Transparency Market Research (TMR) has observed that the competitive
landscape in the Europe SaaS based HRM market is mildly fragmented.
The leading players, The Sage Group plc, IBM Corporation and ADP,
LLC, held a lion’s share of 55 in the Europe market in 2016. The
unwavering dominance of these companies is attributable to the best
HR information practices. The companies are constantly working on
improving their product portfolio to help their customers to better
their team’s performance through meaningful engagement. The Europe
market is also slated to see to mergers and acquisitions in the over
the forecast period as companies focus on expanding their
geographical reach.
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According to the research report, the Europe SaaS based HRM market is
likely to be worth US$1,962.1 mn by the end of 2025 from US$4676.2 mn
in 2015. The Europe-based market is expected to progress at a CAGR of
11.3% during the forecast period of 2017 and 2025. The growing demand
for better user-interfaces is expected to be the key growth driver
for the overall market.
Germany Stands
Out as it Progresses at a CAGR of 13.2% from 2017 to 2025
The solutions offered by the Europe SaaS based HRM market are time
and attendance management, workforce management, HR and payroll,
integrated solutions, and others such as hiring and scheduling. Of
these, the demand for HR and payroll is expected to surpass all other
solution segments. Analysts expect this segment to record revenue
earnings worth US$595.6 mn by 2025. From a geographic point of view,
the Germany is expected to expand at a fastest CAGR of 13.2% over the
forecast period.
Efficiency of
Cloud Services Improves Adoption Rate of SaaS Based HRM Solutions
Growing number of installed HRM systems are reaching stagnancy as
they bring nothing new the table. These old, on-premise solutions are
becoming obsolete and lack technological advancements that are
necessary to keep up with modern demands. Thus, the upgradation of
HRM systems that are SaaS-based models are expected to favor the
market growth in the coming few years. Additionally, the market will
also be supported by the growing need for engaging user-interface
that offers a consumer-like experience.
“The flexibility of SaaS based HRM systems have won them a strong
consumer base,” reports the lead author of the research report. The
traditional on-premise solutions are also expensive to maintain, thus
giving the SaaS based HRM systems an added advantage. The new-age
systems do not need to be manually graded as it is done by vendors
themselves. The key factors favoring the uptake of SaaS based HRM
solutions is the consolidation of information under one platform.
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On the flip side, the global market does face a few challenges that
are likely to cause the vendors in the market some setback. SaaS
based HRM systems are depended on cloud services, which are highly
prone to cyber-attacks, service interruption, data leakage, and
service impairment. Unfortunately, this can have a negative impact on
the user experience due to unstable network transmissions. The growth
of the market is also being threatened by the lack of technical
knowledge amongst the human resource management enterprises. However,
the increasing pressure on end users to manage human resources issues
in a unified manner is expected to open up several opportunities for
the europe market.
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