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:
- Human Capital Management (HCM) Solutions Market size
- Human Capital Management (HCM) Solutions Market trends
- Human Capital Management (HCM) Solutions Market industry analysis
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
- Core HR
- Talent
- Workforce
- Component
- Solution
- Service
- Geography
- North America
- Europe
- APAC
- South America
- 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
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| Human Capital Management (HCM) Solutions Market Scope | |
| Report Coverage | Details |
| Base year | 2022 |
| Historic period | 2017-2021 |
| Forecast period | 2023-2027 |
| Growth momentum & CAGR | Accelerate at a CAGR of 8.45% |
| Market growth 2023-2027 | USD 11,195.8 million |
| Market structure | Fragmented |
| YoY growth 2022-2023(%) | 8.05 |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Performing market contribution | North America at 34% |
| Key countries | US, India, Japan, Germany, and UK |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| 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
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Component
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 13: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- 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
- 5.1 Five forces summary
- Exhibit 23: Five forces analysis – Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 29: Chart on Market condition – Five forces 2022 and 2027
6 Market Segmentation by Application
- 6.1 Market segments
- Exhibit 30: Chart on Application – Market share 2022-2027 (%)
- Exhibit 31: Data Table on Application – Market share 2022-2027 (%)
- 6.2 Comparison by Application
- Exhibit 32: Chart on Comparison by Application
- 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 47: Chart on Component – Market share 2022-2027 (%)
- Exhibit 48: Data Table on Component – Market share 2022-2027 (%)
- 7.2 Comparison by Component
- Exhibit 49: Chart on Comparison by Component
- 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
- 8.1 Customer landscape overview
- Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
- 9.1 Geographic segmentation
- Exhibit 61: Chart on Market share by geography 2022-2027 (%)
- Exhibit 62: Data Table on Market share by geography 2022-2027 (%)
- 9.2 Geographic comparison
- Exhibit 63: Chart on Geographic comparison
- 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
- 10.2 Market challenges
- 10.3 Impact of drivers and challenges
- Exhibit 106: Impact of drivers and challenges in 2022 and 2027
- 10.4 Market trends
11 Vendor Landscape
- 11.1 Overview
- 11.2 Vendor landscape
- Exhibit 107: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 108: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 109: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 110: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 111: Matrix on vendor position and classification
- 12.3 Asure Software Inc.
- Exhibit 112: Asure Software Inc. – Overview
- Exhibit 113: Asure Software Inc. – Product / Service
- Exhibit 114: Asure Software Inc. – Key offerings
- 12.4 Automatic Data Processing Inc.
- Exhibit 115: Automatic Data Processing Inc. – Overview
- Exhibit 116: Automatic Data Processing Inc. – Business segments
- Exhibit 117: Automatic Data Processing Inc. – Key news
- Exhibit 118: Automatic Data Processing Inc. – Key offerings
- Exhibit 119: Automatic Data Processing Inc. – Segment focus
- 12.5 Cegid SA
- Exhibit 120: Cegid SA – Overview
- Exhibit 121: Cegid SA – Product / Service
- Exhibit 122: Cegid SA – Key offerings
- 12.6 Ceridian HCM Holding Inc.
- Exhibit 123: Ceridian HCM Holding Inc. – Overview
- Exhibit 124: Ceridian HCM Holding Inc. – Product / Service
- Exhibit 125: Ceridian HCM Holding Inc. – Key news
- Exhibit 126: Ceridian HCM Holding Inc. – Key offerings
- 12.7 Cognizant Technology Solutions Corp.
- Exhibit 127: Cognizant Technology Solutions Corp. – Overview
- Exhibit 128: Cognizant Technology Solutions Corp. – Business segments
- Exhibit 129: Cognizant Technology Solutions Corp. – Key news
- Exhibit 130: Cognizant Technology Solutions Corp. – Key offerings
- Exhibit 131: Cognizant Technology Solutions Corp. – Segment focus
- 12.8 Inplenion
- Exhibit 132: Inplenion – Overview
- Exhibit 133: Inplenion – Product / Service
- Exhibit 134: Inplenion – Key offerings
- 12.9 Koch Industries Inc.
- Exhibit 135: Koch Industries Inc. – Overview
- Exhibit 136: Koch Industries Inc. – Product / Service
- Exhibit 137: Koch Industries Inc. – Key news
- Exhibit 138: Koch Industries Inc. – Key offerings
- 12.10 Kronos Inc.
- Exhibit 139: Kronos Inc. – Overview
- Exhibit 140: Kronos Inc. – Product / Service
- Exhibit 141: Kronos Inc. – Key offerings
- 12.11 OnePoint Human Capital Management
- Exhibit 142: OnePoint Human Capital Management – Overview
- Exhibit 143: OnePoint Human Capital Management – Product / Service
- Exhibit 144: OnePoint Human Capital Management – Key offerings
- 12.12 Oracle Corp.
- Exhibit 145: Oracle Corp. – Overview
- Exhibit 146: Oracle Corp. – Business segments
- Exhibit 147: Oracle Corp. – Key news
- Exhibit 148: Oracle Corp. – Key offerings
- Exhibit 149: Oracle Corp. – Segment focus
- 12.13 Ramco Systems Ltd.
- Exhibit 150: Ramco Systems Ltd. – Overview
- Exhibit 151: Ramco Systems Ltd. – Business segments
- Exhibit 152: Ramco Systems Ltd. – Key offerings
- Exhibit 153: Ramco Systems Ltd. – Segment focus
- 12.14 Safeguard World International LLC
- Exhibit 154: Safeguard World International LLC – Overview
- Exhibit 155: Safeguard World International LLC – Product / Service
- Exhibit 156: Safeguard World International LLC – Key offerings
- 12.15 SAP SE
- Exhibit 157: SAP SE – Overview
- Exhibit 158: SAP SE – Business segments
- Exhibit 159: SAP SE – Key news
- Exhibit 160: SAP SE – Key offerings
- Exhibit 161: SAP SE – Segment focus
- 12.16 Talentia Software Group
- Exhibit 162: Talentia Software Group – Overview
- Exhibit 163: Talentia Software Group – Product / Service
- Exhibit 164: Talentia Software Group – Key offerings
- 12.17 Workday Inc.
- Exhibit 165: Workday Inc. – Overview
- Exhibit 166: Workday Inc. – Product / Service
- Exhibit 167: Workday Inc. – Key offerings
13 Appendix
- 13.1 Scope of the report
- 13.2 Inclusions and exclusions checklist
- Exhibit 168: Inclusions checklist
- Exhibit 169: Exclusions checklist
- 13.3 Currency conversion rates for US$
- Exhibit 170: Currency conversion rates for US$
- 13.4 Research methodology
- Exhibit 171: Research methodology
- Exhibit 172: Validation techniques employed for market sizing
- Exhibit 173: Information sources
- 13.5 List of abbreviations
- Exhibit 174: List of abbreviations
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