Hcm Software Industry Statistics

In this post, we explore key statistics shaping the Human Capital Management (HCM) software industry, providing insights into market size, trends, and future projections. From the dominance of North America in 2020 to the growing demand for talent management applications, these statistics offer a comprehensive overview of the evolving landscape of HCM technology.

Statistic 1

"The global Human Capital Management (HCM) market size was valued at $17.6 billion in 2020."

Statistic 2

"The HCM software industry is projected to grow at a CAGR of 9.4% from 2021 to 2028."

Statistic 3

"North America dominated the HCM market with a share of 32.5% in 2020."

Statistic 4

"On-demand or cloud-based HCM services accounted for 68.2% of the market in 2020."

Statistic 5

"The talent management application segment in the HCM market is expected to expand at the highest CAGR of 11.7% over the forecast period."

Statistic 6

"87% of companies view people analytics as a high priority but only 15% believe they have the right data to support it."

Statistic 7

"44% of organizations are planning to replace both their current primary HR Management System (HRMS) and talent management suite."

Statistic 8

"Mobile access to HR Information is becoming a top requirement with 65% of companies wanting mobile HR solutions."

Statistic 9

"As of 2020, the Software-as-a-Service (SaaS) model made up more than 60% of all HCM deployments."

Statistic 10

"51% of companies are now moving their entire HR system to a cloud platform."

Statistic 11

"70% of HR executives consider employee experience more important than ever."

Statistic 12

"Nearly 50% of companies plan major HCM software initiatives through 2022."

Statistic 13

"Industries with the highest adoption rates of HCM software include healthcare and pharmaceuticals (68%)."

Statistic 14

"85% of companies believe HCM technology is either important or very important for their strategy."

In summary, the statistics presented highlight the significant growth and importance of the Human Capital Management (HCM) software industry. The market size continues to expand, with a strong focus on cloud-based services and specific application segments such as talent management. Organizations are increasingly recognizing the value of people analytics but face challenges in accessing the right data. The shift towards mobile HR solutions and cloud platforms is evident, reflecting the changing dynamics of HR technology deployment. With a high priority placed on employee experience and a notable percentage of companies planning significant HCM software initiatives, it is clear that HCM technology plays a crucial role in shaping organizational strategies across various industries.