Global Human Capital Management (HCM) Market | Value and Size Expected to Reach USD 35.34 billion at CAGR of 8.46%| Forecast Period 2022-2029
Human capital management (HCM) software, an enterprise application solution, has become essential in all businesses because it automates the time-consuming clerical tasks associated with employee data, payroll, and benefits administration. However, the recent growth of the HCM software market is due to the enormous opportunities created by expanding SMEs across regions.
Data Bridge Market Research analyses that the human capital management (HCM) market was valued at USD 18.46 billion in 2021, and would reach an estimated value of 35.34 billion by 2029, and is likely to grow at a CAGR of 8.46% during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
The term HCM can refer to both a business strategy and a collection of modern IT applications and other technologies used to put that strategy into action. Furthermore, it includes not only the hiring, job & position management, HR compliance, and reporting processes, but also workforce rewards & talent and workforce management. Furthermore, cloud-based HCM usage is growing due to benefits such as remote data access, unlimited storage capacity, lower costs and maintenance fees, and access via web and mobile from any location and at any time.
Because of the COVID-19 pandemic, businesses around the world are adopting a remote work culture, posing new challenges for HCM software and service providers. The main challenge is keeping offerings up to date with changing organisational cultures. During this pandemic, HCM providers can advance their software by adding new capabilities, such as tracking employee health and location. This is expected to increase the uptake of HCM software. However, cost cutting and project delays by enterprises may limit the adoption of HCM software.
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