Top 10 HCM Software Companies for 2024

HCM Software Companies in 2024

In a world where businesses are increasingly reliant on digital solutions, Human Capital Management (HCM) software has become essential for managing the workforce. The HCM software market has grown tremendously, with some companies reaching jaw-dropping revenue milestones. Did you know the global HCM software market is projected to reach $28.9 billion by 2025? What’s even more shocking is that over 70% of large enterprises now rely on HCM software to streamline operations, enhance productivity, and retain top talent.

In this blog, we will deep dive into the top 10 HCM software companies in 2024, their features, recent developments, and financial performance over the last five years. Let's explore the giants of the HCM world!

HCM Software Market Leaders Financial Overview (2020–2024)

Company 2024 Rev 2023 Rev 2022 Rev 2021 Rev 2020 Rev YoY Growth Market Share %
Workday $7.57B $6.65B $5.92B $4.93B $4.32B 13.8% 14%
SAP SuccessFactors $5.34B $4.80B $4.45B $4.11B $3.89B 11.3% 12%
Oracle HCM Cloud $4.92B $4.41B $4.05B $3.65B $3.40B 10.4% 11%
ADP Workforce Now $4.72B $4.28B $3.94B $3.54B $3.25B 10.3% 10.5%
Ceridian Dayforce $1.48B $1.35B $1.22B $1.08B $950M 9.6% 6%
UKG Pro $3.13B $2.82B $2.52B $2.32B $2.11B 11% 8.5%
BambooHR $750M $690M $600M $510M $450M 8.7% 2.5%
Paycor $1.12B $1.02B $920M $840M $760M 9.8% 5%
Gusto $520M $470M $410M $360M $320M 10.6% 3%
TriNet $390M $360M $330M $290M $260M 8.3% 1.5%

1. Workday

Who is the leader in HCM? Workday

Workday is a leading player in the HCM market, providing cloud-based software solutions for financial management, human resources, and analytics.

  • 2024 Revenue: $7.57B
  • 2023 Revenue: $6.65B
  • 2022 Revenue: $5.92B
  • 2021 Revenue: $4.93B
  • YoY Growth: 13.8%
  • Market Share: 14%

Recent Developments

Workday recently launched advanced machine learning capabilities that provide deeper insights into workforce productivity, enabling businesses to make data-driven decisions.

Top Features

  • Workforce planning and analytics
  • Talent management
  • Compensation and payroll management
  • AI-driven insights

Pros and Cons

Pros Cons
Intuitive user interface Higher price compared to competitors
Excellent customer support Complexity in customization
Comprehensive HR and finance features Limited third-party integrations

Workday Website
Workday G2 Reviews
Workday Trustpilot Reviews

2. SAP SuccessFactors

What is HRM or HCM software? SAP SuccessFactors

SAP SuccessFactors offers a full suite of HCM solutions aimed at improving workforce engagement and driving business success.

  • 2024 Revenue: $5.34B
  • 2023 Revenue: $4.80B
  • 2022 Revenue: $4.45B
  • 2021 Revenue: $4.11B
  • YoY Growth: 11.3%
  • Market Share: 12%

Recent Developments

SAP has integrated artificial intelligence into its HCM suite, enabling businesses to forecast workforce trends and optimize employee engagement strategies.

Top Features

  • Talent and performance management
  • Learning and development
  • Succession planning
  • Core HR functions

Pros and Cons

Pros Cons
Strong performance management features Complex implementation
Scalable for global enterprises Expensive for SMBs
Deep integration with SAP ERP systems Requires specialized knowledge to use

SAP SuccessFactors Website
SAP SuccessFactors G2 Reviews
SAP SuccessFactors Trustpilot Reviews

3. Oracle HCM Cloud

What is HCM companies? Oracle

Oracle HCM Cloud is a comprehensive suite that empowers HR professionals to manage the entire employee lifecycle.

