Jun 20, 2023

News provided by Share this article Share this article NEW YORK, June 19, 2023 /PRNewswire/ -- The  human capital management (HCM) solutions market size is set to grow by USD 11,195.8 million from 2022 to 2027 and register a CAGR of 8.45%, according to Technavio's latest market research report. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by way of synthesis, and summation of data from multiple sources. Technavio offers an up-to-date analysis regarding the current global market scenario and the overall market environment. View Sample Report The report also covers the following areas: Factors such as the demand for automated recruitment processes, Increasing demand for unified solutions for all HR functions, and Increasing workforce diversity will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. The human capital management (HCM) solutions market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Human Capital Management (HCM) Solutions Market 2023-2027: Segmentation The HCM market is segmented as follows: Application Middle East And Africa The market share growth by the core HR segment will be significant for overall market growth during the forecast period. These functions include employee recruitment, employee training, payroll, scheduling, benefits administration, internal relations, and safety and compliance. Organizations are rapidly adopting digital technologies. This factor, along with the need for cost reduction and efficient workforce management, will increase the demand for HCM solutions for core HR applications during the forecast period. For instance, Oracle Corp. (Oracle), SAP SE (SAP), and Workday Inc. (Workday) offer various HR functional software solutions, which help in managing basic information about employees and process data for future reference. Hence, with the growth in the use of HCM solutions, more companies are expected to use HCM solutions for core HR applications during the forecast period. Human Capital Management (HCM) Solutions Market 2023-2027: Vendor Analysis and Scope Some of the major vendors of the human capital management (HCM) solutions market include Asure Software Inc., Automatic Data Processing Inc., Cegid SA, Ceridian HCM Holding Inc., Cognizant Technology Solutions Corp., EmployWise, Inplenion, Koch Industries Inc., Kronos Inc., OnePoint Human Capital Management, Oracle Corp., PeopleStrategy Corp., Ramco Systems Ltd., Safeguard World International LLC, SAP SE, SolutionDot, Talentia Software Group, The Goldman Sachs Group Inc., Workday Inc., and WorkForce Software LLC. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ vendors operating in the market. What's New? - Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession Global competitiveness and key competitor positions Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial -  Buy the report! Vendor Offerings Asure Software Inc. - The company offers human capital management solutions such as Integrated Human Capital Management System. Automatic Data Processing Inc. - The company offers human capital management solutions such as payroll, HR productivity, and higher payroll accuracy. Cegid SA  - The company offers human capital management solutions such as Cegid Talentsoft. Human Capital Management (HCM) Solutions Market 2023-2027: Market Dynamics Key Drivers The increasing demand for unified solutions for all HR functions is a major driver for the growth of the market. Due to the increased adoption of digital technologies, most companies prefer unified solutions for all HR functions. Furthermore, HCM solutions offer software solutions that help streamline the entire HR process of an organization. Also, they automate payroll, recruitment, performance review, onboarding, training, time and attendance management, strategic planning, and operation control processes. For instance, the banking, financial services, and insurance (BFSI) industry in India is using HCM solutions to decrease the complexities of HR functioning. Hence, such factors will drive the global HCM solutions market during the forecast period. Significant Trends There is an increased demand from SMEs, which is a major trend in the HCM market during the forecast period. Time, user adoption, and money are the major constraints for most SMEs, which leads to companies seeking optimal HR solutions. SMEs gain global workforce management, staffing and hiring, payroll processing, training and education, performance management, employee self-service, and business intelligence with these solutions. Hence, such benefits are expected to lift the demand for HCM solutions during the forecast period. Major Challenges The rising workforce diversity is a major challenge impeding market growth. As a result of technological developments, the preference for digital technologies has increased. This