Europe Human Capital Management Market Size, Share & Industry Trends Analysis Report By Component, By Software Type, By Deployment Mode, By Organization Size, By Vertical, By Country and Growth Forecast, 2022 - 2028
The Europe Human Capital Management Market would witness market growth of 7.2% CAGR during the forecast period (2022-2028).
HCM helps businesses to make the most of their existing technology investments by allowing them to choose how and when they want to increase their human capital management capabilities. Multiple languages, currencies, banks, tax definitions, benefits, and security setups are all supported by the solution set. HCM software aids in the efficiency of business management. This is owing to the ease with which the HCM function may be integrated into other parts of business management. Most HCM software features modules that may be incorporated or excluded according to the needs of the company, and it's also feasible to connect external software like accounting and reporting software to streamline all elements of business management. HR software improves corporate security by minimizing the quantity of paperwork and the dangers associated with it.
Workforce analytics aids businesses in the development and improvement of recruiting strategies, the optimization of organizational structure, and the analysis of future technological requirements. As a result, the increasing prevalence of workforce analytics will open up numerous chances for market expansion in the future, as businesses require workforce analytics to acquire insights from their personnel.
Organizations are increasingly embracing advanced technology including AI, cloud, and analytics-enabled solutions, which is projected to create significant potential for advanced HR solutions to be implemented in the area. For example, Office Depot Europe implemented Oracle Fusion Cloud solutions in July 2021 to change HR procedures and serve a growing workforce. As a result, digital transformation in the region is opening up new commercial prospects.
Human capital management (HCM) applications are gaining traction in Western Europe. According to IMAP, HCM applications are digital technologies that automate or enhance numerous human resource operations that form "the relationship between organizations and their employees." These responsibilities include recruitment, talent management, learning and development, performance management, and talent optimization within a company.
The Germany market dominated the Europe Human Capital Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,354 million by 2028. The UK market is experiencing a CAGR of 6.3% during (2022 - 2028). Additionally, The France market would showcase a CAGR of 8% during (2022 - 2028).
Based on Component, the market is segmented into Software and Services. Based on Software Type, the market is segmented into Core HR, HR Analytics, Workforce Management, and Applicant Tracking System. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on Organization size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). Based on Vertical, the market is segmented into BFSI, Manufacturing, Government, Telecom & IT, Consumer Goods & Retail, Healthcare & Life Sciences, Energy & Utilities, Transportation & Logistics, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ADP, Inc., Cornerstone OnDemand, Inc. (Clearlake Capital Group), Epicor Software Corporation, IBM Corporation, Infor, Inc., Workday, Inc., Oracle Corporation, SAP SE, Sumtotal Systems, LLC (Skillsoft), and UKG, Inc.
Scope of the Study
Market Segments covered in the Report:
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