New York City, NY, 03 December, 2019/ 24 Market Reports: It is estimated for the human capital management market to reach USD 26.8 billion by 2024 from that of USD 16.6 billion in 2019 witnessing the growth at a CAGR of 9.5% during the forecast period of 2019 to 2024. Integration of emerging technologies, such as Artificial Intelligence (AI) and Machine Learning (ML), with HCM solutions, is been the major factor for the adoption of HCM across regions. Factors such as rising cloud adoption among small and medium enterprises to effectively manage field and office personnel are expected to rise the growth of the market during the forecast period.
Software and services are the segmentation for the Human Capital Management Market based on component. During the forecast period, it is estimated for the software component to hold the largest share in the market. Increasing adoption of software to manage the entire lifecycle of employees coupled with growing need to comply with government regulations is some of the major factors that are driving the growth of the segment during the forecast period.
As the on-premises adoption of HCM solutions offers more security to the data and also helps enterprises comply with various regulations it is currently high and the same trend is expected to continue throughout the forecast period where the majority of the end-users will have their solutions on-premises.
Traditionally, HCM solutions were deployed only by large enterprises and the same trend is expected to continue over the forecast period where large enterprises will contribute the highest to the Human Capital Management Market. Growing need to manage a diverse workforce, increase employee productivity, and comply with regulations are some of the factors responsible for the growth of the market during the forecast period.
North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America are the segmentation for the human capital management market based on geography. Due to the presence of a large number of HCM vendors and increasing adoption of cloud-native technologies North America is expected to account for the largest market size during the forecast period.
Major Industry Outlook of Human Capital Management (HCM) Market