Europe Human Capital Management (HCM) Market – Industry Trends and Forecast to 2030

Europe Human Capital Management (HCM) market, By Component (Service, Software), Deployment Model (Cloud, On-Premises), Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), Vertical (Banking, Financial Services, and Insurance, Government, Manufacturing, Telecom and IT, Consumer Goods and Retail, Healthcare and Life Sciences, Energy and Utilities,  Transportation and Logistics, Others), Functionality (Core HR, Talent Acquisition, Performance Management, Succession Planning, Reward and Recognition, Advance Analytics, Compliance, Others) - Industry Trends and Forecast to 2030.

Europe Human Capital Management (HCM) Market Analysis and Size

Human resource is the main part of any enterprise or business. Without human resources (HR), an organization cannot achieve objectives and goals. HR department deals with several functions such as employee performance, payroll, training, and attendance among others. Currently, organizations are shifting towards digitalization. They are adopting human capital management (HCM solutions to manage all tasks related to employees, such as their performance, payroll system, attendance and others.  Nowadays, organizations are adopting those human capital management (HCM) solutions that increase overall productivity and provide specific proficiencies to manage employees effectively.

Data Bridge Market Research analyses that the Europe human capital management (HCM) market is expected to reach USD 24, 475.70 million by 2030, which was USD 9,338.18 million in 2022, at a CAGR of 12.8% during the forecast period. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Europe Human Capital Management (HCM) Market Scope and Segmentation

Market Definition

Human capital management (HCM) is used for optimizing, recruiting, managing, developing, and increasing employee value within the company. It covers a range of core administrative and strategic processes and practices, such as workforce planning, compensation planning, payroll, training, compliance, onboarding, and performance management. It also covers benefits administration, workflow management, time and attendance, reporting and analytics, retirement services and employee service and self-service.

Europe Human Capital Management (HCM) market Dynamics

Drivers

• Growing integration of automation technologies in HR processes

The increasing integration of automation technologies in numerous HR processes and solutions is expected to impel market growth during the forecast period. Advanced technologies such as artificial intelligence (AI), robotic process automation (RPA), machine learning (ML), big data, and other analytics tools are integrated into human capital management (HCM) solutions for streamlining various day-to-day HR operations. AI tools and robotic process automation are beneficial in removing manual errors, improving the productivity and efficiency of an organization and reducing procedural delays. As a result of all these factors, the market is likely to grow.

• Increasing adoption of cloud-based human capital management (HCM) solutions

Cloud integration of HR services and processes is transforming the human capital management (HCM) software industry. The cloud-based human capital management (HCM) solutions are cost-effective and efficient. These solutions can be accessed from any place with good internet access and allow more flexibility. The increasing adoption of cloud-based human capital management solutions by both small and medium-sized enterprises is likely to propel market growth during the forecast period.

Opportunities

• Increasing partnerships and mergers to improve product portfolios

The human capital management sector is highly competitive and extremely shattered due to the presence of major market players. These major players are often employing a strategy of mergers & acquisitions and increasing their offerings. These strategies often relay an improved product portfolio, immediately increasing the consumer base. For instance, Workday Inc. announced its plans to provide workday payroll solutions for Germany in 2021. These solutions will influence the cloud payroll foundation for delivering payroll, time, and other solutions integrated with a single system.

Restraints/Challenges

• Concern associated with data security

Data Security is a significant concern after implementing the human capital management (HCM) system or software, which is expected to hamper the market's growth. The software must prevent unauthorized access to confidential and sensitive data. Multiple levels of security must be put in place, obstructing the market growth.

• Availability of alternative options

As the cost of human capital management (HCM) solutions is very high, several small-scale and micro-scale enterprises prefer open-source products freely available on the internet. Thus, this factor will be a major challenge that will hamper the growth of the market during the forecast period.

This human capital management (HCM) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the human capital management (HCM) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

This Europe human capital management (HCM) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on Europe human capital management (HCM) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

This Europe human capital management (HCM) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Europe human capital management (HCM) market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Developments

• In 2021, Ramco Systems launched an Artificial Intelligence-powered Self Explaining Payslip (SEP). This enabled employers to give instant and detailed answers to payroll-related queries. This helped companies look for ways to enhance employee experience through the digital transformation of payroll. The product lets employees seek an explanation of their compensation and pay slip component. This enhanced the company’s offering in the market
• In 2021, CGI renewed its partnership with Desjardins, Canada's largest financial cooperative. The 10-year deal is valued at more than CAD 500 million. Under this agreement, Desjardins increases its relationship with CGI for payroll service center management, such as IT infrastructure, business continuity and customer support services.

Europe Human Capital Management (HCM) Market Scope

The human capital management (HCM) market is segmented on the basis of component, deployment model, organization size, vertical and functionality. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Service
• Integration and Implementation
• Training and Education
• Support and Maintenance
• Consulting
• Software

Deployment Model

• Cloud
• On-Premises

 Organization Size

• Small and Medium-Sized Enterprises
• Large Enterprises

 Vertical

• Banking, Financial Services, and Insurance
• Government
• Manufacturing
• Telecom and IT
• Consumer Goods and Retail
• Healthcare and Life Sciences
• Energy and Utilities
• Transportation and Logistics
• Others

Functionality

• Core HR
• Talent Acquisition
• Performance Management
• Succession Planning
• Reward and Recognition
• Advance Analytics
• Compliance
• Others

Europe Human Capital Management (HCM) Market Regional Analysis/Insights

Europe human capital management (HCM) market is analyzed, and market size insights and trends are provided by country, component, deployment model, organization size, vertical and functionality as referenced above.

The countries covered in the human capital management (HCM) market report are Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, and Rest of Europe in Europe.

U.K. is expected to dominate the Europe human capital management (HCM) market because of the presence of large numbers of HR software providers, and more start-ups are being established in this region. Moreover, the growing deployment of workforce analytics solutions and increasing adoption of advanced technology will further boost market growth.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.       

Competitive Landscape and Europe Human Capital Management (HCM) market Share Analysis

The Europe human capital management (HCM) market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to Europe human capital management (HCM) market.

Some of the major players operating in the Europe human capital management (HCM) market are:

• Oracle (U.S.)
• SAP SE (Germany)
• IBM (U.S.)
• Workday, Inc. (U.S.)
• Ultimate Software Group, Inc. (U.S.)
• ADP, Inc. (U.S.)
• Cornerstone (U.S.)
• Benefitfocus Inc. (U.S.)
• Bamboo HR LLC. (U.S)
• Zoho Corporation (India)
• WebHR (U.S)
• Sage Global Services Limited (India)
• Epicor Software Corporation (U.S)
• Infor (U.S), UKG Inc. (U.S)
• Cegid (China)
• Sumtotal Systems, LLC (U.S.)
• Paycom Payroll LLC. (U.S.)
• Paycor, Inc (U.S.)
• Insperity (U.S.)