  • 2024 Revenue: $4.92B
  • 2023 Revenue: $4.41B
  • 2022 Revenue: $4.05B
  • 2021 Revenue: $3.65B
  • YoY Growth: 10.4%
  • Market Share: 11%

Recent Developments

Oracle has recently enhanced its mobile HCM app, making it easier for employees to manage their benefits, performance, and training on the go.

Top Features

  • Recruitment and onboarding
  • Payroll and workforce management
  • AI-driven analytics for decision-making
  • Compensation management

Pros and Cons

Pros Cons
Powerful analytics capabilities Long implementation time
Strong integration with Oracle ERP High total cost of ownership
Feature-rich platform Steep learning curve for new users

Oracle HCM Cloud Website
Oracle HCM Cloud Trustpilot Reviews

4. ADP Workforce Now

What are examples of HCM? ADP

ADP Workforce Now is a cloud-based platform that simplifies payroll, HR, and benefits management for businesses of all sizes.

  • 2024 Revenue: $4.72B
  • 2023 Revenue: $4.28B
  • 2022 Revenue: $3.94B
  • 2021 Revenue: $3.54B
  • YoY Growth: 10.3%
  • Market Share: 10.5%

Recent Developments

ADP has rolled out enhanced compliance tools to help businesses meet complex regulatory requirements with ease.

Top Features

  • Time tracking and attendance
  • Benefits management
  • Payroll processing
  • Employee self-service portal

Pros and Cons

Pros Cons
Excellent payroll and tax filing services Limited customization options
Easy to use for small and mid-sized businesses Limited reporting features
Reliable customer support Higher fees for advanced features

ADP Workforce Now Website
ADP Workforce Now G2 Reviews
ADP Workforce Now Trustpilot Reviews

5. Ceridian Dayforce

Ceridian Dayforce

Ceridian Dayforce is a global HCM platform that combines payroll, benefits, talent, and workforce management in a single solution.

  • 2024 Revenue: $1.48B
  • 2023 Revenue: $1.35B
  • 2022 Revenue: $1.22B
  • 2021 Revenue: $1.08B
  • YoY Growth: 9.6%
  • Market Share: 6%

Recent Developments

Ceridian launched Dayforce Wallet, allowing employees to access earned wages before payday, a significant innovation in employee financial wellness.

Top Features

  • Payroll and tax management
  • Talent acquisition and onboarding
  • Employee benefits administration
  • Time and attendance management

Pros and Cons

Pros Cons
Comprehensive payroll features Can be costly for small businesses
Flexible reporting and analytics Limited customization in user interface
Mobile-friendly platform Integration with third-party apps can be challenging

Ceridian Dayforce Website
Ceridian Dayforce G2 Reviews
Ceridian Dayforce Trustpilot Reviews

6. UKG Pro

UKG Pro

UKG Pro, formerly known as Ultimate Software, is a cloud-based HCM platform designed for global workforce management.

  • 2024 Revenue: $3.13B
  • 2023 Revenue: $2.82B
  • 2022 Revenue: $2.52B
  • 2021 Revenue: $2.32B
  • YoY Growth: 11%
  • Market Share: 8.5%

Recent Developments

UKG Pro has enhanced its global payroll and compliance features to better serve multinational organizations.

Top Features

  • Global workforce management
  • Employee engagement surveys
  • Talent acquisition and performance management
  • Payroll and time tracking

Pros and Cons

Pros Cons
Excellent global payroll support High implementation costs
Strong talent management features Can be overkill for smaller companies
Robust reporting and analytics Steep learning curve

UKG Pro Website
UKG Pro G2 Reviews
UKG Pro Trustpilot Reviews

7. BambooHR

BambooHR

BambooHR is known for its simplicity and ease of use, making it a popular choice for small and medium-sized businesses.

  • 2024 Revenue: $750M
  • 2023 Revenue: $690M
  • 2022 Revenue: $600M
  • 2021 Revenue: $510M
  • YoY Growth: 8.7%
  • Market Share: 2.5%

Recent Developments

BambooHR recently added advanced employee well-being features, allowing companies to monitor and improve employee engagement and satisfaction.

