Human capital management (HCM) solutions are vital for modern HR practices. They encompass talent acquisition, onboarding, performance management, payroll, and more. Features of human capital management include data analytics for informed decision-making, compliance tracking, and employee self-service portals for streamlined HR processes. HCM systems optimize workforce management, ensuring efficient recruitment, improved employee engagement, training and development tracking, and benefits administration. Ultimately, these solutions enhance organizational productivity, reduce administrative burdens, and foster a positive employee experience by centralizing HR functions and data in one platform.
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Data Bridge Market Research analyses that the Europe Human Capital Management (HCM) Market is valued at USD 9,338.18 million in 2022 and is expected to reach USD 24, 475.70 million by 2030, registering a CAGR of 12.8% during the forecast period of 2023 to 2030. Intense competition for skilled professionals necessitates the adoption of human capital management (HCM) solutions. These tools simplify the hiring process, boost employee engagement through personalized experiences, and strengthen retention strategies by providing insights to keep valued talent. In this talent-driven landscape, HCM solutions are crucial for organizational success.
Key Findings of the Study
Compliance and regulations are expected to drive the market's growth rate
As labor laws and regulations continually evolve, organizations must maintain compliance to avoid legal complications. Human capital management (HCM) solutions are essential, as they can swiftly adapt to these changing mandates, automating HR processes to ensure adherence. By offering features like updated reporting, tracking, and documentation capabilities, HCM systems provide organizations with the necessary tools to navigate complex compliance landscapes, reducing the risk of legal issues and penalties associated with non-compliance.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Service, Software), Deployment Model (Cloud, On-Premises), Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), Vertical (Banking, Financial Services, 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 and Others)
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Countries Covered
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Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe
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Market Players Covered
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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.)
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis:
The Europe human capital management (HCM) market is segmented on the basis of component, deployment model, organization size, vertical, and functionality.
- On the basis of component, the human capital management (HCM) market is segmented into service, and software.
- On the basis of deployment model, the human capital management (HCM) market is segmented into cloud, and on-premises.
- On the basis of organization size, the human capital management (HCM) market is segmented into small and medium-sized enterprises, large enterprises
- On the basis of vertical, the human capital management (HCM) market is segmented into banking, financial services, and insurance, government, manufacturing, telecom and IT, consumer goods and retail, healthcare and life sciences, energy and utilities, transportation and logistics, and others.
- On the basis of functionality, the human capital management (HCM) market is segmented into core HR, talent acquisition, performance management, succession planning, reward and recognition, advance analytics, compliance, and others.
Major Players
Data Bridge Market Research recognizes the following companies as the major Europe human capital management (HCM) market players in 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).
Market 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 has extended its long-standing partnership with Desjardins, Canada's largest financial cooperative, in a lucrative 10-year agreement exceeding CAD 500 million in value. This renewed collaboration deepens Desjardins' ties with CGI, particularly in managing payroll service centers, including IT infrastructure, business continuity, and customer support services.
Regional Analysis
Geographically, the countries covered in the Europe human capital management (HCM) market report are Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe
As per Data Bridge Market Research analysis:
U.K. dominates Europe in human capital management (HCM) market during the forecast period 2023 - 2030
In 2023, the U.K. dominates the Europe human capital management (HCM) market due to the rising utilization of workforce analytics solutions, and the widespread adoption of advanced technology contributed significantly to this expansion. As businesses increasingly recognize the value of data-driven HR decisions and the need for streamlined HR processes, the market continues to flourish. This competitive landscape fosters innovation and ensures that HR software solutions are continually evolving to meet the changing needs of organizations in this dynamic environment.
For more detailed information about the human capital management (HCM) market report, click here – https://www.databridgemarketresearch.com/reports/europe-human-capital-management-hcm-market
