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Human Capital Management Solutions Market to Grow by USD 13.92 Billion (2024-2028), Demand for Automated Recruitment Fuels Growth, AI Drives Transformation – Technavio

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NEW YORK, Nov. 28, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global human capital management solutions market size is estimated to grow by USD 13.92 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 9.52%  during the forecast period. Demand for automated recruitment processes is driving market growth, with a trend towards emergence of cloud-computing services. However, threat from open-source software  poses a challenge. Key market players include Asure Software Inc., Automatic Data Processing Inc., Cegid SA, Ceridian HCM Holding Inc., Cognizant Technology Solutions Corp., EmployWise, Inplenion, Koch Industries Inc., Kronos Inc., OnePoint Human Capital Management, Oracle Corp., PeopleStrategy Corp., Ramco Systems Ltd., Safeguard World International LLC, SAP SE, SolutionDot, Talentia Software Group, The Goldman Sachs Group Inc., Workday Inc., and WorkForce Software LLC.

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                                                                                   Human Capital Management Solutions Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 9.52%

Market growth 2024-2028

USD 13924.7 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

8.47

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 33%

Key countries

US, Germany, India, UK, and Japan

Key companies profiled

Asure Software Inc., Automatic Data Processing Inc., Cegid SA, Ceridian HCM Holding Inc., Cognizant Technology Solutions Corp., EmployWise, Inplenion, Koch Industries Inc., Kronos Inc., OnePoint Human Capital Management, Oracle Corp., PeopleStrategy Corp., Ramco Systems Ltd., Safeguard World International LLC, SAP SE, SolutionDot, Talentia Software Group, The Goldman Sachs Group Inc., Workday Inc., and WorkForce Software LLC

Market Driver

Human Capital Management (HCM) solutions have become essential for businesses looking to streamline HR processes and improve organizational productivity. Trends in this market include cloud adoption, automation, and artificial intelligence. Cloud-based HCM software allows for quick deployment and scalability, reducing installation time and non-core spending. APIs enable seamless integrations with other business applications like CRM and finance systems. Employees expect personalized HR services, and HCM solutions offer coaching tools and learning opportunities. Decision-making is enhanced through data analytics, which provides insights into business outcomes and organizational roles. Data security concerns are addressed through encryption and access controls. Emerging vendors offer innovative solutions, while established players provide proven expertise. Hiring processes are streamlined with mobile recruitment and social media integration. Talent management solutions help organizations attract, develop, and retain top talent. SaaS delivery model ensures easy access to HCM solutions, while machine learning and AI automate administrative tasks. Businesses in various sectors, including the E-commerce sector, benefit from HCM solutions. HR departments can work smarter, focusing on strategic sourcing and building relationships, while HR professionals manage HR information and procedures more efficiently. The future of HCM solutions lies in providing personalized services, reducing position posting time, and addressing the needs of a decentralized workforce. 

In today’s business landscape, cloud computing is a significant trend in the IT industry, and Human Capital Management (HCM) solutions are no exception. By utilizing cloud storage for critical HR information, organizations can save costs and allow central administration to manage all resources and HR activities remotely. This setup eliminates the need for users to maintain IT infrastructure and handle updates, as service providers handle these tasks under contract. By adopting cloud-based HCM solutions, businesses can streamline HR processes, ensure data security, and focus on their core competencies. 

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 Market Challenges

Human Capital Management (HCM) solutions have become essential for businesses looking to streamline HR processes, improve employee engagement, and drive organizational productivity. However, implementing an HCM system comes with its challenges. Access to client’s data and ensuring data security are top concerns, especially with the rise of cloud-based HCM solutions. Administrative tasks, such as API integrations and installations, can be time-consuming. Moreover, businesses must consider the scalability and security of cloud-based deployment, especially when dealing with decentralized data and sensitive information. Automation of HR procedures through AI and machine learning can reduce position posting time and manual labor, but it also raises data security concerns. HR managers need personalized HR services to meet employee expectations, and the use of mobile applications and social media integration can enhance recruitment processes. Established vendors offer comprehensive HCM software, including payroll, learning, and talent management, while emerging vendors bring innovation through new product lines and technologies. HR professionals must evaluate the cost-effectiveness of cloud adoption, considering non-core spending on IT and the reduction in time for HR procedures. Ultimately, the goal is to work smarter, improve organizational cultures, and drive business outcomes through effective HCM solutions.The preference for digital technologies in Human Capital Management (HCM) solutions has led to an increase in the popularity of open-source software. Multiple companies provide on-premise and cloud-based open-source software for HCM, such as Sapplica’s HRMS software, Sentrifugo. Features include human resource management, performance appraisal, analytics, background checks, leave management, talent acquisition, expense management, and assets management. Open-source HCM software poses a significant challenge to the global HCM solutions market, offering cost-effective alternatives to proprietary solutions. Some companies also offer separate software for specific HR functions, like recruitment and performance appraisal.

