MRFR Analysts Predict Human Capital Management Software Market to Surpass 28.9 billion in Revenue by 2030: Get a Gist of the Industry
Research Reports
Apr 17, 2023
Market Research Future Insights
According to MRFR analysis, the Human Capital Management Software Market is expected to register a CAGR of~8.20% from 2022 to 2030and hold a value of over USD 28.9 billion by 2030.
Human Capital Management (HCM) software refers to a class of enterprise software solutions designed to help organizations manage and optimize their human resources (HR) processes, functions, and data. The HCM software market refers to the industry of software vendors and service providers who develop and sell HCM software solutions to businesses and organizations of all sizes and industries.
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Human Capital Management (HCM) software Market Report Scope:
| Parameter | Details |
| Revenue Forecast in 2030: | USD 28.9 Billion |
| Growth Rate: | CAGR of 8.20% from 2022 to 2030 |
| Forecast Period: | 2022 -2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
As the demand for digital transformation and workforce optimization grows, the HCM software market is expected to continue to expand, with new technologies such as artificial intelligence (AI), machine learning (ML), and predictive analytics driving innovation and growth.
The COVID-19 pandemic had a significant impact on the Human Capital Management (HCM) Software Market. The pandemic forced many organizations to shift to remote work, which has increased the demand for HCM software solutions that can support remote workforces, including online communication tools, remote access to HR data, and virtual training and development programs.
The pandemic has highlighted the importance of workforce analytics in managing and optimizing the workforce during a crisis. As a result, HCM software solutions that offer advanced analytics and insights into workforce data are in high demand.
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Regional Analysis
The largest region of the Human Capital Management software market is North America.
North America has the largest market share in the HCM software market due to the presence of a large number of HCM software vendors and high adoption of HCM software by organizations of all sizes and industries. The United States is the largest market in the region, followed by Canada and Mexico.
The growth of the HCM software market in North America is driven by factors such as the increasing adoption of cloud-based HCM solutions, the growing demand for mobile and social media-enabled HCM solutions, and the rising focus on talent management and employee engagement.
Market Segmentation
The Human Capital Management Software Market has been segmented into software and deployment.
Based on the software, the market has been segmented into core HR, workforce managements and staffing vendor managements.
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Based on the deployment, the market has been segmented into cloud and on-premise.
Key Players
Some of the key market players are:
- Oracle Corporation (U.S.)
- SAP SE (Germany)
- International Business Machines Corporation (U.S.)
- NetSuite Inc. (U.S.)
- Workday Inc. (U.S.)
- Ultimate Software GroupInc. (U.S.)
- ADP LLC (U.S.)
- Cornerstone OnDemand (U.S.)
- Benefitfocus Inc. (U.S.)
- BambooHR (U.S)
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