HUMAN CAPITAL MANAGEMENT SOFTWARE MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


HCM Software Market Analysis:

The current valuation of the Human Capital Management Software market stands at 21.8 billion and is projected to grow at a Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period, reaching 33.4 billion in the next five years. Many companies are adopting HCM vendors who offer robust and dependable software solutions to enhance workforce productivity.

Enterprises are increasingly deploying mobile applications to extend employee management functions and improve people management, driven by the mobile-centric internet usage patterns of employees. This trend presents growth opportunities for HCM vendors. Additionally, many companies have been using the same HR software for over seven years, necessitating updates to remain competitive, which is expected to drive the growth of the human capital management software market.

Human resource information systems are being invested in to manage HR information effectively, better manage employees, gain insights, and improve business outcomes. Companies of all sizes are implementing the right HR technology to make significant improvements in all aspects of their operations. Technological advancements in the cloud, big data, and artificial intelligence are transforming the work of HR professionals and their organizational roles, indicating potential growth in the market over the forecast period.

For instance, Danish retailer Salling Group A/S, which operates over 1,400 stores across Denmark, Germany, and Poland and employs over 53,000 people, is adopting human capital management software to facilitate its mobile recruitment and talent processes. The company has reported a 90% reduction in time for store managers for administrative tasks and a 15-second posting time for positions, compared to over three days previously.

Data security is a significant concern after implementing HCM software, and multiple levels of security must be put in place to prevent unauthorized access to sensitive and confidential data, which could hamper market growth.

Over the past decade, there has been a steady increase in people working from home. However, the COVID-19 pandemic has dramatically accelerated this trend, forcing organizations of all sizes to adapt to self-isolation measures recommended by governments across regions. Remote workforce management software has become essential for businesses to efficiently manage their remote workforce. With the outbreak of COVID-19, market vendors began seeking cost-effective and flexible payroll solutions to reduce non-core spending, fueling market growth after the pandemic.

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