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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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Mashreq Partners with Silent Eight for Compliance Alert Adjudication
- Leading financial institution in MENA region selects AI-based platform to process and resolve customer screening alerts related to anti-money laundering and sanctions requirements.
- Silent Eight’s groundbreaking platform allows financial institutions to reduce manual workloads and risk while maintaining sustainable growth plans.
DUBAI, UAE and SINGAPORE, May 8, 2024 /PRNewswire/ — Mashreq, a leading financial institution in the MENA region, today announced that it has selected Silent Eight to provide Name Screening and Adverse Media Alert Adjudication automation capabilities related to sanctions and anti-money laundering regulatory requirements.
Silent Eight is a pioneering RegTech company whose artificial intelligence-based platform offers solutions across the compliance workflow. This strategic partnership will allow for Mashreq to maintain its innovative solution offerings, reduce workflow and resolution times for compliance alerts, and identify true risks in a faster and more efficient way.
Under the partnership announced today, Silent Eight will provide Mashreq with a solution for Alert Adjudication, in which alerts related to potentially risky or proscribed customers are evaluated, false positives are quickly investigated and closed, and potential true positive alerts are more quickly escalated to Mashreq analysts. Through the efficiency gains offered by Silent Eight’s platform, Mashreq will easily be able to improve its processing rates and reduce friction at the time of customer onboarding.
The multi-year partnership aligns with Mashreq’s core strategy of leveraging digital tools and other innovations in order to enhance convenience for customers and also significantly reduces the bank’s environmental footprint. Thanks to the power of Silent Eight’s AI platform, Mashreq’s compliance and risk professionals will be able to easily identify and investigate alerts that represent genuine financial crime risk.
“Mashreq has stood out amongst financial institutions in the Middle East and North Africa for its commitment to innovative banking solutions, as well as strengthening the overall safety of the global banking system,” said Ben Rayner, Regional Head of UK & EMEA for Silent Eight. “Our Name and Adverse Media Adjudication Platform is perfectly tailored to the compliance and business needs of fast-growing financial institutions, and we’re excited to help support Mashreq’s current and future ambitions.”
“At Mashreq, we are committed to maintaining the highest standards of compliance and regulatory adherence as well as leveraging cutting-edge solutions, and our partnership with Silent Eight is a testament to this commitment,” said Scott Ramsay, Group Head of Compliance & Bank MLRO, Mashreq. “With increasing regulatory requirements surrounding sanctions and anti-money laundering, it is crucial for us to adopt innovative technologies that can effectively and efficiently identify potential risks. Silent Eight’s automation capabilities and AI-driven approach will enable us to stay ahead of evolving threats, ensuring compliance and safeguarding our customers’ interests.”
About
Silent Eight
Silent Eight is a RegTech company that partners with financial institutions to create solutions blending the best of humans and the best of technology, leveraging artificial intelligence. SilentEight’s solution, automates the alert screening, investigation and adjudication process byreplicating human reasoning and decision making based on historical case data and continuouslearning. Silent Eight enables financial institutions to reduce false positives, increase accuracy,and enhance auditability of their compliance operations. Silent Eight works with some of thelargest banks and insurance companies in the world, including Standard Chartered, HSBC, FirstAbu Dhabi Bank and Emirates NBD. Silent Eight is headquartered in Singapore and has officesin New York, London, Warsaw, and Bangalore. For more information, visit www.silenteight.com.
About Mashreq
Mashreq is a more than half-century old bank, yet proudly thinks like a challenger, startup, and innovator. Mashreq pioneered key innovations and developments in banking, starting with entry-level digital-first customers, all the way to powering some of the region’s most prominent corporations and wealth accounts.
The bank’s mandate is to help customers find their way to Rise Every Day, partnering through the highs and lows to help them reach fulfillment, achieve financial goals, and unlock their vision of success.
Reassuringly present in major financial centres of the world, Mashreq’s home and global HQ remains in the Middle East, offering services whenever and wherever opportunity takes its customers.
Find your way to Rise Every Day at www.Mashreq.com/RiseEveryDay.
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