According to the research report titled ‘Global Human Capital Management Market Size study with COVID-19 impact, by Solution (Payroll management, Talent management and Workforce management), by Deployment (On-premise and Cloud-based) and Regional Forecasts 2020-2027’, available with Market Study Report, global human capital management market was worth USD 16.70 billion in 2019 and is projected to reach a valuation of USD 28.06 billion by the end of the forecast period 2020-2027, registering a CAGR of 6.7% throughout.
 

Human capital management has become an important tool for any business or organization to hire, track and maintain  workforce effectively, and  its demand is expected to rise substantially over the forecast years due to increase in increasing number of small and medium-sized enterprises especially in emerging economies. Moreover, incorporation of machine learning (ML) and artificial intelligence (AI) in this field will further enhance global human capital management market growth.
 

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For those unversed, human capital management solutions are described as a collection of practices associated with managing of people resource, dedicated to meeting the management demands of businesses. It facilitates expansion of various functions, such as monitoring applicants, scheduling of staff, payroll & salaries, sourcing & hiring, and management of time & attendance.
 

In recent times, the introduction of work from home policies in different companies across the globe, owing to the COVID-19 pandemic, is expected to boost the overall human capital management industry remuneration. The implementation of work from home activities to avoid the spread of coronavirus and comply with social distancing norms has augmented the demand for human resource management software to track, assess, and control the workforce and its results from a distance.
 

Coming to the constraints, security concerns regarding cloud-based deployment is likely to hamper market growth over the forecast period. 
 

Speaking of the geographical scope, North America currently holds considerable portion of global human capital management market share, attributable to growing acceptance of cloud-native technologies among enterprises and presence of several technology vendors in the region.
 

Meanwhile, Asia Pacific industry is projected to gain significant traction during the coming years, creditable to increasing penetration of mobile applications in organizations and soaring demand for workforce optimization.

Established companies in global human capital management market sphere are Oracle Corporation, Ultimate Software Group, Inc., ADP LLC, Talentia Software, Meta4 Global, Kronos, Inc., Infor, Ceridian HCM Holding, Inc., Workday, Inc., and SAP SE.