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With 9.1% CAGR, Human Capital Management Market Size Worth USD 46.85 Billion by 2029

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Pune, India, Nov. 23, 2022 (GLOBE NEWSWIRE) — The human capital management market size was USD 23.60 billion in 2021. The market is projected to grow from USD 25.53 billion in 2022 to USD 46.85 billion in 2029 at a CAGR of 9.1% during the 2022-2029 period. Rising demand for performance management & workforce management solutions will increase the footprint of the market during the forecast period. Fortune Business Insights™, present this vital information in its report titled, “Human Capital Management (HCM) Market, 2022-2029.” Additionally, the integration of robot process automation & artificial intelligence will boost the growth of the market.

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Industry Development

June 2021- Ceridian HCM Inc. partnered with PwC in the U.K. to transform human capital management across the enterprise.

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 9.1%
2029 Value Projection USD 46.85 Billion
Base Year 2021
Human Capital Management Market Size in 2021 USD 23.60 Billion
Historical Data for 2018 to 2020
No. of Pages 140
Segments covered Type, Application, Deployment and Geography

Lockdowns & a Global Recession to Limit Market Growth During Pandemic

The COVID-19 pandemic had an economic backlash on various sectors of the world. The pandemic forced increased unemployment rates worldwide, forcing the market to shrink. Additionally, the closure of businesses and imposed lockdowns had a severe effect on various industries, further downgrading the growth of the market. However, as the pandemic looms on, various economies will begin opening up, beginning a revival phase to the market.

Click here to get the short-term and long-term impact of COVID-19 on this market.

https://www.fortunebusinessinsights.com/industry-reports/human-capital-management-hcm-market-100240


Drivers & Restraints

Artificial Intelligence (AI) Integration to Augment Market Growth

The integration of AI toward various HR processes will boost the human capital management (HCM) market growth during the forecast period. Additionally, attributes such as automating repetitive tasks and reducing administrative burdens will increase the footprint of the market. Also, increased focus toward talent mobility activities and integration of robot process automation (RPA) tools will fuel the growth of the market.

However, rising privacy & security concerns will limit the growth of the market during the forecast period.

Segments

Offering, Deployment, Enterprise Size, End-Use Industry, and Region are Studied

Based on offering, the market is divided into software and services.

With respect to deployment, the market is broken down into cloud and on-premise.

By enterprise size, the market is fragmented into large enterprises and small & mid-sized enterprises.

Based on end-use industry, the market is fragmented into IT and telecommunication, BFSI, government, retail, healthcare, education, manufacturing, and others (transportation & logistics, energy & utilities).

In terms of geography, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

Report Coverage

The report for human capital management offers an in-depth view by analyzing various critical aspects such as ongoing industry trends, involving technologies, and the latest industry developments. The report further encompasses various factors that are expected to impact the market in a positive/negative manner. Additionally, aspects such as leading companies, product types, and leading applications of the product are also mentioned.

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Regional Insights

North America to Hold Dominance During Forecast Period due to Increasing Adoption of Technology

North America will hold the largest human capital management (HCM) market share during the forecast duration, owing to the rising adoption of advanced technology and increasing deployment of workforce analytics solutions.

Asia Pacific will witness significant market share in terms of global contribution due to the rising number of startups and increased adoption of new technologies, including industry 4.0, data analytics, and cloud technology. Additionally, the rising demand for a skilled and talented workforce and the increasing requirements for qualified professionals will increase the footprint of the market.

Competitive Landscape

Partnerships & Mergers to Boost Product Portfolios Triggering an Increase in Market Value

The sector for human capital management is extremely competitive and highly shattered due to the presence of many players. Dominant players are often employing a strategy of mergers & acquisitions, expanding product lines, and increasing their offerings. These strategies often relay enhanced product portfolio, which triggers an immediate increase in the consumer base. For example, in June 2021, Workday Inc. announced that it plans on delivering workday payroll solutions for Germany and Australia. These solutions will leverage the cloud payroll foundation for providing payroll, time, and absence and other solutions integrated with a single system.

