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According to the latest report by IMARC Group “Human Capital Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global human capital management market size reached US$ 22.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.0 Billion by 2028, exhibiting a growth rate (CAGR) of 8.35% during 2023-2028.
Human capital management (HCM) encompasses a set of practices used to recruit, manage, develop, optimize, and enhance the value of employees within a company. It comprises a broad spectrum of core administrative and strategic practices and processes, including payroll, compliance, training, onboarding, workforce planning, compensation planning, and performance management. It also includes benefits administration, time and attendance, workflow management, reporting and analytics, employee service and self-service, and retirement services. As a result, HCM is gaining immense traction among organizations across the globe to streamline HR operations, reduce administrative tasks, and improve employee engagement and retention.
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Human Capital Management Market Trends and Drivers:
The global human capital management market is primarily driven by the rising adoption of HCM solutions by various businesses as they help minimize manual efforts required for performing time-consuming tasks in the human resource (HR) department. Moreover, there has been a rise in the use of HCM solutions due to the implementation of lockdowns in numerous countries amid the coronavirus disease (COVID-19) outbreak. In line with this, shifting consumer preferences toward online platforms for ordering essential items and adhering to social distancing measures has augmented the demand for HCM software to support remote workforces and virtual collaboration. Furthermore, the rising focus on agile workplaces that can drive staff coordination and quickly find thousands of suitable resumes and data points are contributing to market growth. Other factors, including the rapid digitization of business, the significant growth of the e-commerce sector, and the introduction of work-from-home policies, are also anticipated to create a positive market outlook.
Report Segmentation:
The report has segmented the market into the following categories:
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