Global Human Capital Management Market is Predicted to Grow at a CAGR of 10.53% During 2022-2031; Rising Adoption of Artificial Intelligence & Cloud Service, Increased Automation of Work Process to Elevate Growth - Kenneth Research
New York, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Human Capital Management Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
Global Human Capital Management Market Size:
The global human capital management market garnered a revenue of USD 22,034.2 million in the year 2021 and by the end of 2031 it is expected to collect the revenue worth of USD 57,848.4 million. Market is anticipated to grow at a CAGR of 10.53% over the forecast period, i.e., 2022-2031. This growth is attributed to rising integration of artificial intelligence and machine learning in the human capital management (HCM) software. By the use of artificial intelligence, enterprises can effectively process huge amount of company data. It helps in saving time by performing all task that were previously carried out manually, such as hiring, management of employee and their needs. About 56% of total AI users have deployed AI for improvising working experience of an employee and nearly 40% of companies are using AI for HR operations. Furthermore, AI can predict the employee’s resignation with the accuracy of around 95%. Furthermore, increased need to blow off HR related cost is forecasted to augment the human capital management market growth. It is expected that HR cost is to accelerate by a percentage equal to the share of newly hired employee.
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Global Human Capital Management Market: Key Takeaways
Increasing Number of Startups and Automation of Tasks is to Elevate the Market Growth
Startups leverage the HCM software tool for interview scheduling, hiring, sorting out suitable candidate, management of attendance and payrolls. It saves them lots of time, money and effort. Therefore. Rise in number of startups is to boost the adoption of HCM software. As per the data of Department for Promoting Industry and Internal Trade, currently there are 75,442 recognized startups in India. Furthermore, need to automate the tasks that are performed manually is prompting companies for adopting RPA (robot process automation) technology. Nearly 64% of workers trust robot over their manager for work related decisions. Approximately 61% of RPA users are satisfied with its ability to reduce expenditures of the company. RPA saves a lot of time and money by completing the task with extreme precision in much lesser time. It is crucial tool in HR related repetitive tasks, such as payroll management, hiring, compliance reporting and others. RPA is also useful in the employee management by making smart decisions for them. Nearly 64% of workers trust robot over their manager for work related decisions. Approximately 61% of RPA users are satisfied with its ability to reduce expenditures of the company.
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Global Human Capital Management Market: Regional Overview
The global human capital management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
North America Market is to Grow on the Account of Rising Number of Startups Functioning in the Region
The North America human capital management market is to grow with the highest CAGR of 9.57% over the forecast period. It is estimated to gain the revenue of USD 25,771.5 million at the end of 2031. So far by 202, there are nearly 2,14,000 startups in United States. Additionally, about 16% of U.S’ population is employed in startups. North American companies are among the most valued unicorn startups of the world.
Rising Adoption of Cloud Computing is to Boost the Market Growth in Europe
The demand for cloud computing is rising on the account of growing need to form a unified network. The integration of cloud service also offers secured storage, analytics, networking and development tools. In 2021, nearly 41% of European enterprises use cloud computing, mainly for e-mail and file storage. The Europe HCM market is to grow at a CAGR of 11.10% over the forecast period. Market is expected to garner the revenue of USD 15,011.7 million at the end of 2031. Additionally, market is likely to grow by the use of HCM in core HR segment.
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The study further incorporates Y-O-Y growth, demand & supply, and forecast future opportunities in:
Global Human Capital Management Market, Segmentation by Functionality
The growth of core HR segment is predicted on the account of the need to manage HR-related functions, such as payroll, recruitment, employee management and others. HR faces time management issues with all the workloads. In many companies, 50% of HR’s time alone is spent on answering solving employee problems. In 2021, the core HR segment collected the revenue of USD 10,188.5 million. The segment is expected to grow at a CAGR of 10.23% over the forecast period. Furthermore, by the end of 2031, it is anticipated to garner USD 26,027.8 million worth of revenue.
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Global Human Capital Management Market, Segmentation by End-User
Among all the segments of end user, the government segment is to show the highest growth by collecting a revenue of USD 6659.9 million at the end of 2031, by growing at a CAGR of 9.17% over the forecast period. Human capital management helps government organization to reassess the future of their public and the services provided to them. It scales up the efficiency of work in most manageable and affordable way. HCM makes HR sector work easier, by boosting the HR tasks of government organization such as payroll, talent management, finance and others. In United States, HCM has reduced the payroll time by around 60% and has increased nearly 90% of automation of business process.
Few of the well-known market leaders in the global human capital management market that are profiled by Kenneth Research are Cornerstone OnDemand Inc., Oracle Corporation, Infor Inc., Workday, Inc., EmployWise, Ultimate Software, International Business Corporation, Microsoft Corporation, Kronos Incorporated, UKG, Inc., and others
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Recent Developments in the Global Human Capital Management Market
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