North America Human Capital Management Market

North America Human Capital Management Market

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Raksha

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Raksha Sharma

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Amulya Agarwal

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Shruti Bhat

The North America human capital management market size was USD 7.77 Billion in 2022 and is likely to reach USD 19.08 Billion by 2031, expanding at a CAGR of 10.5% during 2023–2031. The growth of the market is attributed to growing applications in human resources processes.

Human capital management (HCM) provides solutions to human resource functions, which includes the benefits & perks, payroll & compensation, training & development, management of employee profile, time & attendance, and workforce analytics.

North America Human Capital Management Market Outlook

Moreover, several industry players offer solutions to cater to the need of process automation for various user types, including small & medium enterprises and large enterprises. The impact of COVID-19 has been positive on the HCM market due to rise in demand for performance management and workforce management solutions in the new era of remote working option.

Market Trends, Drivers, Restraints, and Opportunities

  • Rise in adoption for cloud based HCM software is one of the key factors driving the market growth.

  • Growing need to streamline human resource operations across the region is expected to boost the market growth of HCM software and its services in the coming years.

  • Issues concerning to cyber-attacks and data security presents a major restraining factor, which is anticipated to hamper the market expansion during the projected period.

  • Need to comply with stringent regulations by government is likely to hinder the market growth during the forecast period.

  • Increasing popularity for workforce analytics solution is projected to create a significant growth opportunity for the market in the near future.

Scope of North America Human Capital Management Market Report

The report on the North America human capital management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

North America Human Capital Management Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Deployments (On-premise and Hosted), Services (Training & Consulting, Integration & Deployment, and Support & Maintenance), Software (Recruiting, Core HR, Talent Management, Employee Collaboration & Engagement, Workforce Planning & Analytics, and Others), Enterprise Sizes (Small & Medium Enterprise and Large Enterprise), and End-users (Retail, IT & Telecom, BFSI, Academia, Government, Manufacturing, Healthcare, and Others)  

Geographical Scope

The U.S. & Canada

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

IBM Corp.; Mercer LLC; Kronos Inc.; Oracle Corp.; Accenture PLC; Ceridian HCM, Inc.; Cezanne HR Ltd.; Automatic Data Processing (ADP), Inc.; NetSuite, Inc.; PricewaterhouseCoopers (PwC); Talentsoft; SAP SE; Workday, Inc.; and Ultimate Software

North America Human Capital Management Market Segment Insights

Hosted segment is expected to grow at a rapid pace

Based on deployments, the North America human capital management market is bifurcated into on-premise and hosted. The hosted segment is expected to grow at a rapid pace during the forecast period owing to the new functions, such as adaptive intelligence, social media, and mobility within their existing HCM solutions. However, the on-premise segment is anticipated to hold a key share of the market in the coming years attributed to the major adoption of the technology in the region.

Demand for new solutions in HCM to drive integration & deployment segment

On the basis of services, the market is segregated into training & consulting, integration & deployment, and support & maintenance. The integration & deployment segment is projected to expand at a considerable CAGR during the forecast period owing to increase in demand for integration of new HCM solutions in the existing human resources processes.

On the other hand, the support & maintenance segment is anticipated to account for a major market share during the forecast period due to flexibility it offers, such as frequent maintenance and repairs, technicalities, and periodic software updates.

Core HR segment is anticipated to hold significant market share

In terms of software, the North America human capital management market is segmented into recruiting, core HR, talent management, employee collaboration & engagement, workforce planning & analytics, and others.

The core HR segment is anticipated to hold significant market share in the coming years attributed to growing need to organize the large volumes of employee data being generated and the subsequently rising adoption of big data and digital technologies by organizations.

However, the talent management segment is expected to register a considerable CAGR during the forecast period due to large companies investing capital in talent management tools offered under HCM solutions.

North America Human Capital Management Market Software

Large workforce to drive the large enterprise segment

On the basis of enterprise sizes, the market is bifurcated into small & medium enterprise and large enterprise. The large enterprise segment is expected to hold account for major market share during the projected timeline owing to large workforce as they manage large volumes of employee data.

On the other hand, the small & medium enterprise segment is expected to grow at a significant rate due to increase in implementation of human capital management software systems, which can automate their human capital management and focus on strategic decision making.

IT & telecom segment to constitute robust market share

Based on end-users, the North America human capital management market is divided into retail, IT & telecom, BFSI, academia, government, manufacturing, healthcare, and others. The IT & telecom segment is expected to witness constitute robust market share during the forecast period attributed to large database of human capital and its effective management by HCM solutions in the region.

