Portland, OR , Nov. 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global human capital management market generated $21.8 billion in 2021, and is estimated to reach $51.3 billion by 2031, witnessing a CAGR of 9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $21.8 Billion |
| Market Size in 2031 | $51.3 Billion |
| CAGR | 9% |
| No. of Pages in Report | 309 |
| Segments Covered | Industry Vertical, Component, Deployment Mode, Enterprise Size, and Region |
| Drivers | Advent of cloud-based HR management software which allowed HR departments to move their work schedules to the cloud while they work remotely. |
| Simplification of HR operations. | |
| Increase in need for integrated HR suites. | |
| Opportunities | Rise in adoption of workforce analytics solutions. |
| Increased adoption of digital HR technologies. | |
| Restraints | The need to comply with government regulations. |
Covid-19 Scenario:
- The pandemic had a positive impact on the human capital management market due to the augmented demand for HCM solutions to support several crucial HR operations in verticals such as BFSI and manufacturing and manage workforce during COVID-19.
- The COVID-19 pandemic outbreak prompted every business to shift toward a remote work environment. Moreover, strict government guidelines forced people to stay at home, leading to the adoption of human capital management by enterprises globally.
- With more employees working remotely and the demand for specialized skills and workforce data increasing, human capital management teams and managers can offer comprehensive support across an organization and bring out the best in everyone.
The report offers a detailed a segmentation of the global human capital management market based on industry vertical, component, deployment mode, enterprise size, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on industry vertical, the IT and telecom segment held the largest share in 2021, contributing to nearly one-fourth of the global human capital management market, and is likely to maintain its leadership status during the forecast period. However, the healthcare segment is expected to manifest the highest CAGR of 11.96% from 2022 to 2031. The report also mentions the retail and e-commerce, BFSI, travel and hospitality, government, manufacturing, and others segments.
Based on component, the solution segment held the largest share in 2021, accounting for nearly two-thirds of the global human capital management market, and would rule the roost through 2031. However, the service segment is estimated to witness the fastest CAGR of 9.94% during the forecast period.
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Based on deployment mode, the on-premise segment was the largest in 2021, grabbing nearly three-fifths of the global human capital management market, and is likely to maintain its leadership status during the forecast period. The cloud segment, however, is expected to manifest the highest CAGR of 10.2% from 2022 to 2031.
Based on enterprise size, the large enterprises segment was the largest in 2021, accounting for over two-thirds of the global human capital management market, and is likely to maintain its leadership status during the forecast period. However, the SMEs segment is expected to manifest the highest CAGR of 10.3% from 2022 to 2031.
Based on region, the market in North America accounted for nearly two-fifths of the global human capital management market in 2021, and is likely to maintain its leadership status during the forecast period. However, the human capital management market in Asia-Pacific is expected to manifest the highest CAGR of 11.24% from 2022 to 2031. The report also discusses the Europe and LAMEA regions.
Leading player of the global human capital management market analyzed in the research include ADP, Inc.
The report analyzes these key players of the global human capital management market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
