target audience: TECH SUPPLIER Publication date: Aug 2024 - Document type: Market Forecast - Doc Document number: # EUR150687224
European HCM Applications Forecast, 2023-2028
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Abstract
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.