According to the latest report by IMARC Group, titled “Europe Human Resource (HR) Technology Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The Europe human resource (HR) technology market is expected to exhibit a CAGR of 9.26% during 2022-2027.
Human resource (HR) technology is used to automate routine processes, store data, provide analytical management reports and insights for better decision-making, etc. It reduces the manual efforts required for performing several time-consuming tasks, such as payment processing, and allows professionals to access information from various sources and share it with different departments. In line with this, HR technology aids organizations in gaining insights from employee feedback and improving workforce retention, recruiting, skill development, etc. Consequently, it is widely utilized by numerous firms to create workforce transparency that enables fair pay practices in Europe.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The expanding working population is primarily driving the Europe human resource (HR) technology market. Additionally, the growing number of HR-focused events and conferences, the inflating need for time, payroll, and talent management in the corporate sector, and the widespread adoption of advanced HRM solutions for improving labor productivity as well as the efficiency of the employees in the organizations are further catalyzing the market growth. Besides this, human resource technology lowers the risks of systemic errors and helps in increasing productivity, along with reducing employment costs as compared to the conventional methods of human resourcing, which is acting as another significant growth-inducing factor. Moreover, the rising utilization of the human resource software ecosystem is positively influencing the regional market. Apart from this, the development in the marketplace for optimized recruitment process and related tasks, advertisement, assessment, interviewing, etc., is anticipated to fuel the Europe human resource (HR) technology market over the forecasted period.
Breakup by Application:
Talent Management
Payroll Management
Performance Management
Workforce Management
Recruitment
Others
Breakup by Type:
Inhouse
Outsourced
Breakup by End Use Industry:
TTH (Travel, Transportation, Hospitality)
Public Sector
Health Care
Information Technology
BFSI (Banking, Financial services, and Insurance)
Others
Breakup by Company Size:
Less than 1k Employees
1k -5k Employees
Greater than 5k Employees
Breakup by Country:
Germany
France
United Kingdom
Italy
Spain
Others
Competitive Landscape:
The report has also analysed the competitive landscape of the market along with the profiles of the key players.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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