Human Capital Management Market Grows at a CAGR of 7.5% | Key player Workday, Oracle, ADP, SAP, Microsoft

“Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US), Ultimate Kronos Group (US) ), Ceridian (US), SumTotal (US), Infor (US), Cegid (France), EmployWise (India), PeopleStrategy (US), Cornerstone OnDemand (US), Meta4 ( US), Ramco Systems (India), Bamboo HR (US), Namely (US), Workforce Software (US), Zoho (India), Sage Group (UK).

Human Capital Management Market with COVID-19 Impact Analysis, by Component, Software (Central HR, Applicant Tracking System, HR Analytics, and Workforce Management), Services, Deployment Model, Organization Size , vertical and region – global forecast to 2026

The global human capital management market size is expected to grow from USD 22.3 billion in 2021 to USD 32.0 billion by 2026, at a compound annual growth rate (CAGR) of 7.5% during the forecast period. HCM progress can be linked to a number of factors; however, some of the major drivers include the adoption of AI and ML technologies in HR processes and the reduction in cost achieved using HR software, which is the primary driver enabling the adoption of HCM technologies within companies. Cloud security remains a barrier to cloud HCM adoption among enterprise users, especially in highly regulated verticals, such as BFSI, healthcare, energy, and utilities. Opportunities in adjacent markets, such as contingent workforce management and AI-based recruiting, are opening up new revenue prospects for vendors in the HCM market.

The SME segment will hold a larger market size during the forecast period

The adoption of HCM is high among SMBs as these companies have to manage huge volumes of personal information for employees, especially to be managed virtually after the pandemic outbreak. SMBs are spread across multiple geographies and need a centralized system to manage this information. Rising attrition rates, high recruitment costs, and competitive market have prompted SMBs to invest in HCM software and adopt go-to-market strategies to make informed decisions for their business growth.

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BFSI segment is expected to grow at the highest CAGR during the forecast period

The BFSI segment is expected to have the highest adoption of HCM software, where this vertical is expected to outperform other verticals in terms of growth. The vertical mainly adopted HCM software to have a centralized system to manage information of all employees and have efficient coordination with improved performance, especially during a pandemic outbreak. Economic changes significantly affect this vertical. Advanced technologies and various software and services can help this vertical to prioritize its actions and manage its workforce smoothly. Hence, the BFSI vertical is a major contributor to the growth of the HCM market.

The HCM market includes major software vendors, such as Workday (US), Oracle (US), ADP (US), SAP (UK), Microsoft (US), IBM (US United States), Ultimate Kronos Group (United States), Ceridian (United States), SumTotal (United States), Infor (United States), Cegid (France), EmployWise (India), PeopleStrategy (United States) , Cornerstone OnDemand (US), Meta4 (US), Ramco Systems (India), Bamboo HR (US), Namely (US), Workforce Software (US), Zoho (India) , Sage Group (UK), Epicor Software (US), Zenefits (US), Paylocity (US), Gusto (US), Bitrix (US), Benefitfocus (US ), WebHR (US), Talentia Software (France), PeopleFluent (US), Vibe HCM (US), Rippling (US), Ascentis (US), and BizMerlinHR (US) .

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The study includes an in-depth competitive analysis of the major HCM market players with their company profiles, recent developments, and key market strategies. The players in this market have adopted different strategies to expand their global presence and increase their market shares. Launches and improvements of new products; and partnerships, acquisitions, and collaborations were the most dominant strategies adopted by major players from 2019 to 2021, helping them strengthen their offerings and expand their customer base.

Workday (US) is among the HCM market leaders with a prominent geographic presence. The company primarily provides business planning, financial management, HCM analytics and professional services automation software and services. It specializes in providing cloud-based HCM and software tailored to customer specifications. With HR, workforce planning, and talent management working together in one system, you get complete visibility into the global workforce. Workday serves customers in a variety of industry sectors, such as communications service providers, energy and utilities, financial services, government, healthcare, higher education, hospitality, insurance, life sciences, manufacturing, media and entertainment, retail and technology. The company has more than 700 customers and more than 12,200 employees worldwide. It has a wide range of customers, such as Amazon, Netflix, Hewlett Packard, AON, Rolls Royce and Airbnb. The company has adopted various inorganic growth strategies and continues to improve its market expertise. For example, in March 2021, Workday acquired Peakon (Denmark) to gain access to a continuous listening platform, including real-time visibility into employee experience, sentiment and productivity. This helps drive engagement and improve organizational performance.

Oracle (US) has a strong foothold in the HCM market with its robust offerings. Oracle offers various HCM products, such as HR, Talent Management, Workforce Management, and AI applications for HCM. The company operates in the cloud and deploys software, hardware and services on premises. Besides these services, it builds ERP software, HCM software, and supply chain management (SCM) software. It prevails in growing technologies, such as Internet of Things (IoT), blockchain, ML and AI. The company has adopted various organic growth strategies and continues to improve its market expertise. For example, in May 2020, the company introduced Oracle Analytics for Cloud HCM. The introduction to analytics aims to help organizations gain insights from workforce analytics. It offers self-service analytics capabilities to provide HR executives, analysts, and line of business managers with deeper insights. Additionally, Oracle Analytics for Cloud HCM offers a cross-functional data model and over 50 HR KPIs (Key Performance Indicators).

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