Human Capital Management Market Size, Share, Growth Analysis, By Deployment(On-premise, and Cloud), By Enterprise Type(Large Enterprises, and Small and Medium-sized Enterprises) - Industry Forecast 2024-2031

Human Capital Management Market size was valued at USD 26.70 Billion in 2022 and is poised to grow from USD 29.16 Billion in 2023 to USD 58.95 Billion by 2031, at a CAGR of 9.2% during the forecast period (2024-2031).

The human capital management market is highly competitive and fragmented in nature with the presence of several key players. These players are constantly innovating and upgrading their products to meet the evolving needs of customers. These companies are adopting various strategies such as mergers and acquisitions, partnerships, and collaborations to expand their market presence. These players are constantly innovating and upgrading their products to meet the evolving needs of customers. The market is expected to witness intense competition as new players enter the market, and existing players expand their product portfolios through partnerships and collaborations. 'SAP SE (Germany)', 'Oracle Corporation (US)', 'Workday, Inc. (US)', 'ADP, LLC (US)', 'Ultimate Software Group, Inc. (US)', 'IBM Corporation (US)', 'Infor (US)', 'Kronos Incorporated (US)', 'Ceridian HCM Holding Inc. (Canada)', 'Paychex, Inc. (US)', 'Cornerstone OnDemand, Inc. (US)', 'Sage Group plc (UK)', 'Automatic Data Processing, Inc. (US)', 'Talentsoft SA (France)', 'Epicor Software Corporation (US)', 'Ramco Systems Limited (India)', 'PeopleStrong (India)', 'SumTotal Systems LLC (US)', 'Halogen Software Inc. (Canada)', 'SilkRoad Technology Inc. (US)'

Cloud computing has steadily evolved from a revolutionary IT approach to a major corporate technology. Cloud computing solutions in HR tools encourage organizations to accelerate employee engagement and experience by offering wider features that enhance performance and talent management functionalities. With robust cloud-based solutions, the HR and management teams can easily access and provide business and personal data about employees. Cloud-based solutions offer new opportunities for companies by automating heavy and complicated tasks, such as performance review, timesheet submission, and payroll management.

Increasing Adoption of Artificial Intelligence (AI): The integration of AI technology with human capital management solutions is a growing trend. AI-powered solutions can automate repetitive HR tasks, reduce errors, and provide insights into workforce trends, leading to improved decision-making.

North America is expected to dominate the human capital management market throughout the forecast period, primarily due to the presence of major vendors such as Ceridian HCM Holding Inc., Oracle Corporation, and IBM Corporation, and their substantial investments in cloud-based applications. Small firms are increasingly adopting cloud-based solutions, creating lucrative business opportunities for cloud-based technologies.