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Segment Overview 

This human capital management solutions market report extensively covers market segmentation by 

Application 1.1 Core HR1.2 Talent1.3 WorkforceComponent 2.1 Solution2.2 ServiceGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Core HR-  Core HR functions such as recruitment, training, payroll, scheduling, benefits administration, internal relations, and safety and compliance are essential for organizations. HR applications under Human Capital Management (HCM) solutions are expected to grow significantly due to the adoption of digital technologies, cost reduction needs, and efficient workforce management. Oracle Corp., SAP SE, and Workday Inc. Provide HR functional software solutions for managing employee data and processing HR functions. Traditional HR Information Systems (HRIS) and Human Resource Management Systems (HRMS) have seen a decline as HCM solutions offer more advanced features. These solutions increase organizational efficiency with effective workforce management and real-time problem-solving abilities. Consequently, the use of HCM solutions for core HR applications is expected to increase during the forecast period.

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Research Analysis

The Human Capital Management (HCM) Solutions market is a dynamic and growing industry, focused on helping businesses optimize their workforce and enhance productivity through HR Management software and updated HR Information Systems (HRIS). These solutions offer various functionalities, including talent management, strategic sourcing, and staff experiences. However, data security concerns remain a significant challenge, necessitating security measures. Deployment options range from on-premises to cloud-based solutions, with emerging vendors challenging established players in the market. Product lines continue to extend, addressing the needs of businesses with manual labor and complex workflows. HRMS software solutions are increasingly popular, streamlining HR processes and providing real-time data access. The market’s future growth is expected to be driven by the increasing demand for efficient HR management and the continuous evolution of technology.

Market Research Overview

Human Capital Management (HCM) solutions refer to the use of technology and software to manage HR functions, including recruitment, hiring, employee engagement, learning and development, payroll, and benefits administration. These solutions enable businesses to automate administrative tasks, streamline HR processes, and access real-time data for informed decision making. Cloud-based HCM solutions offer scalability, flexibility, and quick deployment, allowing businesses to adapt to changing workforce needs. Big data and machine learning are increasingly being used in HCM solutions to provide insights into employee performance, organizational productivity, and talent management. APIs and integrations with other business applications, such as CRM and finance systems, enable seamless data flow and improved business outcomes. Data security is a major concern for HCM solutions, as they often handle confidential employee data. Cloud-based deployment raises concerns around data storage, access, and unauthorized access. HCM solutions must provide security features, including encryption, multi-factor authentication, and access controls, to mitigate these risks. Employees expect personalized HR services and experiences, which can be delivered through mobile applications, social media integration, and AI-powered chatbots. HCM solutions must also support remote work cultures and provide tools for coaching, learning, and development to attract and retain top talent. Emerging vendors are disrupting the HCM market with innovative solutions, while established vendors continue to offer comprehensive product lines and strong support for HR departments. HCM solutions are increasingly being adopted in the E commerce sector and other industries, leading to a reduction in time and cost for HR procedures and an improvement in workforce productivity.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationCore HRTalentWorkforceComponentSolutionServiceGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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13 Years Strong: Empowering Automotive Insights with VIN Decoder Technology and Data Solutions

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From advanced VIN decoding technology to detailed vehicle history reports, VinAudit continues transforming the automotive industry by providing trusted and accessible vehicle data.

KIRKLAND, Wash., Nov. 28, 2024 /PRNewswire-PRWeb/ — For over 13 years, VinAudit has established itself as a trusted provider of cost-effective automotive data solutions. Offering a powerful VIN decoder alongside comprehensive vehicle history reports, VinAudit empowers car buyers, dealers, and businesses to unlock critical vehicle insights without breaking the bank.

“Our goal has always been to make car buying and selling easier for everyone by turning data into clear, actionable insights. We’re committed to continuously developing products to meet the evolving needs of the automotive industry and providing the best tools for both consumers and businesses.”

