The North America Human Capital Management Market would witness market growth of 7.0% CAGR during the forecast period (2022-2028).
HCM practices are divided into three categories: management, acquisition, and optimization, and are focused on the needs of companies to deliver certain skills. Human capital management is also an all-encompassing set of solutions that aids businesses in implementing entire recruitment-to-retirement HR processes that support their long-term company objectives. Customers can control their existing IT investments with HCM's scalable, flexible, and easy-to-integrate solutions. It assists consumers in lowering their total cost of ownership.
Several industry verticals are rapidly embracing cloud-based HCM solutions, including BFSI, retail, healthcare, manufacturing, IT & telecommunications, and media & entertainment. Through an HR employee access portal, these systems allow secure access to numerous administrative activities. Employees can virtually access their data from any location using mobile or desktop devices.
There is an increase in the adoption of modern technologies, smartphones, and workforce analytic solutions across this region. According to the US Bureau of Labor Statistics, employment in the healthcare industry is expected to grow at a rate of over 16% between 2020 and 2030. This projected increase can be ascribed to rising disease prevalence and healthcare research and development, which has resulted in increased demand for healthcare services. As a result, healthcare providers are more likely to use workforce management solutions to recruit and manage their employees. As a result, the adoption of human capital management solutions in this region has a lot of potentials.
The US market dominated the North America Human Capital Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $8,908 million by 2028. The Canada market is poised to grow at a CAGR of 9.5% during (2022 - 2028). Additionally, The Mexico market would display a CAGR of 8.5% during (2022 - 2028).
Based on Component, the market is segmented into Software and Services. Based on Software Type, the market is segmented into Core HR, HR Analytics, Workforce Management, and Applicant Tracking System. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on Organization size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). Based on Vertical, the market is segmented into BFSI, Manufacturing, Government, Telecom & IT, Consumer Goods & Retail, Healthcare & Life Sciences, Energy & Utilities, Transportation & Logistics, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Human Capital Management Market is Estimated to reach $36 Billion by 2028, at a CAGR of 6.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ADP, Inc., Cornerstone OnDemand, Inc. (Clearlake Capital Group), Epicor Software Corporation, IBM Corporation, Infor, Inc., Workday, Inc., Oracle Corporation, SAP SE, Sumtotal Systems, LLC (Skillsoft), and UKG, Inc.
By Component
By Deployment Mode
By Organization size
By Vertical
By Country
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