Global HCM Software Market Update (June–July 2025) – Key Trends, News & Forecasts
The global HR/HCM and payroll software market is projected to grow from about $35.3 billion in 2024 to $57.8 billion in 2029 and reach $91.7 billion by 2034, a roughly 10% annual growth rate. North America accounts for 36% of market revenue, while Asia-Pacific is the fastest-growing region with a forecast around 12% CAGR. The SMB/SME segment is expected to expand about 13% annually through 2029, outpacing large-enterprise growth. The market remains highly fragmented, with the top 10 vendors capturing only about 10% of global revenue in 2023, including Oracle, SAP, ADP, Sage, Paychex, UKG, and Paycom at roughly 1–2%