A Legacy of Affordable Transparency

VinAudit has solidified its role as a trusted leader in automotive data, providing businesses and consumers with seamless access to vehicle specifications and comprehensive history reports. Its advanced VIN decoding technology allows users to unlock detailed insights into a vehicle’s specs—such as manufacturer, model year, engine type, fuel efficiency, assembly location, and trim details—alongside historical records crucial for evaluating a vehicle’s condition and value.

Unlocking Critical Vehicle Data

VinAudit’s VIN Decoder is more than just a tool for extracting data from the 17-character Vehicle Identification Number (VIN). It also aggregates data from the National Motor Vehicle Title Information System (NMVTIS), industry partners, and independent sources, delivering critical details such as:

Vehicle specificationsAccident and theft records, recall statusOwnership, title history, and mileageMarket value and cost of ownership

VinAudit’s solutions cater to diverse automotive needs. Consumers use vehicle history reports to make informed purchasing decisions. Businesses use tools like vehicle Specs API and other tools to acquire up-to-date information for inventory management, pricing, and sales strategies. The VinAudit decoder may also provide some insights into factory specifications or OEM build data and complement window sticker details. This additional layer of information ensures that both consumers and businesses can verify and validate vehicle details accurately, empowering decision-making and improving inventory management.

About VinAudit

VinAudit, based in Kirkland, WA, is a trusted provider of automotive data solutions serving consumers and businesses, including dealerships, automotive platforms, and resellers. Its VIN decoding technology and vehicle data products support informed car-buying decisions, inventory optimization, pricing analysis, seamless system integrations, and branded vehicle history reporting. For more information, visit www.vinaudit.com.

Media Contact

Natalia Davis, VinAudit.com, 1 800-480-4428, pr@vinaudit.com, https://vinaudit.com/ 

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SOURCE VinAudit.com

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Precision Biometric Launches InnaITKey Password Manager – Soft Token

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A Revolutionary Solution for Secure Password Management

CHENNAI, India, Nov. 29, 2024 /PRNewswire/ — Precision Biometric India Pvt. Ltd., a leading innovator in identity and security solutions, proudly announces the launch of the InnaITKey Password Manager – Soft Token, an advanced mobile-app based password manager, designed to empower users with unmatched security and ease of use.

The InnaITKey Password Manager – Soft Token is a cutting-edge solution that leverages a smartphone’s native biometrics and military-grade PKI encryption technology, to provide strong, secure authentication for all browser-based services, including email, banking, share trading, ticket booking, and more. Unlike traditional password managers, credentials are stored exclusively on the user’s smartphone, eliminating the risks associated with cloud storage.

“With the launch of the InnaITKey Soft Token Password Manager, we are continuing our commitment to innovating in the field of identity security. As concerns around password theft and cyber-attacks continue to grow, we wanted to provide a secure yet simple-to-use solution that offers complete peace of mind to our customers. This software-based version is a great addition to the security ecosystem, enabling a wide range of users to protect their credentials effectively,” said Mathew Chacko, Founder Director & CEO of Precision Group.

Key Features and Benefits

Secure Authentication: Combines smartphone’s native-biometrics with PKI technology to deliver uncompromised security.No Cloud Storage: Credentials are encrypted and stored only on the user’s device, reducing vulnerability to breaches.Convenient and Cost-Effective: Eliminates the need for additional hardware. A year’s subscription costs just what one would spend on a coffee break.Easy Backup and Recovery: Simplifies credential management without compromising on safety.Flexible Access: Enables authentication using native biometrics or QR codes.

The InnaITKey Password Manager is ideal for anyone who relies on browser-based services, from casual internet users to professionals managing sensitive data online.

The InnaITKey Password Manager – Soft Token is available for purchase at www.innaitkey.com. As part of the launch promotion, users can enjoy a three-month free, full-featured trial by applying the coupon code PRL3MFRN24 during checkout.

To experience the power of secure, smartphone-based password management, users can visit www.innaitkey.com today to avail of the free trial and explore an annual subscription designed to fit their budget.

About Precision Biometric

Precision Biometric is part of Precision Group, which is in its 29th year of operations, providing Biometric, IoT, Cloud & Systems Integration solutions, and IT Infrastructure Management Services. Headquartered in Chennai, we have offices across major metros, with a 250+ location service network in India. Precision Biometric’s solutions prevent impersonation and password compromise. Solution offerings include hardware and software solutions, such as Single Fingerprint scanners, ABAS attendance devices, the patented & CERT-In InnaIT IdP Framework, and InnaITKey (patent pending). Precision’s fingerprint scanners (UIDAI/STQC certified) and InnaITKey (FIDO2L2 Certified) tokens are widely implemented.

