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

Published

3 months ago

April 6, 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 Advertisement
Base Year Considered	2023
Forecast Period	2024–2029
Forecast Units Advertisement	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 Advertisement
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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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Latest News

TISE reports sustained listings growth in first half

Published

59 mins ago

July 8, 2024

CISION (PR Newswire)

ST PETER PORT, Guernsey, July 8, 2024 /PRNewswire/ — The International Stock Exchange (TISE) listed 444 securities during the first half of 2024, an 18.4% increase on the equivalent period last year.

The new listings contributed to the total number of securities on TISE’s Official List reaching 4,371 on 30 June 2024, which is an increase of 5.6% year-on-year and a record high in the history of the Exchange.

The total market value of all listed securities surpassed the £700 billion mark for the first time, reaching £708 billion at the end of June.

Cees Vermaas, CEO of TISE, said: “I am delighted to report strong listing volumes on our public market during the first half of 2024. Global macro-economic conditions had subdued listing activity across the European corporate bond markets during the last couple of years but, with inflation under control, interest rates coming down and an improved outlook for growth, business flows have now started to recover. We are very pleased that clients continue to recognise our strengths as a leading European venue for listing bonds offered to institutional and professional investors.”

During the first half of the year, there were 436 newly listed securities admitted to TISE’s leading European professional bond market, the Qualified Investor Bond Market (QIBM). TISE has maintained its market-leader position across both private equity debt and high yield bonds and with the securitisation market also rebounding in 2024, TISE continues to grow its reputation as a listing venue for this debt product.

There were eight newly listed securities across TISE’s equity market during the first six months of the year as it sustained its position as the second largest venue for listed UK REITs, just behind the London Stock Exchange (LSE).

Mr Vermaas added: “This is a very positive opening six months of the year. We saw strong growth in new listings during the first quarter and this has continued through the second quarter as the soft-landing narrative has been sustained, primarily owing to the resilient growth in the US economy. M&A activity is returning, the wave of refinancing continues and now a lower interest rate environment is bringing more new high yield corporates to the market. A continuation of this upward momentum in the economic picture gives us reason to be optimistic for the second half of the year.”

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Latest News

Travis Leonard joins Lockton’s Global Leadership Team as Chief Financial Officer

Published

2 hours ago

July 8, 2024

CISION (PR Newswire)

KANSAS CITY, Mo., July 8, 2024 /PRNewswire/ — Lockton is pleased to announce that Travis Leonard has joined the firm as Chief Financial Officer (CFO), succeeding Troy Cook who has occupied the role since 2020. Cook will transition to the role of Corporate Development as an advisor to Ron Lockton, Chairman and CEO.

Leonard is a highly regarded and deeply qualified finance executive with experience working in global markets. He will begin serving as Lockton’s CFO on July 8, 2024, and will work closely with Cook to execute a transition of duties and an in-depth onboarding process.

“We are excited Travis is joining Lockton’s global leadership team,” said Ron Lockton, Chairman and CEO. “He brings a wealth of financial experience, a global perspective and great energy to support the future growth of Lockton.”

Leonard has worked across various industry segments and global markets, excelling in financial leadership roles and leading significant transformation projects. Most recently, Leonard was the CFO of Hostess Brands, until the sale to J.M. Smucker Co. in November 2023. Prior to that, Travis was the CFO of the medical segment at Cardinal Health and held financial leadership roles at Kraft Foods, including time in Brazil, and Cargill after beginning his career at Arthur Andersen as a finance and economic consultant.

Travis was raised in the Kansas City metropolitan area and went on to attend the University of Illinois-Urbana-Champaign where he earned his BS in Finance followed by earning his MBA at Northwestern University – Kellogg School of Management.

Cook will remain on the Lockton, Inc. board of directors and will move into the role of EVP of Corporate Development, reporting to Ron Lockton, Chairman and CEO. In this role, Troy will actively assist in the transition of duties and onboarding of Travis while partnering with leadership on global development opportunities and playing an advisory role to the CEO.

“I am grateful for Troy’s commitment and leadership as CFO during a very important growth period for the company,” said Lockton. “When Troy transitioned from the role of independent board member to CFO in 2020, it was planned to be a 5-year term. He has helped position Lockton for strong, sustained growth and will continue to have a positive impact on Lockton through this planned transition and leadership in corporate development.”

Lockton, Inc. is excited to welcome Travis Leonard to the team and looks forward to the contributions he will make to the company’s future growth and success.

About Lockton

What makes Lockton stand apart is also what makes us better: independence. Lockton’s private ownership empowers its 11,700+ Associates doing business in over 140 countries to focus solely on clients’ risk, insurance and people needs. With expertise that reaches around the globe, Lockton delivers the deep understanding needed to accomplish remarkable results. For more information, visit www.lockton.com

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Latest News

Bitget Introduces the First BGB Perpetual Futures with up to 50x Leverage

Published

3 hours ago

July 8, 2024

CISION (PR Newswire)

VICTORIA, Seychelles, July 8, 2024 /PRNewswire/ — Bitget, the leading global cryptocurrency exchange and web3 company, is excited to announce that its native token, Bitget Token (BGB), is now exclusively available for futures trading on the platform. As the first BGB perpetual futures, BGBUSDT-M will be live on July 8, 2024, with a maximum leverage of 50x.

BGB is the ecoystem token of Bitget, designed to create a simple, secure crypto ecosystem accessible to all. Launched in July 2021 with a total supply of 2 billion, BGB now has 1.4 billion tokens in circulation. Bitget Token (BGB) offers exclusive perks to all holders, aiming to share the fruits of Bitget’s growth with all users. These benefits include spot trading fee discounts, free withdrawal, access to token sales or airdrops on Launchpad and Launchpool, and other platform-specific benefits, incentivizing users to hold and use BGB, thereby creating a strong utility-driven ecosystem.

In addition to futures trading, BGB can be traded on Bitget’s spot and margin markets, used for copy trading, and utilized with trading bots, enhancing the versatility and utility of the token within the Bitget ecosystem. The token has also been listed on other major centralized exchanges like Bitfinex and MEXC. BGB has demonstrated impressive market performance, a new all-time high of $1.4306 in early June 2024, up 141.4% in the past year.

Gracy Chen, CEO of Bitget, commented: “We are thrilled to expand the trading options for BGB, offering our users more ways to benefit from Bitget’s native token. The addition of BGB to the futures market, along with existing trading services and utilities, proves our commitment to providing a comprehensive, rewarding and smart trading experience. Looking forward to new heights of the token and the company!”

On 1st July, Bitget announced the upgrade of its native token BGB’s smart contract address. This enhancement aims to increase the utility and potential of BGB, paving the way for its use in various dApps and facilitating future listings on more centralized and decentralized exchanges. To celebrate the launch of the first BGB perpetual futures, Bitget will host a series of competitions to give away 20,000 BGB to its users.

For more details on BGB futures trading and surrounding promotional events, please visit here.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).