The Europe Human Resource Management Market would witness market growth of 11% CAGR during the forecast period (2021-2027).
With the constant digitization & automation of HR operations, companies can make more effective and smart reskilling strategies that would augment the growth of the human resource management market during the forecast period. Companies are increasingly focusing on attracting the right group of candidates, managing resources efficiently, and holding human capital, which is estimated to propel the market growth. The increasing awareness among the companies regarding the potential of human resource management is motivating organizations to rapidly adopt these solutions, which is further boosting the growth of the market during the forecast period.
The support and maintenance segment would be the fastest growing segment over the forecast period. The ongoing advancements in technology play an important role in introducing constant upgrades to the system and HRM solutions. In addition, HRM solutions are also required to be upgraded constantly along with the improvements in technology and companies require strong vendor support for tackling technical challenges and troubleshooting, which would further augment the growth of the segment.
HRM solutions enable companies to effectively and efficiently make the strategies for better workforce management. The shifting preference of companies for implementing various advanced technologies, which is motivating HRM solution providers to introduce advanced solutions to the European market. In addition, various HR activities including compensation, organization development, safety, performance management, benefits, recruitment, communication, policy administration, employee motivation, wellness, and training are automated through the adoption of HRM solutions.
Several companies are highly investing in the deployment of HRM solutions to minimize their human efforts and evaluate the productivity of an employee in a measurable way. It is easier and convenient for HR managers to assess any individual for promotion and appraisal. All these factors are contributing to the high demand for HRM solutions in the regional market.
The Germany market dominated the Europe Hosted Human Resource Management Market by Country 2020, thereby, achieving a market value of $1,120.6 million by 2027. The UK market is exhibiting a CAGR of 11.6% during (2021 - 2027). Additionally, The France market is poised to grow at a CAGR of 13.3% during (2021 - 2027).
Based on Component, the market is segmented into Software and Services. Software market is bifurcated across Core HR, Recruiting, Workforce Planning & Analytics, Talent Management, Employee Collaboration & Engagement and Others. Based on Deployment Type, the market is segmented into On-premise and Hosted. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into IT & Telecom, BFSI, Retail, Healthcare, Manufacturing, Government & Public Sector and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Human Resource Management Market Size will Hit $39.5 Billion by 2027, at a CAGR of 11.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, ADP, Inc., Ceridian HCM Holding, Inc., IBM Corporation, Oracle Corporation, Workday, Inc., Marsh McLennan Companies, Inc. (Mercer LLC), Talentsoft (Cegid), UKG, Inc., and SAP SE
By Component
By Deployment Type
By Enterprise Size
By End User
By Country
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