For more information, visit www.innait.com and www.innaitkey.com

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Artificial Intelligence Association of Hong Kong Set to Propel AI Innovation Across Key Industries

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Founding Members from Pillar Industries and the Leaders in the AI Community
Come Together to Celebrate the Launch of the Association

HONG KONG, Nov. 29, 2024 /PRNewswire/ –The Artificial Intelligence Association of Hong Kong (AIHK) is excited to announce its official launch and its plans to propel Hong Kong’s AI innovation. AIHK is an independent, industry-agnostic platform dedicated to promoting and advancing the development, adoption, commercialization, and use of AI across businesses, corporates, enterprises, institutions and organizations that operate in Hong Kong and beyond.

AIHK is founded and chaired by Neil Tan, who has over 20 years of experience in corporate strategy, mergers & acquisitions, business and partnership development across the banking, management consulting and tech industries. Neil is currently the Managing Partner at Tsunami Advisors, an advisory and consulting firm dedicated to helping FinTech, Artificial Intelligence, Digital Asset, and Web3 firms expand, grow and scale in the Asia Pacific Region. He is also one of the committee members of Task Force on Promoting Web3 Development established by the Hong Kong SAR Government under Financial Secretary Paul Chan.

“Our mission is clear: to position Hong Kong as a global AI innovation hub. By bringing together leaders from various sectors, we will create a collaborative environment that fosters AI innovation and accelerates the adoption of the technology to drive growth for key industries that make up Hong Kong’s economy. The association will provide the perfect platform for business leaders, technology innovators and the public sector to come together to advance the understanding, application and use of AI for the betterment of business, industry and society,” said Neil Tan, Founder & Chairman of AIHK at the launch ceremony. 

AIHK’s Founding Members include C-Suites and senior executives from prominent organizations including AXA Hong Kong and Macau, Cathay Pacific, Clifford Chance, Chow Sang Sang, DBS Bank, HKT, Li & Fung, Prudential Hong Kong, PwC HK, Standard Chartered, Tessellation and Towngas to name a few. Founding Members represent key sectors in Hong Kong including the consumer, energy, finance, insurance, legal, logistics, manufacturing, retail, telecom, and transport sectors, and all of them have roles and responsibilities for driving the AI strategy and execution within their respective organizations.

AIHK’s Mission and Vision

AIHK was set up with the goal to foster a vibrant AI ecosystem and better position Hong Kong as a leading AI innovation hub. AIHK’s mission is to help businesses and organizations harness the potential and power of AI, align with international standards and introduce new AI-related use cases and applications to boost productivity, efficiency and competitiveness across the key industries in Hong Kong.

The four pillars of AIHK’s strategy includes:

Policy & Governance
AIHK will actively engage with policymakers to influence and shape AI regulations that impact businesses in Hong Kong, ensuring that the interests of its members are represented. The association will advocate for robust corporate governance frameworks that promote ethical and responsible AI use across all sectors.

Ecosystem & Community
AIHK aims to foster a vibrant ecosystem that supports collaboration among businesses, researchers, and government entities, enhancing the overall AI landscape in Hong Kong. By building a strong community, AIHK will facilitate networking opportunities that encourage the sharing of best practices, use cases and innovative applications.

Collaboration & Partnership
AIHK will serve as a catalyst for collaboration among industry professionals, leading researchers, and global experts to drive joint initiatives that address common challenges in AI implementation. Through strategic partnerships, the association will enhance knowledge exchange and promote the development of AI technologies that benefit the broader community.

Knowledge & Education
AIHK will work closely with its members and external partners to provide educational resources that keep stakeholders and the broader ecosystem informed about industry trends and advancements in AI. By offering workshops, seminars, and knowledge-sharing sessions, AIHK will empower its members to enhance their skills and understanding of responsible AI practices.

By embracing a cross-sector, cross-function, and cross-industry approach, AIHK believes that diverse perspectives will drive innovation and growth in the AI industry.  