leads to various open-source software solutions posing stiff competition for HCM solutions. There are multiple companies that offer on-premise and cloud-based open-source software for HCM solutions. For example, Sapplica offers an open-source HRMS software called Sentrifugo, which can be configured to meet organizational needs. Furthermore, separate software for HR functions is also offered by some companies. These HR fucntions include recruitment and performance appraisal, which can become a source of severe threat to HCM solutions during the forecast period. Hence, such factors hamper the market growth during the forecast period. Human Capital Management (HCM) Solutions Market 2023-2027: Key Highlights CAGR of the market during the forecast period 2023-2027 Detailed information on factors that will assist human capital management (HCM) solutions market growth during the next five years Estimation of the human capital management (HCM) solutions market size and its contribution to the parent market Predictions on upcoming trends and changes in consumer behavior The growth of the human capital management (HCM) solutions market Analysis of the market's competitive landscape and detailed information on vendors Comprehensive details of factors that will challenge the growth of human capital management (HCM) solutions market vendors Gain instant access to 17,000+ market research reports. Related Reports: The semiconductor capital equipment market size is expected to increase by USD 17.05 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.18%. Furthermore, this report extensively covers semiconductor capital equipment market segmentation by type (wafer-level manufacturing equipment, packaging and assembly equipment, and automated test equipment) and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The rising number of fabs is notably driving the semiconductor capital equipment market growth. The  Global Fixed Income Assets Management Market  size is estimated to grow by USD 9.71 trillion between 2022 and 2027 accelerating at a CAGR of 7.05%. The Global Fixed Income Assets Management Market size is estimated to grow by USD 9.71 trillion between 2022 and 2027 accelerating at a CAGR of 7.05%.Increasing investment in fixed income assets is a primary factor driving the fixed income assets management market growth. Human Capital Management (HCM) Solutions Market Scope Report Coverage Key companies profiled Asure Software Inc., Automatic Data Processing Inc., Cegid SA, Ceridian HCM Holding Inc., Cognizant Technology Solutions Corp., EmployWise, Inplenion, Koch Industries Inc., Kronos Inc., OnePoint Human Capital Management, Oracle Corp., PeopleStrategy Corp., Ramco Systems Ltd., Safeguard World International LLC, SAP SE, SolutionDot, Talentia Software Group, The Goldman Sachs Group Inc., Workday Inc., and WorkForce Software LLC Market dynamics Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. Customization purview If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. Table of Contents Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million) Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million) Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%) Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%) 4 Historic Market Size 4.1 Global human capital management (HCM) solutions market 2017 - 2021 Exhibit 18: Historic Market Size – Data Table on Global human capital management (HCM) solutions market 2017 - 2021 ($ million) 4.2 Application Segment Analysis 2017 - 2021 Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ million) 4.3 Component Segment Analysis 2017 - 2021 Exhibit 20: Historic Market Size – Component Segment 2017 - 2021 ($ million) 4.4 Geography Segment Analysis 2017 - 2021 Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million) 4.5 Country Segment Analysis 2017 - 2021 Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million) 5 Five Forces Analysis Exhibit 33: Data Table on Comparison by Application 6.3 Core HR - Market size and forecast 2022-2027 Exhibit 34: Chart on Core HR - Market size and forecast 2022-2027 ($ million) Exhibit 35: Data Table on Core HR - Market size and forecast 2022-2027 ($ million) Exhibit 36: Chart on Core HR - Year-over-year growth 2022-2027 (%) Exhibit 37: Data Table on Core HR - Year-over-year growth 2022-2027 (%) 6.4 Talent - Market size and forecast 2022-2027 Exhibit 38: Chart on Talent - Market size and forecast 2022-2027 ($ million) Exhibit 39: Data Table on Talent - Market size and forecast 2022-2027 ($ million) Exhibit 40: Chart on Talent - Year-over-year growth 2022-2027 (%) Exhibit 41: Data Table on Talent - Year-over-year growth 2022-2027 (%) 6.5 Workforce - Market size and forecast 2022-2027 Exhibit 42: Chart on Workforce - Market size and forecast 2022-2027 ($ million) Exhibit 43: