Human Capital Management Market Size Boosted by AI and Automation | Estimated to Surpass USD 51.3 Billion by 2031

Talent competition, remote work, cloud solutions, AI integration, and compliance requirements drive Human Capital Management (HCM) market.

PORTLAND, OREGON, UNITED STATES, August 1, 2023/EINPresswire.com/ — A CAGR of 9% is predicted for the HCM Market Size from 2022 to 2031, increasing from its estimated value of $21.8 billion in 2021 to $51.3 billion.

A strategy for managing talent in a way that enables an organization to achieve its strategic goals is known as human capital management (HCM). Recruiting, training, payroll, compensation, and performance management are conventional administrative responsibilities of human resources departments that may be transformed into opportunities to boost engagement, output, and company value through human capital management (HCM).

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With HCM solutions, businesses can make smarter and faster decisions, deliver a best-in-class employee experience, and leverage embedded cutting-edge technologies, such as artificial intelligence (AI) and chatbots to automate workflows, improve efficiency, and engage quickly.

The Human Capital Management (HCM) market is witnessing robust growth, primarily fueled by several key drivers and trends. One of the key drivers is the increasing focus on talent acquisition, retention, and development. Organizations recognize that their workforce is a critical asset, and as the competition for skilled professionals intensifies, effective HCM solutions become crucial for attracting and retaining top talent. Additionally, with the rise of the gig economy and remote work arrangements, companies are seeking HCM tools that can efficiently manage a diverse workforce with varying contract types and work arrangements.

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Furthermore, technological advancements play a significant role in shaping the HCM market. Cloud-based HCM solutions have gained popularity due to their scalability, flexibility, and cost-effectiveness. Cloud-based platforms enable seamless integration of various HR functions, making it easier for HR professionals to manage recruitment, employee data, performance evaluations, and learning and development programs. Moreover, the integration of Artificial Intelligence (AI) and data analytics in HCM solutions is transforming the way organizations make HR decisions. AI-powered tools can analyze vast amounts of employee data to identify patterns, predict workforce trends, and offer actionable insights, leading to data-driven talent management strategies.

Another prominent trend in the HCM market is the increasing emphasis on employee engagement and experience. Organizations are recognizing the impact of employee satisfaction on productivity and overall business success. As a result, HCM solutions are evolving to include features that enhance employee engagement, such as personalized learning paths, feedback mechanisms, and recognition programs. Additionally, the pandemic-induced shift to remote work has accelerated the need for virtual collaboration and communication tools within HCM platforms to ensure seamless teamwork and employee connectivity.

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Furthermore, compliance and regulatory requirements are driving the adoption of HCM solutions. With labor laws and data privacy regulations becoming more stringent, organizations seek HCM platforms that can ensure compliance and protect employee data. HCM software with robust security features and built-in compliance functionalities is becoming essential for businesses to navigate the complex regulatory landscape.

The key players profiled in the human capital management market analysis are ADP, INC., Cornerstone, Epicore Software Corporation, IBM Corporation, INFOR, Workday, Inc., Oracle Corporation, SAP SE, Sumtotal Systems, LLC, and UKG, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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David Correa
Allied Analytics LLP
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