Leading Global Players in Human Capital Management Market:

  • Automatic Data Processing (ADP), Inc. (U.S.)
  • Ceridian HCM, Inc. (U.S.)
  • SAP SE (Germany)
  • Cornerstone OnDemand, Inc. (U.S.)
  • Infor (U.S.)
  • NetSuite, Inc. (U.S.)
  • Oracle Corporation (U.S.)
  • Ultimate Software (U.S.)
  • Workday, Inc. (U.S.)
  • Cegid Group (France)

Quick Buy – Human Capital Management Market Analysis Report: https://www.fortunebusinessinsights.com/checkout-page/100240

Major Table of Contents:

  • Global Human Capital Management (HCM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
    • Key Findings
    • By Offering (USD)
      • Software
        • Core HR
        • Talent Management
        • Workforce Management
        • Payroll & Compensation
        • Others (Time & Attendance Management, Performance Management, etc.)
      • Services
    • By Deployment (USD)
      • Cloud
      • On-premises
    • By Enterprise Size (USD)
      • SME’s
      • Large Enterprises
    • By End-use Industry (USD)
      • IT & Telecommunication
      • BFSI
      • Government
      • Retail
      • Healthcare
      • Education
      • Manufacturing
      • Others (Transportation & Logistics, Energy & Utilities, etc.)
    • By Region (USD)
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • Latin America
  • North America Human Capital Management (HCM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
    • Key Findings
    • By Offering (USD)
      • Software
        • Core HR
        • Talent Management
        • Workforce Management
        • Payroll & Compensation
        • Others (Time & Attendance Management, Performance Management, etc.)
      • Services
    • By Deployment (USD)
      • Cloud
      • On-premises
    • By Enterprise Size (USD)
      • SME’s
      • Large Enterprises
    • By End-use Industry (USD)
      • IT & Telecommunication
      • BFSI
      • Government
      • Retail
      • Healthcare
      • Education
      • Manufacturing
      • Others (Transportation & Logistics, Energy & Utilities, etc.)
    • By Country (USD)
      • United States
      • Canada
  • Europe Human Capital Management (HCM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
    • Key Findings
    • By Offering (USD)
      • Software
        • Core HR
        • Talent Management
        • Workforce Management
        • Payroll & Compensation
        • Others (Time & Attendance Management, Performance Management, etc.)
      • Services
    • By Deployment (USD)
      • Cloud
      • On-premises
    • By Enterprise Size (USD)
      • SME’s
      • Large Enterprises
    • By End-use Industry (USD)
      • IT & Telecommunication
      • BFSI
      • Government
      • Retail
      • Healthcare
      • Education
      • Manufacturing
      • Others (Transportation & Logistics, Energy & Utilities, etc.)
    • By Country (USD)
      • U.K.
      • Germany
      • France
      • Scandinavia
      • Rest of Europe
  • Asia Pacific Human Capital Management (HCM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
    • Key Findings
    • By Offering (USD)
      • Software
        • Core HR
        • Talent Management
        • Workforce Management
        • Payroll & Compensation
        • Others (Time & Attendance Management, Performance Management, etc.)
      • Services
    • By Deployment (USD)
      • Cloud
      • On-premises
    • By Enterprise Size (USD)
      • SME’s
      • Large Enterprises
    • By End-use Industry (USD)
      • IT & Telecommunication
      • BFSI
      • Government
      • Retail
      • Healthcare
      • Education
      • Manufacturing
      • Others (Transportation & Logistics, Energy & Utilities, etc.)
    • By Country (USD)
      • China
      • Japan
      • India
      • Southeast Asia
      • Rest of Asia Pacific

TOC Continued…!

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Artificial Intelligence

oToBrite Unveils Automotive-Grade 5MP/8MP Camera Modules to Meet Soaring Demand for High-Level ADAS/Autonomous Driving

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HSINCHU, Sept. 28, 2023 /PRNewswire/ — oToBrite, a prominent provider of Vision-AI ADAS/AD solutions, has unveiled its latest offering in response to the surging demand for high-level Advanced Driver Assistance Systems (ADAS) and Autonomous Driving (AD) applications. With the need for enhanced perception technology, particularly for heavy commercial vehicles, as the heavier the vehicle is, the longer it will take to stop, oToBrite has successfully introduced automotive-grade 5MP/8MP camera modules. These cutting-edge modules can improve the visibility and perception capabilities of ADAS/AD systems, and have been adopted among clients in North America.

