Global Human Capital Management Market Report 2023: Market Size And Trend Analysis - By The Business Research Company

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, July 13, 2023 /PRNewswire/ -- As per The Business Research Company's Human Capital Management Global Market Report 2023, the global human capital management market size will grow from $20 billion in 2022 to $22.2 billion in 2023 at a compound annual growth rate (CAGR) of 11%. The human resource management market size is then expected to grow to $31.6 billion in 2027 at a CAGR of more than 9%. Going forward, the increase in adoption of cloud-based approaches, rising urbanization and increasing investments will drive the market.

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Technology advancements are gaining immense importance among the human capital management trends. Companies in the human capital management market are adopting the following new technologies to strengthen their position in the market.

1.  AI-Featured Talent Acquisition

The integration of artificial intelligence (AI) technology for the acquisition of talent is emerging as a potential trend in the human capital management market. For example, in April 2023, SeekOut, a US-based software company, launched SeekOut Assist, a new generative AI technology based on OpenAI's GPT (Generative Pre-training Transformer). The tool helps recruiting teams contact candidates faster once a job description is created. It generates a list of qualified candidates for the required role. The system uses GPT technology to break job descriptions into search criteria such as required skills, job titles and preferred skills.

2.  Learning Experience Platforms (LEPs)

Learning experience platforms (LEPs) are becoming increasingly important as a part of the training and development element of the human capital management market. Learning experience platforms are corporate learning solutions that help companies provide personalized and intuitive learning experiences to their employees. For example, KloudLearn, an India-based provider of autonomous learning solutions, launched its learning experience platform (LXP). KloudLearn LXP recommends diverse interactive learning content to complete an employee's learning objectives.

3.  Employee Productivity Enhancing Platforms

Employee productivity-enhancing platforms are gaining immense importance as a part of performance management, which is a key element in the human capital management market. Setting clear performance goals, evaluating employee performance and providing regular feedback are the key factors that enhance productivity and job satisfaction. For example, in May 2023, Lenovo, a China-based consumer electronics company, launched digital workplace solutions (Lenovo DWS) for boosting employee productivity. Lenovo DWS assists companies in enhancing productivity and improving operational costs through end-to-end services built on deep expertise in technology and a state-of-the-art platform.

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According to the human capital management market analysis, North America was the largest region in the human capital management market and was worth $6.7 billion in 2022.

The human capital management market in North America is supported by an increase in the adoption of workforce analytics solutions, a rise in the adoption of digital HR technologies and an increase in the automation of HR operations.

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