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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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Latest News
Premia Partners announced fee reduction for Premia Vietnam ETF and change of underlying index
HONG KONG, May 2, 2024 /PRNewswire/ — Premia Partners, a leading ETF provider from Hong Kong, announces today fee reduction of its Premia Vietnam ETF (the ETF) and change of the underlying index to S&P Vietnam Core Index (USD) NTR (the index) with immediate effect.
Total expense ratio of the ETF would be lowered from 0.75% to 0.70% per annum, reflecting Premia’s commitment to offering competitive pricing and enhancing value for investors. The physically replicated ETF offers cost-efficient and convenient access to the fast-growing Vietnam equity markets, and the new index was introduced to enhance the asset allocation and risk diversification of the ETF and better reflect opportunities from continued growth and development of the Vietnam stock markets.
– Broad market coverage: Premia Vietnam ETF (Tickers: 2804 HKD / 9804 USD) offers broad all-cap coverage for Vietnam. The index it tracks intends to cover 90% of float-adjusted market capitalization of the S&P Vietnam BMI, representing the largest and most liquid Vietnamese stocks listed on the Ho Chi Minh and Hanoi Stock Exchanges.
– Reflect continued development of the Vietnam stock markets: rather than restricting coverage to a fixed number of constituents, the index tracked by the ETF is not set to a predefined number of constituents and continues to expand coverage as the markets grow and evolve.
– 15% Single stock cap: for better diversification and risk management, the new index provides a single constituent weight cap of 15% to ensure low concentration risk.
“Providing thoughtful, institutional grade access tools for Asia is always close to our hearts at Premia. For us it is not just about launching new products, but also constantly updating features of our existing ETFs to enhance value propositions for investors.” said Rebecca Chua, Managing Partner of Premia Partners. “The fee reduction and index change of our Vietnam ETF would be timely enhancements for investors looking for cost efficient, diversified allocation tool to capture growth opportunities in the rapidly developing Vietnam equity markets.”
“S&P Dow Jones Indices is excited to license the S&P Vietnam Core Index to Premia Partners for its ETF,” said John Welling, Senior Director and Head of Global Equity Indices at S&P Dow Jones Indices. “The index is designed to provide an objective and transparent underlying view into the fast-growing Vietnamese market and economy. By measuring the performance of the largest and most liquid Vietnamese stocks, the index offers market participants a comprehensive data set to gauge Vietnam equity markets.”
About Premia Partners
Founded in 2016, Premia Partners is one of the leading ETF managers from Hong Kong, dedicated to building low-cost, efficient, best practice ETFs for Asia. As of May 2nd 2024, Premia Partners manages 9 ETFs in Hong Kong. For more information on Premia or Premia ETFs covering China, Emerging ASEAN, Asia Metaverse/ Innovative Technology, Vietnam, China high yield bonds, China government bonds and US Treasury, please visit www.premia-partners.com
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