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European HCM Applications Forecast, 2023-2028

Publisher IDC
Published Aug 07, 2024
Length 21 Pages
SKU # IDC19072448

Description

European HCM Applications Forecast, 2023-2028


This IDC Market Forecast provides an analysis and sizing of the European HCM and payroll management applications market for 2021–2023 and forecasts growth for the 2024–2028 period. The study segments the combined HCM and payroll management applications market in Europe by function (HCM and payroll), deployment model (SaaS and on-premises/other), and country and subregion (Western Europe and Central and Eastern Europe)."Looking forward, the HCM and payroll applications markets are set to maintain strong CAGRs, driven by several key developments. The integration of AI is having an impact, with tangible use cases that streamline HR processes, enhance overall efficiency, and enable a strategic shift in HR roles. This technological advancement aligns closely with the ongoing shift toward a skill-based economy, prompting organizations to redefine their approach to workforce skills management. Alongside this factor, the persistent challenge of recruitment continues to spur demand for software-enabled talent attraction. Together, these trends are shaping the dynamic market landscape, encouraging continuous investment and innovation." Ivan Oz, Senior Research Analyst in European HCM and payroll applications research at IDC.

Please Note: Extended description available upon request.

Table of Contents

21 Pages

IDC Market Forecast Figure

Executive Summary

Advice for Technology Suppliers

Develop a Road Map to HR Automation

Strategically Implement GenAI

Enhance Employee Experience Through Modern Payroll Solutions

Assist European Organizations in Gearing Up for the Skill-Based Economy

Measure the ROI of EX Investments

Address the Expectations of Gen Z and Millennials

Market Forecast

Market Context

Drivers and Inhibitors

Drivers

GenAI in HCM Software is Becoming a Key Buyer Criterion

Acceleration of Globalization and Remote Work Continues to Shape HCM and Payroll Systems

Focus on the ROI of EX Initiatives

Inhibitors

Economic Uncertainty

Skill Gaps in HR

Significant Market Developments

No Doubt About It, GenAI Is a High-Potential Technology for the HCM Tech Space

HR Automation Is a Key Focus for Buyers

HR Is Breaking Out of Its Silo, Looking to Connect with IT and the Rest of the Organization

Changes from Prior Forecast

Market Definition

Human Capital Management Applications

Core Human Resources Applications

Talent Management Applications

Talent Acquisition Applications (Recruiting)

Compensation Management Applications

Employee Performance Management Applications

Learning Management Applications

Workforce Management Applications

Payroll Management Applications

Methodology

Exchange Rates

Mergers and Acquisitions

Related Research

Pricing

Currency Rates
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