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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

dLocal Expands Partnership with Deel to 12 New Countries

Published

1 hour 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

The post dLocal Expands Partnership with Deel to 12 New Countries appeared first on HIPTHER Alerts.

Latest News

Climate fintech startup Ekko raises £2m

Published

3 hours ago

May 16, 2024

Peter Tolan

A climate-focused fintech startup that promotes environmental conservation through its debit card usage has secured $2.5 million (£2 million) in funding.

Founded in 2019, Ekko intends to utilize the funding to recruit top-tier industry professionals who can contribute to product development and global expansion initiatives.

Fuel Ventures led the funding round, with additional investments from Sorven Partners, Mishcon de Reya, and existing backers. This follows Ekko’s previous pre-seed funding of £450,000 in 2021.

Co-founded by Oli Cook, Manish Vara, Simon Toller, and Tom Greenwood, Ekko has developed a unique debit card that monitors the carbon footprint associated with purchases.

Through partnerships with renowned organizations like Gold Standard, Conservation International, Tusk, and Prevented Ocean Plastic, Ekko plants trees and collects ocean-bound plastic with every consumer transaction. These conservation efforts are funded through a subscription fee ranging from £1.99 to £9.99 per month.

Moreover, Ekko has developed business-to-business (B2B) software to integrate into banking or checkout applications, enabling third parties to access its climate services.

Oli Cook emphasized Ekko’s scalability, anticipating the broader impact of the funding on product development and partnerships. He underscored the urgency of addressing climate change and Ekko’s mission to disrupt the market by empowering financial institutions to facilitate tangible environmental impact for their customers.

Ekko joins the ranks of other green fintech companies like Tandem and Tred, all committed to providing sustainable financial services.

Source: uktech.news

The post Climate fintech startup Ekko raises £2m appeared first on HIPTHER Alerts.

Latest News

55@Shanghai: International Friendly Guidebook was unveiled worldwide for the first time!

Published

4 hours ago

May 16, 2024

CISION (PR Newswire)

SHANGHAI, May 16, 2024 /PRNewswire/ — To accelerate the development of Shanghai as an international consumption hub, attract more foreign consumers, and expand the market while providing a more diverse and enriching consumer experience, the 55@Shanghai Destination of Shopping global promotion launch ceremony was grandly held on the morning of May 8th, 2024, at the Changning Shanghai Film Art Center.

At the launch ceremony, the 55@Shanghai Destination of Shopping International Friendly Guidebook was unveiled worldwide for the first time. This handbook meticulously outlines Shanghai’s convenient payment methods, diverse experiential venues, city walk routes, and popular exhibition events, among other urban highlights.

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It includes over 1000 featured popular shops, 100+ business and leisure experience destinations, and more than 10 international-friendly shopping centers. Covering the finest ‘eat, stay, travel, entertain, and shop’ local recommendations in Shanghai, the handbook aims to facilitate international connectivity for Shanghai’s business, tourism, and cultural brands.

In the 55@Shanghai International Friendly Guidebook, strategic partners including Bank of China, China UnionPay, China Eastern Airlines, Airport Group, and Ctrip jointly announced activities related to 55@Shanghai Destination of Shopping. Bank of China Shanghai Branch will launch the ‘Blooming Love Shopping Shanghai’ themed event, collaborating with thousands of merchants to offer payment discounts, consumer gifts, credit card points redemption, and other series of promotions.

Additionally, they will introduce a profit-sharing activity called ‘National Trend Pavilion’ on their mobile banking platform. China UnionPay will roll out the ‘Splendid China 5.5 Shopping’ promotion with an investment of 100 million RMB, focusing on eight major scenes including dining, accommodation, transportation, travel, shopping, entertainment, medical, and education. For the 2.3 billion UnionPay cards issued overseas, they will also provide a 200 million RMB rebate on transaction fees.

China Eastern Airlines will introduce convenient measures and attractive products, offering over 550,000 tickets to boost traffic and provide travelers with convenient travel solutions. The Airport Group will set up one-stop service areas at the arrival passenger routes, luggage collection areas, and public areas, enhancing the level of convenience services for inbound travelers and launching various activities and benefits to comprehensively promote the quality and efficiency of consumption in Shanghai. Ctrip Group has planned the ‘Shanghai Express’ exclusive half-day free tour for inbound tourists.

To better convey the charm of 55@Shanghai Destination of Shopping to the world, the 55@Shanghai International Friendly Guidebook has brought together several outstanding companies to become global promotion partners. At the launch ceremony, 15 companies including Bailian Group, Shanghai Metro, Foreign Investment Association, Shanghai Design Week, Tencent Group, and Meituan were honored with the inaugural 55@Shanghai Destination of Shopping Global Promotion Partner title. These global promotion partners will further enhance domestic and international publicity efforts to attract tourists from around the world to experience the 55@Shanghai Destination of Shopping series of activities, jointly contributing to the creation of a friendly and convenient consumer environment.

55@Shanghai Destination of Shopping is the core project of this year’s Shanghai 55 Shopping Festival. Leveraging Shanghai’s position as a global hub for tourism, culture, and sports, it actively expands domestic and international visitor flows. With the theme of ‘Come, Explore, Shop’, the event offers a variety of combined services to help build an internationally friendly consumer environment.

It gathers the distinctive highlights of Shanghai’s business, tourism, and cultural sectors, attracting domestic and international tourists to experience new consumption landmarks, scenes, and formats in Shanghai through precise domestic and international promotion.

Through methods such as the multilingual 55@Shanghai Destination of Shopping international-friendly guidebook, promotion on landmark screens in major cities worldwide, and collaboration with businesses to launch supporting activities, the event has created a key activity matrix for 55@Shanghai Destination of Shopping.