Due to the rise in automation and increasing digitalization of the workforce, the HCM software market is also projected to experience positive growth. According to a study, the HCM market is forecasted to grow from $25.53 billion in 2022 to $46.85 billion by 2029, at an average of 9.1% per annum. This further proves that the demand for HCM software is expected to increase in the years to come.