Human Capital Management (HCM) Market to Reach USD 63.14 billion by 2032; BambooHR Partners with Pento and PayFitto to Integrate them into its Marketplace Platform

The global Human Capital Management (HCM) market size touched USD 28.86 billion in 2023 and is anticipated to reach USD 31.34 billion in 2024. The market is predicted to touch USD 63.14 billion by 2032, recording a CAGR of 9.1% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled “Human Capital Management (HCM) Market Size, Share & COVID-19 Impact Analysis, By Offering (Software (Core HR, Talent Management, Workforce Management, Payroll & Compensation, Others (Succession and Planning)), Services), By Deployment (On-premise, Cloud), By Enterprise Type (Large Enterprises, Small and Medium-sized Enterprises), By End-use Industry (IT & Telecommunication, BFSI, Government, Retail, Healthcare, Education, Manufacturing, Others (Transportation & Logistics, Energy & Utilities)), and Regional Forecast, 2024-2032”.

Human Capital Management solutions have a wide range of features, such as compensation, human resource functions, and the key objectives of an organization. These solutions are deployed on mobile and cloud-based technologies that can help firms run process data, reports, and develop a seamless end-user experience. The growing integration of AI, Machine Learning (ML), and other advanced technologies in HCM modules is expected to boost the HCM market growth.

COVID-19 Pandemic Boosted Demand for Remote Work Solutions, Fueling Adoption of HCM Solutions

While the COVID-19 pandemic created several challenges for companies in terms of ensuring business continuity, the demand for working remotely grew tremendously during this period. However, many businesses found it quite difficult to make their teams accustomed to working remotely as they were unfamiliar with remote working technologies.

This also hindered their performance for a temporary period. Businesses were forced to look for different ways to monitor and maintain their employees’ productivity even while working from home. This scenario paved the way for the installation of a wide range of Human Capital Management software, further improving the market growth.

Organizations to Leverage the Advantages of Cloud Computing for Efficient HR and Talent Management

Cloud computing is quickly becoming a mainstream technology in many organizations and is now more than just an IT approach. Cloud-based solutions can help companies boost experience and engagement rate of their employees as they provide many features that can improve their performance and talent management functions. Some of the cloud-based HR management solutions can also be customized by corporate employees and HR personnel without taking the help of IT specialists.

Cloud-based HCM solutions can also help companies boost their performance by helping them automate several manual and complicated tasks. These include timesheet submission, payroll management, and performance review. These advantages can boost the demand for cloud computing solutions in HCM modules.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/human-capital-management-hcm-market-100240

Competitive Landscape

Key Companies Adopt Merger & Acquisition Strategy to Cement Market Position

Some of the top companies involved in the market are expanding their global presence by implementing various merger & acquisition strategies. These companies are aiming to acquire small and local organizations to enhance their business presence.

Notable Industry Development:

• March 2022: BambooHR collaborated with Pento and PayFit, which offer payroll software solutions, to integrate them into its marketplace platform. This collaboration resulted in improvements in future client opportunities and taking advantage of their API to offer better solutions to consumers.

List of the Companies Profiled in the Report:

• SAP SE (Germany)


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


• Oracle Corporation (U.S.)


• Microsoft Corporation (U.S.)


• Cornerstone OnDemand, Inc. (U.S.)


• Ceridian HCM, Inc. (U.S.)


• Infor, Inc. (U.S.)


• Ramco Systems Ltd. (India)


• Workday, Inc. (U.S.)


• Paycom Software, Inc. (U.S.)


• UKG Inc. (U.S.)


• Cegid (France)


• Bamboo HR LLC (U.S.)


• Sumtotal Systems, LLC (U.S.)

Further Report Findings

• Europe is predicted to record significant CAGR during the forecast period as the region is increasing its reliance on a wide range of workforce automation solutions to improve organizational compliance. For example, sectors across the U.K. have started using workforce management solutions to facilitate effective management of their employees.


• The cloud segment is anticipated to capture a major Human Capital Management market share during the forecast period. Many companies are opting for cloud solutions to store their data. Also, the demand for cloud-based business models that are incorporated with HRM services is rising at a notable pace among clients, further boosting the product adoption.


• The small and medium-sized enterprises segment is projected to record a notable CAGR during the analysis timeframe. The demand for cost-effective options with respect to using HR management systems that offer high-value outcomes is rising among these enterprises.

Table of Segmentation