Human Capital Management (HCM) Software 2018 Analysis and Forecast to 2029

 

In 2021, the  human capital management market (HCM) was valued at USD 23.60 billion. The market is anticipated to increase by 9.1% CAGR from USD 25.53 billion in 2022 to USD 46.85 billion in 2029. The COVID-19 outbreak has had a stunning and unprecedented global impact, with demand for human capital management (HCM) exceeding expectations in every region compared to pre-pandemic levels. According to our research, the worldwide HCM market showed a consistent increase of 8.1% in 2020 compared to 2019.

Due to the dispersed workforce caused by the COVID-19 pandemic, there is projected to be an increase in demand for performance management and workforce management solutions. The incorporation of cutting-edge technology like artificial intelligence, robotic process automation, and others into HR solutions would increase demand for HR management solutions across industries. However, from 2021 to 2022, the worldwide human capital management (HCM) market will expand steadily.

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Key Players:

·         Automatic Data Processing (ADP), Inc. (U.S.)

·         Ceridian HCM, Inc. (U.S.)

·         SAP SE (Germany)

·         Cornerstone OnDemand, Inc. (U.S.)

·         Infor (U.S.)

·         NetSuite, Inc. (U.S.)

·         Oracle Corporation (U.S.)

·         Ultimate Software (U.S.)

·         Workday, Inc. (U.S.)

·         Cegid Group (France)

 

Drives Factors:

HR software with artificial intelligence enables businesses to improve employee experience and engagement. The user may automate repetitive operations, lessen the administrative strain, and save time with AI in HR management solutions. Organizations are integrating AI into their HR management tool processes to speed up hiring and onboarding, enhance employee personalization, and offer insights into employee performance. Businesses are integrating AI technologies into the hiring procedure. Through employee reward programmes and tailored feedback surveys, AI technology promotes internal mobility and increases staff retention.

To meet the needs of end customers, market players are concentrating on creating solutions that are supported by AI technology. Oracle Corporation, for instance, provides Oracle Adaptive Intelligent (AI) Apps for AI and data-driven features that increase productivity and employee engagement, shorten the hiring process, and automate repetitive operations. Similar to this, Ultimate Software created the AI platform Xander to recognise, forecast, and offer tailored actions based on the HR data. The solution offers insights that boost business performance and employee satisfaction. As a result, the expansion of the human capital management (HCM) market will be fueled by the increasing implementation of AI technology in HR management systems.

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