oToBrite has been a leading tier-1 player for vision-AI ADAS/AD solution in the automotive industry, leveraging its full-stack capabilities spanning camera module production technology, edge-computing system design, and vision-AI model development. The company offers flexible business model and comprehensive vision-AI technology stack, enabling it to provide system solutions, camera modules, or AI IP licensing to cater to diverse customer requirements. Its automotive-grade camera modules have already garnered the trust of prominent clients and entered the supply chain of car OEMs such as Luxgen, SONY, Toyota, XPENG, etc. with over 1 million automotive-grade camera modules deployed. To learn more about oToBrite’s offerings, please visit https://www.otobrite.com/en.
The newly launched 5MP/8MP camera modules from oToBrite feature high-sensitivity CMOS sensors. oToBrite’s 5MP camera module series is equipped with Sony IMX490 Sensor and has multiple viewing angles, including 30°, 60°, 90°, and 120°. The 8MP camera module series employs Sony IMX728 sensors and also offers various viewing angles. Both 5MP and 8MP series are equipped with GMSL2 interfaces and tested with waterproof and dustproof standards of IP67/69K. They can operate within a temperature range of -40°C to +85°C, ensuring the utmost reliability and stability for customers.
oToBrite holds a distinct advantage in camera production technology, with 1K class clean room factory certified with IATF16949 and endorsed by several leading car OEMs. Additionally, the in-house developed 5/6-axis active alignment machine for high-end camera modules exhibits the capability to manufacture over 60 SKU variants of camera modules.
About oToBrite
oToBrite is a leading vison-AI ADAS/AD solutions provider. Based in Hsinchu Science Park, oToBrite has IATF 16949 certified clean room factory and several years of experience as an automotive Tier-1 supplier. Through comprehensive research and development capabilities, oToBrite provides vision-AI algorithm, ECU/domain controller and automotive-grade/special purpose camera products.
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CFOs are the change agents driving shift to servitized business model to harness growth, cost efficiency and technology opportunities

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Time for action is now: Customer expectations for servitization already exist (61%) and projected to increase (70%) in the next three years, in terms of value, service and reliability.
LONDON, Sept. 28, 2023 /PRNewswire/ — IFS, the global cloud enterprise software company, has shared the latest findings of its recent global research polling 2,000 senior decision-makers – VP and above – in France, Germany, Japan, Nordics, UK, USA and the UAE –across Manufacturing, Services, Telecoms, Energy & Resources, Construction & Engineering, and A&D industries. In its last overview, the company highlighted the overarching dependence on AI to create and accelerate business value from servitization.  

The survey points to specific executives as drivers or enablers to successfully make the shift and align the organization behind it. The survey highlights the CFO (21%) behind the CEO (35%) as the guardian of business resilience, financial health and as the purse string holder for technology investments. CFOs recognize that the move to servitization is essential in providing predictability in revenues, expenditure and third-party costs, and are aligning themselves to becoming stewards of identifying cross-business strategies that will build competitive advantage. 
At the heart of the business case for servitization, the CFO is focused on three elements: Faster and more cost-efficient time to market, visibility and predictability into revenues and CAPEX, accelerating organization alignment across people, processes and technology, to support not only the processes but also to provide the insights required to assess and optimize as they go within their business and intra-company.  
CFOs exhibit the greatest urgency in implementing a servitized model out of all C-level respondents (CIOs, CHROs and CTOs), with (32%) prioritizing adoption within the next 18 months. This implies change is not only necessary but will deliver business benefits, with progress and success measured by a fully servitized P&L. CFOs are also most likely (26%) to say their role is the one driving the shift within the organization, as they understand how technology capabilities will reach deep into their organization and enable it to become more technology-driven with regards to the design and delivery of products and services: Product R&D (34%) and service R&D (32%) are two areas CFOs prioritized when looking at servitized business processes.  
The priority outcome CFOs want to achieve from servitization is enhancing insight-driven decision-making capabilities (32%) – pointing to why AI is their #1 essential technology choice (49%) as it will fuel faster, more accurate and more data-led inputs into the strategic choices that impact the bottom line.   
Technology as a revenue growth enhancer makes wise fiscal sense. For example, EAM is a must-have for servitization success (34%)– assets that are predictively maintained will last longer, have less downtime and result in less expenditure. FSM (40%) maximizes profitable revenue streams and enables significant cost savings across the service lifecycle through optimized workforce scheduling and planning. Similarly, the wealth of connected asset data that can be harnessed through the application of automation, ML, IoT, end-to-end connectivity – all CFO “must-implements” – explain why CFOs have emerged as such strong proponents of technology and servitization.   
The CFO’s confidence about the organizational readiness is high at (42%) indicating they have the processes mapped out and are progressing well in their move to servitization, but still have either organizational impacts on people and processes (23%) or technology needs to overcome, making the CHRO the second most significant executive to drive and enable the transformation. 
CHROs are more cautious about servitization readiness within the organization, being acutely aware that shifting from a product-focused to a service-focused mindset within their organizations is a barrier to implementing servitization (42%). However, CHROs are in alignment with the CFO on customer expectations for servitization, which are high now, and are set to increase. They also agree that technology is essential to success, with AI their top pick (50%).  
Alex Rumble, SVP of Corporate Communications, Product Marketing, AR, & CI at IFS, commented: “The CFO’s remit has evolved hugely in the last decade away from financial reporting to understanding and influencing business-wide strategies and aiding transformation.” Rumble added, “Our research illustrates this very well and that CFOs not only understand the positive impact of aligning a business behind the customer’s expectations, but also the much broader business value of doing so.” She concluded: “Today CFOs are visionary advocates of change and digital transformation and will help build predictability in revenue and costs, ultimately the holy grail for CFOs but still technology dependent.” 
Together, CFOs and CHROs can partner to be a powerful force to not only accelerate servitization, but also ensure that the whole organization is primed for success. CHROs must act as a secondary catalyst to mobilize cultural change, acting as a bridge between the business and ensuring the communication and implementation of the overall strategy is not siloed to the C-level. 
About IFS 
IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build, and maintain assets, and manage service-focused operations. Within our single platform, our industry specific products are innately connected to a single data model and use embedded digital innovation so that our customers can be their best when it really matters to their customers – at the Moment of Service™. The industry expertise of our people and of our growing ecosystem, together with a commitment to deliver value at every single step, has made IFS a recognized leader and the most recommended supplier in our sector. Our team of over 5,500 employees every day live our values of agility, trustworthiness, and collaboration in how we support our thousands of customers. Learn more about how our enterprise software solutions can help your business today at ifs.com. 
CONTACT: IFS Press Contacts: EUROPE / MEA / APJ: Adam Gillbe IFS, Director of Corporate & Executive Communications Email: [email protected] Phone: +44 7775 114 856
NORTH AMERICA / LATAM: Mairi Morgan IFS, Director of Corporate & Executive Communications Email: [email protected] Phone: +1 520 396 2155
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CFOs are the change agents driving shift to servitized business model to harness growth, cost efficiency and technology opportunities
 

