target audience: TECH SUPPLIER Publication date: Jul 2023 - Document type: Market Forecast - Doc Document number: # EUR149517123
European HCM and Payroll Applications Forecast, 2023-2027
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Abstract
This IDC Market Forecast provides analysis and sizing of the European human capital management (HCM) and payroll management applications market for 2020–2022 and forecasts for 2022–2027. The study segments the combined HCM and payroll management applications market in Europe by function (HCM and payroll), deployment model (software as a service and on premises/other), and country and subregion (Western Europe and Central and Eastern Europe).
"HR departments already have or will soon be in possession of a veritable goldmine of data due to the digitalization of HR processes. The potential of this data remains largely untapped due to a lack of analytics capabilities and outdated systems. To transition effectively to data-driven entities, HR units should harness technology that enables strategic data utilization. The shift toward data-centric operations will elevate the role of HR, transforming it from a support function to a strategic partner within businesses. Data-driven insights will become increasingly crucial as companies compete to attract and retain top talent. This evolution, empowered by technology, positions the HR department at the heart of strategic decision making." — Senior Research Analyst Ivan Oz, Software, IDC Europe