Market Overview:
The global human capital management (HCM) and payroll market is expected to grow from USD 9.02 billion in 2018 to USD 16.06 billion by 2030, at a CAGR of 7.0% from 2018 to 2030. The growth of the market can be attributed to the increasing demand for cloud-based HCM solutions and the need for streamlining payroll processes across enterprises. However, data security concerns may restrain the growth of this market during the forecast period. On the basis of type, the human capital management (HCM) and payroll market is segmented into human capital management (HCM), HCM payroll, and HCM payroll tax withholding.
 & Payroll Industry Outlook.svg)
Product Definition:
Human capital management (HCM) is the process of managing an organization's workforce. This includes activities such as recruiting and hiring employees, onboarding new hires, developing employee skills and careers, tracking employee performance, and managing terminations.
One important aspect of human capital management is payroll. Payroll is the process of recording an employee's hours worked and calculating their paychecks. It also involves issuing paychecks, submitting taxes withheld to the government, and paying other benefits like health insurance or retirement contributions.
The importance of human capital management cannot be overstated. A well-managed workforce can help an organization achieve its goals while a poorly managed one can lead to lower productivity and even loss of revenue.
Human Capital Management (HCM):
Human capital management is a software system that integrates the functions of personnel & payroll, and time & attendance. It provides an integrated view of the human resource throughout its life cycle. HCM solutions are used to manage people in various departments including recruitment, training & development, employee benefits, payroll processing and labor scheduling among others. The solution also helps to improve operational efficiency by synchronizing various processes related to people management across organizations effectively.
HCM Payroll:
HCM payroll is used to manage the human resource in an organization. It includes tracking employee data such as leave balance, time and attendance record, etc. HCM payroll also helps organizations in managing employee benefits such as healthcare premium payments, vacation payouts, sick leaves balance due etc.
The global HCM & Payroll market size was valued at USD 859 million in 2016 and is expected to grow at a CAGR of XX% over the forecast period.
Application Insights:
The large-sized enterprises segment dominated the global market in 2017. The segment will expand at a CAGR of XX% over the forecast period owing to an increase in demand for HCM and payroll services from large companies, which are facing increasing competition and need to improve their performance management capabilities. Furthermore, factors such as an increase in mergers & acquisitions activities by major players; growing awareness regarding performance management among employees; technological advancements for developing robust human capital management solutions; availability of online portals for customers¢â‚¬â„¢ access to various functionalities through one single window is expected to drive the growth over next seven years.
Small and medium-sized enterprises (SMEs) accounted for more than 50% of overall market share on account of easy accessibility via internet coupled with affordable cost structure that makes it feasible even for small businesses to deploy human capital management software/service without compromising with operational efficiency or effectiveness.
Regional Analysis:
The North America region accounted for the largest revenue share in 2017. The presence of a large number of organizations and higher adoption rate of advanced human capital management solutions are some factors driving the regional market growth. Moreover, increasing government initiatives to support SMEs coupled with growing penetration into other regions is expected to drive the overall market growth over the forecast period.
Asia Pacific is anticipated to be one of the fastest-growing regions owing to increased awareness about HCM and payroll services among enterprises as well as employees, especially in developing countries such as India and China. Furthermore, rising labor costs due to high employee turnover rates are also expected boost regional demand for human capital management systems over the forecast period. Increasing investments by governments across various countries are also contributing toward market development through improved infrastructure facilities which would leadto an increase in employment opportunities thereby boosting overall industry growth overthe next eight years (2018 - 2030).
Growth Factors:
- Increased demand for HCM and payroll software due to the Affordable Care Act (ACA).
- The growth of mobile devices and cloud-based solutions, which are making it easier for companies to manage their payroll and employee data.
- The increasing use of social media in recruiting, which is making it easier for companies to find qualified candidates.
- The growing number of freelancers and contract workers, who need a way to track their hours and pay taxes correctly.
- The increasing popularity of wellness programs, which can help employers reduce healthcare costs by promoting healthy lifestyles among their employees
Scope Of The Report
Report Attributes
Report Details
Report Title
Human Capital Management (HCM) & Payroll Market Research Report
By Type
Human Capital Management (HCM), HCM Payroll, HCM Payroll Tax Withholding
By Application
Small and Mediumsmall-sized Enterprises, Large-sized Enterprises
By Companies
SAP, Automatic Data Processing (ADP), Ultimate Software Group, Linkedin (Microsoft), Oracle, Workday, Ceridian HCM, Kronos, Infor, Cornerstone OnDemand, Paycom Software, Sage, Epicor Software, Accenture, Workforce Software, Zenefits, Ramco Systems, EPAY Systems, PeopleStrategy, Pachex, Microsoft, Intuit
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
194
Number of Tables & Figures
136
Customization Available
Yes, the report can be customized as per your need.
Global Human Capital Management (HCM) & Payroll Market Report Segments:
The global Human Capital Management (HCM) & Payroll market is segmented on the basis of:
Types
Human Capital Management (HCM), HCM Payroll, HCM Payroll Tax Withholding
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Small and Mediumsmall-sized Enterprises, Large-sized Enterprises
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- SAP
- Automatic Data Processing (ADP)
- Ultimate Software Group
- Linkedin (Microsoft)
- Oracle
- Workday
- Ceridian HCM
- Kronos
- Infor
- Cornerstone OnDemand
- Paycom Software
- Sage
- Epicor Software
- Accenture
- Workforce Software
- Zenefits
- Ramco Systems
- EPAY Systems
- PeopleStrategy
- Pachex
- Microsoft
- Intuit
 & Payroll Market Overview.svg)
Highlights of The Human Capital Management (HCM) & Payroll Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Human Capital Management (HCM)
- HCM Payroll
- HCM Payroll Tax Withholding
- By Application:
- Small and Mediumsmall-sized Enterprises
- Large-sized Enterprises
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Human Capital Management (HCM) & Payroll Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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 & Payroll Market Statistics.svg)
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Human capital management (HCM) is a process that helps organizations identify, develop, and manage the human resources necessary to achieve their strategic objectives. Payroll is the process of recording and paying employees for their work.