Data Table on Workforce - Market size and forecast 2022-2027 ($ million) Exhibit 44: Chart on Workforce - Year-over-year growth 2022-2027 (%) Exhibit 45: Data Table on Workforce - Year-over-year growth 2022-2027 (%) 6.6 Market opportunity by Application Exhibit 46: Market opportunity by Application ($ million) 7 Market Segmentation by Component 7.1 Market segments Exhibit 50: Data Table on Comparison by Component 7.3 Solution - Market size and forecast 2022-2027 Exhibit 51: Chart on Solution - Market size and forecast 2022-2027 ($ million) Exhibit 52: Data Table on Solution - Market size and forecast 2022-2027 ($ million) Exhibit 53: Chart on Solution - Year-over-year growth 2022-2027 (%) Exhibit 54: Data Table on Solution - Year-over-year growth 2022-2027 (%) 7.4 Service - Market size and forecast 2022-2027 Exhibit 55: Chart on Service - Market size and forecast 2022-2027 ($ million) Exhibit 56: Data Table on Service - Market size and forecast 2022-2027 ($ million) Exhibit 57: Chart on Service - Year-over-year growth 2022-2027 (%) Exhibit 58: Data Table on Service - Year-over-year growth 2022-2027 (%) 7.5 Market opportunity by Component Exhibit 59: Market opportunity by Component ($ million) 8 Customer Landscape Exhibit 64: Data Table on Geographic comparison 9.3 North America - Market size and forecast 2022-2027 Exhibit 65: Chart on North America - Market size and forecast 2022-2027 ($ million) Exhibit 66: Data Table on North America - Market size and forecast 2022-2027 ($ million) Exhibit 67: Chart on North America - Year-over-year growth 2022-2027 (%) Exhibit 68: Data Table on North America - Year-over-year growth 2022-2027 (%) 9.4 Europe - Market size and forecast 2022-2027 Exhibit 69: Chart on Europe - Market size and forecast 2022-2027 ($ million) Exhibit 70: Data Table on Europe - Market size and forecast 2022-2027 ($ million) Exhibit 71: Chart on Europe - Year-over-year growth 2022-2027 (%) Exhibit 72: Data Table on Europe - Year-over-year growth 2022-2027 (%) 9.5 APAC - Market size and forecast 2022-2027 Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 ($ million) Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 ($ million) Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%) Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%) 9.6 South America - Market size and forecast 2022-2027 Exhibit 77: Chart on South America - Market size and forecast 2022-2027 ($ million) Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 ($ million) Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%) Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%) 9.7 Middle East and Africa - Market size and forecast 2022-2027 Exhibit 81: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million) Exhibit 82: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million) Exhibit 83: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%) Exhibit 84: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%) 9.8 US - Market size and forecast 2022-2027 Exhibit 85: Chart on US - Market size and forecast 2022-2027 ($ million) Exhibit 86: Data Table on US - Market size and forecast 2022-2027 ($ million) Exhibit 87: Chart on US - Year-over-year growth 2022-2027 (%) Exhibit 88: Data Table on US - Year-over-year growth 2022-2027 (%) 9.9 Germany - Market size and forecast 2022-2027 Exhibit 89: Chart on Germany - Market size and forecast 2022-2027 ($ million) Exhibit 90: Data Table on Germany - Market size and forecast 2022-2027 ($ million) Exhibit 91: Chart on Germany - Year-over-year growth 2022-2027 (%) Exhibit 92: Data Table on Germany - Year-over-year growth 2022-2027 (%) 9.10 India - Market size and forecast 2022-2027 Exhibit 93: Chart on India - Market size and forecast 2022-2027 ($ million) Exhibit 94: Data Table on India - Market size and forecast 2022-2027 ($ million) Exhibit 95: Chart on India - Year-over-year growth 2022-2027 (%) Exhibit 96: Data Table on India - Year-over-year growth 2022-2027 (%) 9.11 UK - Market size and forecast 2022-2027 Exhibit 97: Chart on UK - Market size and forecast 2022-2027 ($ million) Exhibit 98: Data Table on UK - Market size and forecast 2022-2027 ($ million) Exhibit 99: Chart on UK - Year-over-year growth 2022-2027 (%) Exhibit 100: Data Table on UK - Year-over-year growth 2022-2027 (%) 9.12 Japan - Market size and forecast 2022-2027 Exhibit 101: Chart on Japan - Market size and forecast 2022-2027 ($ million) Exhibit 102: Data Table on Japan - Market size and forecast 2022-2027 ($ million) Exhibit 103: Chart on Japan - Year-over-year growth 2022-2027 (%) Exhibit 104: Data Table on Japan - Year-over-year growth 2022-2027 (%) 9.13 Market opportunity by geography Exhibit 105: Market opportunity by geography ($ million) 10 Drivers, Challenges, and Trends 10.1 Market drivers About Us Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contact