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Human Capital Management Market worth $41.3 billion by 2029 – Exclusive Report by MarketsandMarkets™

Published

1 month ago

April 5, 2024

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

French paytech Lemonway appoints new CTO and CFO

Published

59 mins ago

May 17, 2024

Peter Tolan

French payment services provider Lemonway has recently expanded its leadership team with two key appointments in its finance and technology departments, aiming to bolster its management committee. Joining Lemonway’s executive team are Céline Bayer, appointed as Chief Technology Officer (CTO), and Nicolas Vigier, appointed as Chief Financial Officer (CFO).

Céline Bayer’s role as CTO involves streamlining Lemonway’s internal technologies and processes and leveraging artificial intelligence to enhance customer service. With previous experience at AI surveillance software firm Veesion and payment infrastructure firm Mangopay, Bayer brings valuable expertise to her new position.

Meanwhile, Nicolas Vigier takes on the responsibilities of managing Lemonway’s finance and human resources departments as CFO. With prior experience as CFO for merchant payment solution Payplug and roles at payment acceptance and services provider Ingenico Group, Vigier’s financial acumen is expected to contribute significantly to Lemonway’s strategic initiatives.

According to Antoine Orsini, CEO of Lemonway, these appointments mark a milestone in the company’s growth journey. Bayer and Vigier are poised to support Lemonway’s investment efforts aimed at enhancing the security, efficiency, and overall effectiveness of its solutions.

Established in Paris in 2007, Lemonway specializes in providing payment solutions to marketplaces and alternative finance platforms. Their offerings include wallet management, payment processing, and third-party payment capabilities, all within a regulated framework compliant with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

With a client base of over 400 marketplaces and management of more than 1.3 million wallets, Lemonway has emerged as a leader in the payment services industry. To date, the company has raised €50 million in funding, reflecting its strong position in the market.

Source: fintechfutures.com

The post French paytech Lemonway appoints new CTO and CFO appeared first on HIPTHER Alerts.

Latest News

BIS opens call to private sector participants for Project Agorá

Published

3 hours ago

May 17, 2024

Peter Tolan

BIS Invites Collaboration with Private Sector for Project Agorá

The Bank for International Settlements (BIS) is reaching out to financial institutions from the private sector to explore the application of tokenisation in wholesale cross-border payments. BIS – Fintech news

BIS calls on the private sector to join Project Agorá

The bank is actively seeking participants for Project Agorá, welcoming commercial banks, deposit-taking institutions, financial market infrastructures, and critical service providers to apply. The application window extends until May 31, with the final list of participants scheduled for announcement on August 9.

Project Agorá, initiated by BIS in April, aims to evaluate the feasibility of a multi-currency ledger for cross-border payments, as outlined in the private sector application form.

This project will assess solutions capable of consolidating tokenised commercial bank money and tokenised wholesale central bank money within a public-private programmable core financial platform.

“The implementation of such a platform could enhance the efficiency of the monetary system and introduce innovative solutions using smart contracts and programmability, while maintaining its existing two-tier structure,” states the bank’s invitation for participation.

Several prominent institutions, including the Bank of France, Bank of Japan, Bank of Korea, Bank of Mexico, Swiss National Bank, Bank of England, and the Federal Reserve Bank of New York, have already subscribed to the initiative. The Institute of International Finance (IIF) serves as the convener and intermediary for private sector participants.

Participants in the final cohort will be expected to contribute technical expertise to aid in the design of the platform and test various use cases for cross-border payments within a two-tiered banking system.

Cecilia Skingsley, head of the BIS Innovation Hub, emphasized the project’s aim to address the complexities inherent in integrating multiple payment systems, accounting ledgers, and data registries.

“We are committed to not only testing the technology but also evaluating its performance within the specific operational, regulatory, and legal frameworks of the participating currencies, in collaboration with financial institutions operating in those jurisdictions.”

Source: fintechfutures.com

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Latest News

dLocal Expands Partnership with Deel to 12 New Countries

Published

5 hours ago

May 17, 2024

Peter Tolan

dLocal, a prominent player in the cross-border payment sector with a focus on burgeoning markets, has unveiled an expansion of its collaboration with Deel, a leading HR and payroll platform, spanning 12 additional countries across Asia and the EMEA region. dLocal and Deel Extend Partnership to 12 Countries amidst Remote Work Surge

This expansion comes on the heels of a highly successful initial rollout across 19 countries in 2022, which witnessed a substantial surge in payment volumes and an impressive payment delivery rate of 99.97%.

Dan Westgarth, COO of Deel, remarked, “dLocal’s expertise in payments has been instrumental in our journey, and this significant expansion into high-growth markets is a testament to the quality of their services. We’ve been able to scale rapidly, on our terms, thanks to dLocal’s support.”

Under this enhanced partnership, dLocal will extend its services to Indonesia, Malaysia, Thailand, Vietnam, Ghana, Jordan, Kenya, Morocco, Saudi Arabia, South Africa, Turkey, and the United Arab Emirates. Additionally, dLocal will offer payout services in Brazil through PIX, a widely adopted instant payment method in Latin America.

Agustin Botta, Head of EMEA at dLocal, emphasized, “Our goal is to foster growth and opportunities for brands and individuals, and the collaboration with Deel perfectly aligns with this objective.”

Forging New Alliances

In addition to deepening its partnership with Deel, dLocal has recently forged alliances with other industry players. The company has partnered with Papaya Global, a leading payroll platform, to facilitate timely payments to employees, partners, freelancers, and suppliers in local currencies across the globe. By integrating dLocal’s payment capabilities into Papaya’s platform, the payment process is streamlined for their shared clients.

Furthermore, dLocal has joined forces with Ebury to bolster cross-border payments in Africa. Leveraging dLocal’s payment solution, Ebury can efficiently manage both incoming and outgoing payments while optimizing costs and delivery times. Additionally, dLocal provides extensive support to Ebury’s merchants navigating the complexities of emerging markets. As Ebury expands its footprint in these regions, the partnership with dLocal provides access to over 41 different markets through a single integration.

dLocal, a publicly traded company on NASDAQ, has successfully completed four funding rounds to date. In its latest and most substantial round in 2021, the company raised $150 million, achieving a valuation of $5 billion.

Source: financemagnates.com

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