The Human Capital Management Software market size was valued at USD 7.9 billion in 2022 and is expected to reach USD 23.9 billion by 2032, at a CAGR of 11.9% during the forecast period 2023-2032.
FORT COLLINS, Colo., April 28, 2024 (Globe Newswire) —
The popularity of human capital management software and technology integration is driving industry growth.
of human resources management software industry Primarily driven by integrating software solutions to streamline and access talent pools. These tools serve as valuable assets to organizations and simplify the hiring process for agencies and companies. Additionally, technological innovations such as chatbots, virtual assistants, and learning management solutions have been prominent in the human resources sector for years. The emergence of artificial intelligence, machine learning, and cloud-based solutions is expected to continue to drive technological advancements in the market throughout the forecast period.
The popularity of talent management software hinges on its ability to increase efficiency, automate tasks, and facilitate data-driven decision-making. These attributes are essential for effective workforce planning and evaluating the effectiveness of various HR initiatives at the organizational level. Additionally, these software solutions often include robust reporting and analytics capabilities, allowing HR teams to leverage data insights into informed decision-making processes.
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Segmentation overview:
The human resource management software market is segmented into type, enterprise type, end user, and region.
By 2023, large companies have dominated the industry.
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The industry is divided into small, medium, and large companies. Large companies hold a large market share and will continue to drive the growth of this segment in the coming years. The demand for a skilled workforce and the introduction of automated systems are driving the development of this sector.
Healthcare is a major segment and attracts further growth in the industry.
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Market segmentation based on end users consists of BFSI, IT, Healthcare, Education, and Manufacturing. Healthcare is a major sector expected to grow in the coming years. Moreover, education is the fastest growing segment over the forecast period.
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Talent Management Software Market Report Highlights:
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Prominent players in the Human Capital Management Software Market report include Cornerstone OnDemand, Workday, Inc., Applied Training Systems, Inc., Talentsoft, BambooHR LLC, Oracle Corporation, SAP SE, IBM Corporation, Sage Group plc, and 15Five. Masu.
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