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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 |
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Forecast Period |
2024–2029 |
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Forecast Units |
Value (USD Million/Billion) |
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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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The Basel Committee on Banking Supervision has recently released a comprehensive report detailing the increasing risks associated with the digitalisation of finance. As financial institutions worldwide embrace digital transformation to enhance efficiency and customer experience, the report underscores the need for vigilant risk management and regulatory oversight to address the emerging challenges in this rapidly evolving landscape.
Key Findings
The report identifies several key areas where digitalisation is contributing to heightened risks:
- Cybersecurity Threats: The proliferation of digital banking platforms and online financial services has led to a surge in cybersecurity threats. Cyberattacks, data breaches, and fraud are becoming more sophisticated, posing significant risks to both financial institutions and their customers. The Basel Committee emphasizes the importance of robust cybersecurity measures and continuous monitoring to safeguard sensitive financial data.
- Operational Risks: As banks and financial institutions integrate advanced technologies such as artificial intelligence, blockchain, and cloud computing, they face new operational risks. System failures, software bugs, and technology outages can disrupt services and lead to substantial financial losses. The report recommends that institutions develop comprehensive operational risk management frameworks to mitigate these risks.
- Regulatory Challenges: The rapid pace of digital innovation often outstrips existing regulatory frameworks, creating gaps that can be exploited. The Basel Committee calls for updated regulations that keep pace with technological advancements, ensuring that financial institutions operate within a secure and compliant environment. Harmonized global standards are essential to address the cross-border nature of digital finance.
- Third-Party Dependencies: Financial institutions increasingly rely on third-party service providers for critical functions such as cloud storage, payment processing, and cybersecurity solutions. This dependency introduces additional risks, including vendor lock-in and the potential for service disruptions. The report advises institutions to conduct thorough due diligence and implement robust third-party risk management practices.
- Consumer Protection: Digital finance has made financial services more accessible, but it also exposes consumers to new risks, such as digital fraud and identity theft. The Basel Committee highlights the need for stronger consumer protection mechanisms, including transparent communication, effective dispute resolution processes, and education initiatives to raise awareness about digital risks.
Recommendations
To address these rising risks, the Basel Committee offers several recommendations:
- Enhanced Cybersecurity Protocols: Financial institutions should invest in advanced cybersecurity technologies and adopt best practices to protect against cyber threats. Regular audits and stress testing of cybersecurity systems are crucial to ensure resilience.
- Operational Resilience: Developing and maintaining robust operational resilience frameworks is essential. This includes regular testing of disaster recovery and business continuity plans to minimize the impact of potential disruptions.
- Regulatory Innovation: Regulators need to innovate and adapt to the changing digital landscape. This involves updating existing regulations, fostering collaboration between regulators and the fintech industry, and developing new guidelines that address the unique risks of digital finance.
- Third-Party Risk Management: Financial institutions must implement rigorous third-party risk management policies, including comprehensive vendor assessments, ongoing monitoring, and contingency planning for critical service providers.
- Consumer Education and Protection: Enhancing consumer protection through education programs and transparent communication about digital risks is vital. Financial institutions should also offer robust support systems for customers affected by digital fraud or other issues.
Conclusion
The Basel Committee’s report serves as a critical reminder of the complexities and risks associated with the digitalisation of finance. While digital transformation brings numerous benefits, including greater efficiency and accessibility, it also introduces significant challenges that must be addressed proactively. By implementing the report’s recommendations, financial institutions and regulators can work together to create a secure, resilient, and inclusive digital financial ecosystem.
The post Basel Committee highlights rising risks from finance digitalisation in new report appeared first on HIPTHER Alerts.
Lydia, a prominent French fintech company known for its innovative financial solutions, has taken a significant leap forward with the launch of its new digital banking app, Sumeria. This development marks a strategic expansion for Lydia as it continues to redefine the financial landscape in Europe and beyond.
About Lydia
Since its inception, Lydia has been at the forefront of fintech innovation in France, providing users with seamless and user-friendly payment solutions. The company has built a strong reputation for its mobile payment app, which allows users to send and receive money, pay for goods and services, and manage their finances with ease. With millions of users and a robust platform, Lydia is well-positioned to venture into the digital banking space.
Introducing Sumeria
Sumeria is Lydia’s latest offering, designed to cater to the growing demand for comprehensive digital banking solutions. The app aims to provide users with a full suite of banking services, all accessible from their smartphones. Key features of Sumeria include:
- Personal and Business Accounts: Sumeria offers both personal and business accounts, enabling users to manage their finances efficiently. The app supports a range of functionalities tailored to meet the needs of individual users and small to medium-sized enterprises (SMEs).
- Intuitive Interface: True to Lydia’s commitment to user experience, Sumeria boasts an intuitive and easy-to-navigate interface. Users can quickly access account information, transaction history, and various banking services with just a few taps.
- Comprehensive Financial Tools: Sumeria provides a range of financial tools designed to help users better manage their money. Features such as budgeting, expense tracking, and personalized financial insights empower users to make informed financial decisions.
