dayforce (US), ADP (US), Paylocity (US), Paycom (US), Cornerstone (US), and Microsoft (US).
Recent Developments:
- Workday launched Manager Insights Hub. The Workday Manager Insights Hub is a new solution designed to enhance the manager experience by providing timely and personalized insights and recommended actions within their workflow. Leveraging AI and ML technologies, it surfaces automated recommendations related to team time off, employee skills, sentiment, goals, and more, empowering managers to make informed decisions and effortlessly facilitate their teams’ career growth and development.
- UKG and PayPal collaborated to enable individuals paid through UKG to direct deposit earnings into PayPal Balance accounts, offering flexibility and faster access to wages. This industry-first partnership highlights UKG’s commitment to providing people-centric experiences in HR solutions.
- Dayforce acquired Eloomi, a provider of innovative HR solutions. This move would enhance both companies’ product and service offerings, leveraging Eloomi’s expertise and Dayforce’s extensive resources. This deal would offer innovations, including AI Co-pilot, Enhanced Analytics & Reporting, and Social & Communications modules. Despite potential logo changes, Eloomi’s dedicated team and customer support will remain unchanged, ensuring a seamless experience for existing clients.
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Human Capital Management Market Advantages:
- HCM systems increase productivity and lessen administrative load by automating and streamlining crucial HR procedures including workforce management, payroll, benefits administration, and time and attendance monitoring.
- Organisations can attract, retain, and develop top people with the help of HCM systems’ sophisticated talent acquisition and management tools, which include application tracking, onboarding, performance management, and succession planning.
- Through features like employee self-service portals, feedback tools, recognition programmes, and career development efforts, HCM systems improve employee engagement and retention while building a positive work culture and lowering attrition.
- By automating compliance procedures, handling paperwork, and offering audit trails, HCM solutions guarantee adherence to labour laws, regulations, and industry standards while lowering the possibility of fines and legal ramifications for non-compliance.
- Insights into workforce trends, performance indicators, and HR KPIs are provided by HCM platforms’ powerful analytics and reporting features, which facilitate data-driven decision-making and strategic planning to maximise workforce management and productivity.
- Through workforce planning tools, HCM systems assist businesses in anticipating their workforce needs, identifying skills gaps, and optimising staffing levels. This enables proactive talent management and resource allocation to support business objectives.
- As remote work becomes more common, HCM platforms help manage the workforce remotely by offering features like performance tracking, virtual collaboration tools, flexible scheduling, and virtual collaboration tools. These features guarantee engagement and productivity in dispersed work environments.
- HCM solutions are adaptable and scalable, meeting the demands of companies of all sizes and sectors, from start-ups to major corporations, and enabling system integration and customisation to satisfy particular needs.
Report Objectives
- To define, describe, and forecast the global HCM market based on offering deployment model, organization size, vertical, and region
- To forecast the market size of the five major regional segments: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
- To strategically analyze the market subsegments concerning individual growth trends, prospects, and contributions to the total market
- To provide detailed information related to the major drivers, restraints, opportunities, and challenges influencing the growth of the market
- To strategically analyze macro and micro markets concerning growth trends, prospects, and their contributions to the overall market
- To analyze industry trends, patents & innovations, and pricing data related to the Human Capital Management Market
- To analyze the impact of the recession on offerings, deployment models, organization size, verticals, and regions globally
- To analyze the opportunities in the market for stakeholders and provide details of their competitive landscape for prominent players
- To profile key players in the market and comprehensively analyze their market shares/ranking and core competencies
- To track and analyze competitive developments, such as mergers & acquisitions, new product developments, and partnerships & collaborations in the market
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About MarketsandMarkets™
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Two former Temenos executives, Todd Winship and Rayce Rossum, have co-founded yPilot, a fintech startup specializing in GenAI technologies for financial institutions.
Established earlier this year and headquartered in Vancouver, Canada, yPilot aims to be a leader in AI innovation for banks and credit unions.
The company offers a “banking-specific, embeddable AI” platform designed to help financial institutions enhance customer satisfaction, combat fraud, and ensure compliance.
Todd Winship serves as the CEO, while Rayce Rossum is the CTO. Rossum spent seven years at Temenos, beginning as a senior software engineer and advancing to senior principal data scientist, where he worked on AI projects with banks such as Canadian Western Bank (CBW) and UBS.
Winship joined Temenos in 2011 following the acquisition of his business intelligence company, Primisyn. Founded in 2007, Primisyn provided data and analytics solutions to the Canadian credit union sector, and by the time of its acquisition, it had around 25 credit unions using its Microsoft-based Simplus Enterprise Suite. Winship remained at Temenos for nearly 13 years, leading the data and analytics business line as global product director.
“We are creating the future of financial services one intelligent application at a time,” yPilot states on its website.
Source: fintechfutures.com
The post Former Temenos execs found GenAI banking tech start-up, yPilot appeared first on HIPTHER Alerts.
Latest News
Accure Acne and Quanta System Announce Commercial Partnership in the EU to Broaden Adoption of The Accure Laser
Access to Quanta System’s Distribution Network Will Allow EU Clinicians to Acquire the Groundbreaking Accure Laser System
BOULDER, Colo., June 13, 2024 /PRNewswire/ — Accure Acne, Inc.™ (www.accureacne.com), a pioneer in innovative acne treatment solutions, announced today that Accure and Quanta System will expand their successful partnership, enhancing access to the revolutionary Accure Laser System in Europe. Quanta will leverage its robust distribution platform to provide clinicians across the EU with this new acne treatment method.