Some of the key players operating in the human capital management (hcm) & payroll market are SAP, Automatic Data Processing (ADP), Ultimate Software Group, Linkedin (Microsoft), Oracle, Workday, Ceridian HCM, Kronos, Infor, Cornerstone OnDemand, Paycom Software, Sage, Epicor Software, Accenture, Workforce Software, Zenefits, Ramco Systems, EPAY Systems, PeopleStrategy, Pachex, Microsoft, Intuit.
The human capital management (hcm) & payroll market is expected to grow at a compound annual growth rate of 7%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Human Capital Management (HCM) & Payroll Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Human Capital Management (HCM) & Payroll Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Human Capital Management (HCM) & Payroll Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Human Capital Management (HCM) & Payroll Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Human Capital Management (HCM) & Payroll Market Size & Forecast, 2018-2028
4.5.1 Human Capital Management (HCM) & Payroll Market Size and Y-o-Y Growth
4.5.2 Human Capital Management (HCM) & Payroll Market Absolute $ Opportunity
Chapter 5 Global Human Capital Management (HCM) & Payroll Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Human Capital Management (HCM) & Payroll Market Size Forecast by Type
5.2.1 Human Capital Management (HCM)
5.2.2 HCM Payroll
5.2.3 HCM Payroll Tax Withholding
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Human Capital Management (HCM) & Payroll Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Human Capital Management (HCM) & Payroll Market Size Forecast by Applications
6.2.1 Small and Mediumsmall-sized Enterprises
6.2.2 Large-sized Enterprises
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Human Capital Management (HCM) & Payroll Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Human Capital Management (HCM) & Payroll Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Human Capital Management (HCM) & Payroll Analysis and Forecast
9.1 Introduction
9.2 North America Human Capital Management (HCM) & Payroll Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Human Capital Management (HCM) & Payroll Market Size Forecast by Type
9.6.1 Human Capital Management (HCM)
9.6.2 HCM Payroll
9.6.3 HCM Payroll Tax Withholding
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Human Capital Management (HCM) & Payroll Market Size Forecast by Applications
9.10.1 Small and Mediumsmall-sized Enterprises
9.10.2 Large-sized Enterprises
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Human Capital Management (HCM) & Payroll Analysis and Forecast
10.1 Introduction
10.2 Europe Human Capital Management (HCM) & Payroll Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Human Capital Management (HCM) & Payroll Market Size Forecast by Type
10.6.1 Human Capital Management (HCM)
10.6.2 HCM Payroll
10.6.3 HCM Payroll Tax Withholding
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Human Capital Management (HCM) & Payroll Market Size Forecast by Applications
10.10.1 Small and Mediumsmall-sized Enterprises
10.10.2 Large-sized Enterprises
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Human Capital Management (HCM) & Payroll Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Human Capital Management (HCM) & Payroll Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Human Capital Management (HCM) & Payroll Market Size Forecast by Type
11.6.1 Human Capital Management (HCM)
11.6.2 HCM Payroll
11.6.3 HCM Payroll Tax Withholding
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Human Capital Management (HCM) & Payroll Market Size Forecast by Applications
11.10.1 Small and Mediumsmall-sized Enterprises
11.10.2 Large-sized Enterprises
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Human Capital Management (HCM) & Payroll Analysis and Forecast
12.1 Introduction
12.2 Latin America Human Capital Management (HCM) & Payroll Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Human Capital Management (HCM) & Payroll Market Size Forecast by Type
12.6.1 Human Capital Management (HCM)
12.6.2 HCM Payroll
12.6.3 HCM Payroll Tax Withholding
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Human Capital Management (HCM) & Payroll Market Size Forecast by Applications
12.10.1 Small and Mediumsmall-sized Enterprises
12.10.2 Large-sized Enterprises
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Human Capital Management (HCM) & Payroll Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Human Capital Management (HCM) & Payroll Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Human Capital Management (HCM) & Payroll Market Size Forecast by Type
13.6.1 Human Capital Management (HCM)
13.6.2 HCM Payroll
13.6.3 HCM Payroll Tax Withholding
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Human Capital Management (HCM) & Payroll Market Size Forecast by Applications
13.10.1 Small and Mediumsmall-sized Enterprises
13.10.2 Large-sized Enterprises
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Human Capital Management (HCM) & Payroll Market: Competitive Dashboard
14.2 Global Human Capital Management (HCM) & Payroll Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 SAP
14.3.2 Automatic Data Processing (ADP)
14.3.3 Ultimate Software Group
14.3.4 Linkedin (Microsoft)
14.3.5 Oracle
14.3.6 Workday
14.3.7 Ceridian HCM
14.3.8 Kronos
14.3.9 Infor
14.3.10 Cornerstone OnDemand
14.3.11 Paycom Software
14.3.12 Sage
14.3.13 Epicor Software
14.3.14 Accenture
14.3.15 Workforce Software
14.3.16 Zenefits
14.3.17 Ramco Systems
14.3.18 EPAY Systems
14.3.19 PeopleStrategy
14.3.20 Pachex
14.3.21 Microsoft
14.3.22 Intuit