- Security and Privacy: Lydia places a high priority on security, and Sumeria is no exception. The app incorporates advanced security measures, including biometric authentication and end-to-end encryption, to ensure that users’ financial data is protected.
- Integrated Payments: Leveraging Lydia’s expertise in payments, Sumeria integrates seamless payment solutions, allowing users to send and receive money instantly, pay bills, and make purchases directly from the app.
Strategic Implications
The launch of Sumeria represents a strategic move for Lydia, positioning the company as a formidable player in the digital banking arena. By expanding its product offering, Lydia aims to capture a larger share of the market and meet the evolving needs of its users. This initiative also reflects a broader trend in the fintech industry, where traditional payment service providers are evolving into comprehensive financial service platforms.
Market Impact
Sumeria’s entry into the market is poised to have a significant impact. With its user-centric design and robust feature set, the app is likely to attract a diverse user base, from tech-savvy millennials to SMEs seeking efficient banking solutions. Moreover, Sumeria’s integration with Lydia’s existing payment infrastructure provides a seamless transition for current Lydia users, further boosting its adoption.
Future Prospects
Looking ahead, Lydia plans to continually enhance Sumeria by adding new features and expanding its services. The company’s focus on innovation and customer satisfaction will be key drivers of Sumeria’s growth. Additionally, Lydia’s potential to scale Sumeria across other European markets presents a substantial opportunity for further expansion.
Source: fintechfutures.com
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This week was dominated by earnings reports from fintech firms specializing in connecting supply and demand, such as those in lending and modernizing payments between merchants and consumers. Despite ongoing stock volatility, the FinTech IPO Index climbed 1.7%.
FinTech IPO Index Highlights
Katapult saw its stock soar by 18.5% this week. The company reported that Katapult Pay gross originations grew over 150% year-over-year to $55.6 million, with 55.9% of these originations in Q1 2024 coming from repeat customers. Total revenue increased by 18.1% to $65.1 million.
Blend Labs experienced a share increase of just over 15%. Their Q1 2024 earnings revealed total company revenue of $34.9 million, comprising $23.8 million from the Blend Platform segment and $11.1 million from the Title segment. Within the Blend Platform, mortgage suite revenue declined by 15% year-over-year to $15.1 million, while consumer banking suite revenue rose by 29% to $6.7 million. Professional services revenue increased by 21% to $2.1 million.
Paysafe saw a 15.2% rise in its stock. The company’s earnings report indicated an 11% increase in revenue from its Merchant Solutions segment, driven by strong eCommerce performance and SMB client demand. Digital wallet-related revenue increased by 5%, mainly due to growth in the gambling sector. Overall, consolidated revenue rose by 7% to $418 million on a constant currency basis, with total payment volume up 7% to $36.1 billion, and transactions per active user increasing by 14%.
Open Lending shares climbed 7.8% following their partnership with Core Specialty Insurance Holdings, which will now provide credit default insurance policies for Open Lending’s Lenders Protection platform.
Robinhood saw a modest increase of 3.4% over the past week. The company exceeded Q1 profit expectations, driven by strong cryptocurrency trading volumes and a 22% rise in net interest revenue to $254 million. Retail traders, optimistic about economic prospects, have reentered the market, resulting in a 59% increase in transaction-based revenue.
Oportun shares rose by 2.7%. The company’s official Q1 report on May 9 confirmed preliminary results, showing aggregate originations of $338 million, down from $408 million last year. The portfolio yield was 32.5%, an increase of 113 basis points from the previous year, and the annualized net charge-off rate improved to 12% from 12.1% a year ago and 12.3% in the previous quarter.
Declines in the Index
dLocal experienced a significant decline, with shares dropping by 27%. Despite a 49% year-over-year increase in total payment volume to $5.3 billion and a 34% rise in revenue to $184.4 million, gross profit margins were pressured by renegotiated terms with a top merchant and higher payout volumes. Consequently, operating income fell by 32% year-over-year.
Nu Holdings reported the addition of 5.5 million customers in Q1, bringing its global total to 99.3 million by the end of March. The company, now the fourth-largest financial institution in Latin America by customer count, saw monthly average revenue per active customer grow by 30% year-over-year. However, its shares slipped by 0.6%. The NPL ratio for its Brazilian consumer credit portfolio was 5%, consistent with expectations and historical patterns.
Expensify added unlimited virtual cards to its spend management platform. The new Expensify Visa Commercial Card allows businesses to manage expenses across employees and merchants, setting fixed or monthly spending limits for each card. Despite this innovation, the company’s shares fell by 3.4%.
In summary, the fintech sector showcased a range of performances, with several companies delivering strong earnings that boosted the FinTech IPO Index, while others faced challenges that impacted their stock prices.
Source: pymnts.com
The post FinTech IPO Index Edges Up 1.7% as Katapult Earnings Lead Platforms Higher appeared first on HIPTHER Alerts.
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