“Our partnership with Quanta has been foundational for Accure,” commented Christopher Carlton, Co-Founder, Chairman, and CEO of Accure Acne, Inc. “Expanding this relationship to accelerate our access to the EU marketplace is exciting. Quanta’s commercial expertise and success history should yield significant impact this year.”
The Accure Laser System employs the 1726 nm laser wavelength with proprietary technology to control thermal gradient depth, maximizing impact on the sebaceous gland. This AcneTech breakthrough includes a unique pulsing algorithm, integrated temperature monitoring, and precise automated control. During a limited commercial release, several European providers have reported compelling clinical outcomes. The Accure Laser achieved the first-ever CE 0123 Mark certification for a 1726nm-based device for treatment of mild to moderate inflammatory acne vulgaris and has received FDA clearance for treatment of mild to severe inflammatory acne vulgaris.
“I have used the Accure Laser for over a year with excellent, consistent results,” added Christine Dierickx, MD, Founder of Skinperium Cosmetic Dermatology in Luxembourg. “Patients are seeking non-systemic acne treatments with strong outcomes. I’m pleased to see Accure and Quanta expand access to this device in Europe.”
“The Accure Laser offers an exciting opportunity for our commercial partners,” said Girolamo Lionetti, CEO of Quanta System. “We’ve partnered with Accure from the beginning and are proud to enhance our mission to bring revolutionary technology to clinicians, impacting patients’ lives.”
About Accure Acne, Inc.
Accure Acne, Inc. is dedicated to developing revolutionary solutions for eliminating acne, addressing its social, psychological, physical, and economic impacts. We pioneer transformative solutions to meet this unmet need, positively impacting patients and providers worldwide. Learn more: www.accureacne.com
Contact: Haigo Manukian – [email protected]
About Quanta System SpA
Quanta System SpA, an Italian company, has been a leader in laser systems for surgery, dermatology, aesthetic medicine, and art conservation for nearly 40 years. Part of El.En. SpA, Quanta innovates to meet professionals’ needs, enhancing patient care globally.
Contact: Carolina Crepaldi – [email protected]
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Latest News
Movement Labs Announces “The Battle of Olympus” Hackathon to Accelerate Ecosystem Growth
SAN FRANCISCO, June 13, 2024 /PRNewswire/ — Movement Labs, a San Francisco-based blockchain development team, today announced the launch of “Battle of Olympus,” an innovative hackathon designed to drive the growth and adoption of Movement, the first modular network of Move-based blockchains. The hackathon, which marks the first phase of Movement Labs’ Testnet, provides developers with early access and will run from July 17 to September 17, 2024. It is supported by 280 Capital and other partners who will serve as a judge, provide mentorship, and advise teams.
The Battle of Olympus is a key component of Movement Labs’ broader Road to Parthenon initiative, a community program aimed at fostering the development of a robust and thriving ecosystem on Movement Labs’ eventual mainnet. The hackathon brings together talented developers and enthusiasts to innovate and build groundbreaking applications on the Movement Labs devnet and testnet.
The hackathon features a gamified structure, with participants earning points and rewards as they progress. Developers in the “Masons” guild, one of five unique guilds introduced for the Battle of Olympus, can create innovative dApps across various categories, including DeFi, gaming, social tools, infrastructure, and NFTs.
To participate in the Masons guild, developers can form teams of up to 4 members and register on the official hackathon website. Teams from across the world can participate virtually or in-person in San Francisco. Throughout the event, Movement Labs will provide support, mentorship, and resources to help participants succeed.
Standout projects will be recognized with attractive rewards, and winners will be selected by a panel of esteemed judges based on concept, execution, use of Movement-native features, innovation, technical excellence, user experience, and potential impact.
In addition to the Masons guild for developers, non-engineer enthusiasts can also participate and support the Battle of Olympus through four other guilds:
- Pathfinders: Design onboarding guides, engage the community, and organize events
- Creators: Create Movement-related content, memes, and contribute to worldbuilding
- Explorers: Engage with partners, write articles, and analyze ecosystem data
- Scholars: Write content, design quizzes, and collaborate on reports about the hackathon and Movement ecosystem
“The Battle of Olympus offers unique opportunities for our entire community to get involved based on their skills and interests,” said Cooper Scanlon, Co-Founder of Movement Labs. “Whether you’re a developer or an enthusiast, we’re providing the tools and support needed to innovate and shape the decentralized landscape.”
The Battle of Olympus winners will be announced in mid-September. For more information and to register, visit http://olympus.movementlabs.xyz
For more about Movement Labs and a guide to participating in its testnet, please visit: movementlabs.xyz, follow on X @movementlabsxyz and on Discord.
About Movement Labs:
Movement Labs, founded in 2022 by Rushi Manche and Cooper Scanlon, is building a blockchain network that powers a secure, high-performance Layer 2 on Ethereum. By bringing the MoveVM to Ethereum through its flagship L2, Movement Labs aims to enhance smart contract security and scalability.
The company’s $38 million Series A round in April 2024, led by Polychain Capital, supports this mission. Movement’s “Integrated Approach” combines modular elements like shared sequencing, formal verification, alternative data availability, and Ethereum settlement to improve security and performance. The upcoming Move Stack execution layer framework will facilitate collaboration with other Ethereum players to scale smart contract execution.
About 280 Capital:
280 Capital is the Web3 venture arm of the Huang Liu and Chen Family Office, with $2.5 billion assets under management. The family has been in the Web3 space since 2014, and has built a crypto portfolio anchored by a large early accumulation of BTC. To learn more, visit https://www.280.xyz/
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