Calling on Industry Leaders and Members of the AI Community

Whether it’s an individual who wants to contribute to Hong Kong‘ AI development, corporations that are looking towards digital transformation, or Small to Medium-sized Enterprises (SMEs) and startup ventures looking to AI to scale their business and operations, AIHK welcomes industry leaders and corporate members of the AI community to participate. AIHK will focus on growing its network, members’ expertise and technical know-how to help shape different industries and together, advance the development, adoption, commercialization, and use of AI across Hong Kong and beyond.

AIHK membership will provide members with exclusive networking opportunities, access to AIHK-organized events, on-demand webinars, contribution to industry whitepapers, discounts to workshops and seminars, as well as co-marketing and thought leadership opportunities.

A word from AIHK’s Corporate Founding Members

Dominic Maffei, Head of Digital Assets & Fintech, Hong Kong, at Standard Chartered, remarked, “AI-driven innovations are not just trends; they’re essential for staying competitive in the evolving financial landscape. Incorporating AI into operations allows businesses to predict market trends and enhance efficiency.”

Natasha Cheng, Director of Tessellation Group, said, “AI accelerates design and prototyping process, optimizes supply chains with accurate demand forecasting, automates production for efficiency, enhances quality control through image recognition, enables mass customization, and offers insights into consumer behavior – ultimately saving costs and time for a more agile future.”

Queenie Chan, General Manager of Business Analytics & e-Development at Towngas, said, “Artificial intelligence is set to revolutionize the energy sector by enhancing operational efficiency and optimizing customer engagement strategies. The establishment of the Artificial Intelligence Association of Hong Kong is a crucial initiative that will drive innovation and collaboration across industries, positioning Hong Kong as a global leader in AI advancements.”

Rocky Mui, Partner at Clifford Chance, highlighted the importance of regulation and said, “The decisions made by regulators in the coming months and years about how to regulate AI will be critical to the AI innovation landscape in Hong Kong and beyond. AI regulation should promote agility, innovation and clarity for businesses, but also transparency, accountability, and fairness, ensuring that AI systems are designed and deployed in a manner that aligns with ethical standards and societal values. Collaboration between regulators and industry will be key to ensuring that we have a responsible AI policy that strikes the right balance between fostering innovation and safeguarding stakeholders.”

Sam Lim, Chief Information Technology Officer of Prudential Hong Kong, stated, “Artificial Intelligence is revolutionizing the insurance industry. Our unwavering commitment to Al applications ensures that we consistently deliver value and security to our customers.”

About AIHK
The Artificial Intelligence Association of Hong Kong (AIHK) is a non-profit association dedicated to promoting and advancing the development, adoption, commercialization, and use of AI across businesses, corporates, enterprises, institutions and organizations. The mission of AIHK is to propel and position Hong Kong as a global AI innovation hub by bringing together leaders from various sectors, creating a collaborative environment that fosters AI innovation and accelerating the adoption of the technology to drive growth for key industries that make up Hong Kong’s economy.

For more information, please visit LinkedIn page or email contact@aihongkong.org

Appendix

List of Founding Members by alphabetical order:
 (Corporate Founding Members are designated with *)

Founding Members

Title

Company

Alan Lau

Chief Business Officer

Animoca Brands *

Andrew Eldon

General Manager, Digital Experiences 

Cathay Pacific

Ankit Suri

CEO & Founder

Planto

Benson Wong

Managing Director, Head of Digital Products and Channels, International Private Bank

JPMorgan Chase & Co.

Caroline York          

Director of Marketing

Serotonin

Dominic Maffei

Head of Digital Assets & Fintech HK

Standard Chartered *

Gary Ho

Chief Information Officer

AXA Hong Kong and Macau *

Jeanne Lim

CEO & Founder

BeingAI

Keith Ip

Chief Technology Officer

Li & Fung

Kok Tin Gan

Founder of PwC’s Darklab

PwC HK

Marcos Chow

Group Chief Information Officer

HKT

Medhy Souidi

Head of Innovation & Experiences

DBS Bank

Natasha Cheng

Director

Tessellation

Neil Tan

Founder & Managing Partner

Tsunami Advisors

Peggy Lau

Director Artificial Intelligence

Chow Sang Sang

Queenie Chan

General Manager, Business Analytics & e-Development

Towngas *

Rocky Mui

Partner

Clifford Chance *

Sam Lim

Chief Technology & Digital Officer

Prudential Hong Kong *

Yannick Mahé

Head of Business Engineering & Growth Engineering, Greater China Region

Meta

 

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SOURCE The Artificial Intelligence Association of Hong Kong

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