Global Human Capital Management (HCM) Market Outlook 2031

The global human capital management market is likely to grow at a CAGR of 10.53% over the forecast period i.e. 2022-2031. The market generated a revenue of around USD 22,000 Million at the end of 2021 and is likely to produce revenue worth of nearly USD 58,000 Million by the end of 2031. The market growth of global human capital management is attributed to integration of AI and ML into HCM software to save time on manual activities and make quicker and wiser decision. Further, rising number of startups open more hiring which drive companies to install HCM software for management of employee. In addition, rising need to manage all the scattered employee networks created more opportunity for adapting cloud based HCM software.

The global human capital management market is segmented by functionality and by end user. On the basis of functionality market is further fragmented into core HR, talent acquisition, performance management, succession planning, reward & recognition, advance analytics, compliance and others. The core HR segment is likely to grow at the highest CAGR of 10.23% over the forecast period and expected to garner a revenue worth of approximately USD 26,000 million by the end of 2031. The segment garnered a revenue of nearly USD 10,000 million in 2021.

On the basis of region, the global human capital management market is segmented into five regions namely, North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. Among all, the market in North America is expected to gain highest revenue of around USD 26,000 by the end of 2031 and growth at a CAGR of 9.57% over the forecast period. The market in North America collected a revenue of nearly USD 11,000 million in the year 2021.

Some of the prominent industry leaders in the global millimeter wave technology market that are included in our report are Infor Inc., UKG Ascentis, Ultimate Software, International Business Corporation, Oracle Corporation, Microsoft Corporation, Workday, Inc., Kronos Incorporated, EmployWise, Cornerstone OnDemand Inc., and others.