The U.S. is anticipated to constitute a key market share

In terms of geography, the North America human capital management market is classified as the U.S. & Canada. The U.S. is expected to constitute a key share of the market during the projected period owing to aggressive adopting of HCM systems for effective management of employee data.

However, the market of Canada is anticipated to expand at a rapid pace during the forecast period attributed to initiative by the governments for modern workplace that encourages public sector employees to work smarter.

Segments

The North America human capital management market has been segmented on the basis of

Deployments

  • On-premise
  • Hosted

Services

  • Training & Consulting
  • Integration & Deployment
  • Support & Maintenance

Software

  • Recruiting
  • Core HR
  • Talent Management
  • Employee Collaboration & Engagement
  • Workforce Planning & Analytics
  • Others

Enterprise Sizes

  • Small & Medium Enterprise
  • Large Enterprise

End-users

  • Retail
  • IT & Telecom
  • BFSI
  • Academia
  • Government
  • Manufacturing
  • Healthcare
  • Others

Geography

  • The U.S.
  • Canada

Key Players

  • IBM Corp.
  • Mercer LLC
  • Kronos Inc.
  • Oracle Corp.
  • Accenture PLC
  • Ceridian HCM, Inc.
  • Cezanne HR Ltd.
  • Automatic Data Processing (ADP), Inc.
  • NetSuite, Inc.
  • PricewaterhouseCoopers (PwC)
  • Talentsoft
  • SAP SE
  • Workday, Inc.
  • Ultimate Software

Competitive Landscape

Key players competing in the North America human capital management market are IBM Corp.; Mercer LLC; Kronos Inc.; Oracle Corp.; Accenture PLC; Ceridian HCM, Inc.; Cezanne HR Ltd.; Automatic Data Processing (ADP), Inc.; NetSuite, Inc.; PricewaterhouseCoopers (PwC); Talentsoft; SAP SE; Workday, Inc.; and Ultimate Software. Some of these players are actively engaged in various market development strategies, such as capacity expansion, new product launches, acquisition, partnership, collaboration, and mergers to increase their market share.

For instance, in October 2017, Ceridian HCM, Inc. introduced the Dayforce Software Partner Program, which help organizations to connect to HCM-related solutions.

North America Human Capital Management Market Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Human Capital Management Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Human Capital Management Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Human Capital Management Market - Supply Chain
  4.5. Global Human Capital Management Market Forecast
     4.5.1. Human Capital Management Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Human Capital Management Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Human Capital Management Market Absolute $ Opportunity
5. Global Human Capital Management Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Human Capital Management Market Size and Volume Forecast by End Users
     5.3.1. Retail IT & Telecom BFSI Academia Government Manufacturing  
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Human Capital Management Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Human Capital Management Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Human Capital Management Demand Share Forecast, 2019-2026
7. North America Human Capital Management Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Human Capital Management Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Human Capital Management Market Size and Volume Forecast by End Users
     7.4.1. Retail IT & Telecom BFSI Academia Government Manufacturing  
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Human Capital Management Demand Share Forecast, 2019-2026
8. Latin America Human Capital Management Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Human Capital Management Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Human Capital Management Market Size and Volume Forecast by End Users
     8.4.1. Retail IT & Telecom BFSI Academia Government Manufacturing  
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Human Capital Management Demand Share Forecast, 2019-2026
9. Europe Human Capital Management Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Human Capital Management Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Human Capital Management Market Size and Volume Forecast by End Users
     9.4.1. Retail IT & Telecom BFSI Academia Government Manufacturing  
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Human Capital Management Demand Share Forecast, 2019-2026
10. Asia Pacific Human Capital Management Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Human Capital Management Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Human Capital Management Market Size and Volume Forecast by End Users
     10.4.1. Retail IT & Telecom BFSI Academia Government Manufacturing  
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Human Capital Management Demand Share Forecast, 2019-2026
11. Middle East & Africa Human Capital Management Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Human Capital Management Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Human Capital Management Market Size and Volume Forecast by End Users
     11.4.1. Retail IT & Telecom BFSI Academia Government Manufacturing  
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Human Capital Management Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Human Capital Management Market: Market Share Analysis
  12.2. Human Capital Management Distributors and Customers
  12.3. Human Capital Management Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. IBM Corp. Mercer LLC Kronos Inc. Oracle Corp. Accenture PLC Ceridian HCM, Inc.  

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