The global human capital management market size is expected to reach USD 41.38 billion by 2030, according to a new study by Polaris Market Research. The report “Human Capital Management Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By deployment model (On-premises, Cloud); By organization size; By vertical; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rising cloud adoption among enterprises to better manage office employees and concerned work create many HCM vendor opportunities. The cloud-based deployment model provides advantages such as profitability, ease and speed of deployment, and more rapid application administration and operations. On-premises deployment is more expensive and risky than SaaS-based deployment, which provides flexibility and stability to most organizations. Furthermore, it reduces expenditure and maximizes asset return.
Further, HCM and (CRM) migrated to the cloud. These cloud-based human capital administration solutions enable businesses to create avenues for effective employee engagement tools. Recruiting, mentoring, and learning tools help use plugins and application programming interfaces (APIs).
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However, enterprises are concerned about security, so most HCM software is hosted in the cloud and managed by a third party. Cloud-based software frequently includes robust security features. This eliminates the risk of hacking or security breaches. Nonetheless, many business owners are often reluctant to move HR files and systems to the cloud, typically containing sensitive employee data. As a result, enterprises are not prepared to move their employee records, payroll, and administrative information to the cloud.
Based on the component, the service segment accounted for the leading share in the industry. Increasing software implementation to control the entire employee lifecycle and the expanding need to comply with regulatory requirements are critical factors driving the software segment to have the highest industry share during the forecast period.
Market players such as Bamboo HR, Automatic Data Processing, Benefitfocus, Bitrix, Cornerstone, Gusto, Infor, Workforce Software, Epicor Software, Kronos Incorporated, Meta4, Namely, Oracle Corporation, Paychex, Paylocity Corporation, Paycom Software, PeopleStrategy, Ramco Systems, Sage Group, SAP SE, Workday, Inc, Ultimate Software, Zenefits, and Zoho are key players operating in the global market. In June 2021, Ceridian and PwC UK formed a partnership in which PwC UK would provide counseling and implementation services for Ceridian's award-winning HCM platform, Dayforce, to current and new customers in the UK and Ireland.
Polaris market research has segmented the human capital management market report based on component, deployment mode, organization size, vertical, and region:
Human Capital Management, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Human Capital Management, Deployment Mode Outlook (Revenue - USD Billion, 2018 - 2030)
Human Capital Management, Organization Size Outlook (Revenue - USD Billion, 2018 - 2030)
Human Capital Management, Vertical Outlook (Revenue - USD Billion, 2018 - 2030)
Human Capital Management, Regional Outlook (Revenue - USD Billion, 2018 – 2030)