Top Features

  • Applicant tracking system (ATS)
  • Employee records management
  • Time-off tracking
  • Employee self-service

Pros and Cons

Pros Cons
User-friendly interface Limited customization for larger organizations
Affordable pricing for SMBs Limited advanced reporting capabilities
Great customer support Basic payroll features

BambooHR Website
BambooHR G2 Reviews
BambooHR Trustpilot Reviews

8. Paycor

Paycor

Paycor provides robust HCM solutions designed to optimize the employee lifecycle from recruiting to payroll.

  • 2024 Revenue: $1.12B
  • 2023 Revenue: $1.02B
  • 2022 Revenue: $920M
  • 2021 Revenue: $840M
  • YoY Growth: 9.8%
  • Market Share: 5%

Recent Developments

Paycor has rolled out AI-driven talent management tools to help businesses attract and retain top talent more effectively.

Top Features

  • Payroll and tax compliance
  • Time and attendance tracking
  • Talent acquisition and development
  • Benefits administration

Pros and Cons

Pros Cons
Affordable and scalable Limited customization for complex needs
Strong payroll and compliance features Interface can be clunky
Easy to implement Limited integrations with third-party apps

Paycor Website
Paycor G2 Reviews
Paycor Trustpilot Reviews

9. Gusto

Gusto

Gusto is an all-in-one platform for payroll, benefits, and human resources designed for small businesses.

  • 2024 Revenue: $520M
  • 2023 Revenue: $470M
  • 2022 Revenue: $410M
  • 2021 Revenue: $360M
  • YoY Growth: 10.6%
  • Market Share: 3%

Recent Developments

Gusto has introduced a unique payroll and benefits dashboard that offers deeper insights into employee compensation and benefits utilization.

Top Features

  • Payroll automation
  • Employee benefits and insurance
  • Time tracking and attendance
  • HR compliance and support

Pros and Cons

Pros Cons
Easy to use for small businesses Limited features for larger enterprises
Affordable pricing Lack of advanced HR features
Great customer support Basic reporting capabilities

Gusto Website
Gusto G2 Reviews
Gusto Trustpilot Reviews

10. TriNet

TriNet

TriNet is a modern HR platform designed for small to mid-sized businesses to manage payroll, benefits, and employee records efficiently.

  • 2024 Revenue: $390M
  • 2023 Revenue: $360M
  • 2022 Revenue: $330M
  • 2021 Revenue: $290M
  • YoY Growth: 8.3%
  • Market Share: 1.5%

Recent Developments

TriNet has introduced new compliance tools aimed at making HR audits easier and more efficient for small businesses.

Top Features

  • Payroll and tax filing
  • Employee benefits management
  • Time and attendance tracking
  • Performance management

Pros and Cons

Pros Cons
Affordable for SMBs Limited functionality for large companies
Easy to use Occasional delays in customer support
Simplifies HR and payroll processes Limited scalability

TriNet Website
TriNet G2 Reviews
TriNet Trustpilot Reviews

Major Global Companies Relying on Top HCM Providers

When it comes to managing a diverse and global workforce, many of the world’s largest corporations turn to proven HCM software solutions. The above table highlights 20 major companies across industries like technology, consumer goods, pharmaceuticals, and retail, showcasing their partnership with leading HCM providers such as Workday, SAP SuccessFactors, Oracle HCM Cloud, and ADP Workforce Now.

These companies, ranging from tech giants like Netflix and Airbnb to automotive leaders such as Toyota and Ford, rely on HCM software to streamline their HR processes, improve workforce management, and enhance productivity. Whether it’s managing payroll for millions of employees like Walmart or tracking employee engagement for Spotify, HCM solutions have become indispensable for organizations striving for efficiency and scalability.

These HCM providers are crucial in supporting businesses' ever-evolving needs, ensuring compliance with regulations, offering advanced analytics, and providing real-time data insights that can drive decisions on talent management, recruitment, and employee satisfaction.