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Breaking language barriers: thebigword’s AI workflows enhance translation delivery on time to 99% while significantly reducing turnaround times

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LEEDS, England, Sept. 27, 2023 /PRNewswire/ — thebigword, a leading provider of language solutions, is proud to announce an improvement in its on-time delivery performance and significant reduction of turnaround times. This has been made possible through a strategic fusion of human expertise and state-of-the-art AI and Machine Translation technologies.

 
This exciting achievement reaffirms the company’s commitment to delivering accurate and timely translations to clients worldwide, setting new industry standards.
With the ever-growing demand for rapid and high-quality translations, thebigword has taken numerous steps, including the ability to create and implement self-driving AI workflows, to ensure their clients are receiving the highest quality of translation and customer service.
Through the enhanced integration of AI and Machine Translation solutions into its translation workflows, thebigword has achieved remarkable outcomes, such as the significant reduction in turnaround times and this notable increase in on-time deliveries. With 99% of translation projects across various languages and industries delivered on time to clients, with shorter turnaround times.
thebigword’s collaborative approach leverages the strengths of their human translators with the power of AI technologies to allow for faster translation turnaround times, while maintaining the highest levels of accuracy. Their technology platform also enables quick resource allocation, ensuring that translation projects are assigned, executed and delivered quickly to reduce delivery times.
Joshua Gould, Chief Executive Officer of thebigword Group said: “thebigword is delivering a very human service with the utilisation of next-generation AI. These innovations represent an ongoing effort to enhance the overall client experience through our ability to deliver accurate, high-speed translations at an affordable price for any budget.”
Mark Daley, Global Managing Director of thebigword Translation said: “thebigword understands how crucial timely delivery of accurate translations are for the global success of our clients, and some of the latest technological integrations we have enabled have allowed us to achieve an impressive 99% as well as faster turnaround times.”
As thebigword celebrates this achievement, it looks forward to building on its success with other translation milestones and continuing to provide high-quality translation services – further enabling its mission of eradicating the final barrier of global communication.
About thebigword:
As one of the largest language service providers globally, thebigword utilises the greatest minds and boundary-shattering technology to deliver phenomenal quality at scale to both our clients and linguist network.
thebigword provides the best translation, interpretation, localisation and language technology solutions for businesses, the public sector and individuals – handling up to 50,000 worldwide assignments every day.
For more information about thebigword’s innovative AI and Machine Translation solutions, please visit www.thebigword.com.
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For media enquiries, please contact:Lauren HockneyGlobal Head of [email protected]

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