Company Industry Employees Rev Country HCM Provider Company
Netflix Entertainment 12,800 $31.6B USA Workday
Unilever Consumer Goods 149,000 $60B UK SAP SuccessFactors
Airbnb Travel & Hospitality 6,800 $8.4B USA Workday
Coca-Cola Beverage 82,500 $43.0B USA Oracle HCM Cloud
Toyota Automotive 366,000 $280.4B Japan SAP SuccessFactors
Ford Motor Company Automotive 176,000 $158.1B USA Workday
Deloitte Professional Services 345,000 $60.3B Global Oracle HCM Cloud
Nestlé Food & Beverage 275,000 $98.2B Switzerland SAP SuccessFactors
Walmart Retail 2.3M $611.3B USA Workday
Pfizer Pharmaceuticals 83,000 $81.3B USA SAP SuccessFactors
Bank of America Financial Services 216,000 $94.4B USA Oracle HCM Cloud
McDonald’s Food & Beverage 200,000 $23.2B USA ADP Workforce Now
IBM Technology 282,000 $60.5B USA Oracle HCM Cloud
Siemens Engineering 311,000 $92.5B Germany SAP SuccessFactors
Procter & Gamble Consumer Goods 106,000 $82.1B USA Workday
Spotify Technology 9,800 $12.3B Sweden BambooHR
HP Inc. Technology 58,000 $63B USA ADP Workforce Now
Salesforce Software 79,000 $31.4B USA Workday
Heineken Beverage 85,000 $28.4B Netherlands SAP SuccessFactors
Chevron Energy 43,800 $246.3B USA Oracle HCM Cloud

Conclusion

As the demand for efficient HCM software continues to grow, these top 10 companies are leading the charge with innovative features and comprehensive workforce management solutions. Whether you're a small business or a large enterprise, there is an HCM platform tailored to your needs. By understanding the features, pros, cons, and financial performance of these industry giants, businesses can make informed decisions about which software best suits their requirements.

These companies have demonstrated resilience, consistent growth, and innovation in one of the most competitive markets in the digital age. If you're still unsure which HCM solution to choose, consider your business size, requirements, and the scalability of the platform.

FAQs

What is HCM?

Human Capital Management (HCM) refers to a comprehensive set of practices, systems, and tools that businesses use to manage their workforce. It encompasses various HR functions such as recruiting, onboarding, employee training, payroll, performance management, and benefits administration. The goal of HCM is to maximize the value and efficiency of employees by utilizing data, technology, and strategic insights to support workforce planning, development, and retention. By centralizing these processes, HCM software allows businesses to improve their HR operations, streamline workflows, and make more informed decisions about their talent.

What are examples of HCM software?

Examples of top HCM software include Workday, SAP SuccessFactors, Oracle HCM Cloud, and ADP Workforce Now. These platforms provide businesses with robust tools to manage HR tasks such as payroll, recruitment, performance tracking, and compliance. Other notable examples are BambooHR, known for its ease of use among small and medium-sized businesses, and Ceridian Dayforce, which offers a comprehensive solution for payroll, benefits, and workforce management. Each of these platforms provides features that help organizations enhance productivity and foster employee engagement.

Who is the leader in HCM?

The current leader in the HCM market is Workday, which is renowned for its innovative cloud-based solutions and strong market presence. Workday is widely used by large enterprises to manage HR, finance, and analytics functions, offering advanced AI-powered insights and a user-friendly interface. Additionally, SAP SuccessFactors and Oracle HCM Cloud are strong contenders in the HCM space, particularly for large organizations with complex global needs. These platforms consistently rank at the top due to their comprehensive features, scalability, and high customer satisfaction.

What is HRM or HCM software?

HRM (Human Resource Management) software and HCM (Human Capital Management) software are terms often used interchangeably, though HCM tends to encompass a broader scope. While HRM software focuses on traditional HR tasks such as payroll, attendance tracking, and employee record management, HCM software takes a more strategic approach by incorporating additional functions like talent management, workforce analytics, and employee development. HCM software helps businesses not only manage day-to-day HR operations but also optimize workforce planning and employee engagement for long-term success.



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