The competitive landscape of the Europe SaaS based HRM market is highly fragmented to the presence of plethora of giant players, says Transparency Market Research. Some of the prominent players profiled in the market are Cezanne HR Ltd., Oracle Corporation, CloudPay, Inc., Benrekia.com, Kronos, Inc., SAP SE, Ceridian HCM, Inc., ADP, LLC, and Ascentis Corporation.
These players are focusing on several strategies such as business expansions, mergers and acquisitions and collaborations to stay competitive in the SaaS based HRM market. Apart from this, product innovation and easy and advanced deployment are some other factors which on which players are ramping their investments.
According to TMR, the Europe SaaS based HRM market is likely to expand at an astonishing CAGR of 11.3% CAGR between 2017 to 2025. Rising at this CAGR, the Europe SaaS based HRM market is expected to attain a valuation of US$1,962.1 mn by 2025. In 2015, the analysts noted the market at a valuation of US$676.2 mn.
Among all countries, the demand for SaaS based HRM products is highest in the U.K. This is mainly due to availability of several end users in the region.
Increasing Adoption by Enterprise to Boost Industry Growth
The Europe SaaS based HRM market is likely to garner an impressive growth, thanks to the increasing awareness and adoption of the SaaS based product by the consumers in the Europe. The rise in implementation of SaaS-based HRM systems by the enterprises owing to ease of process management is another prominent factor expected to propel the market growth.
A SasS based Human resource management system deal in cloud based operation of the process such as training, managing, retaining and acquiring in enterprise. This has significantly improved the throughput in the business by offer ease of excess and allowing leader to monitor process at a distant location. Apart from this, they also help in HR functionality such as attendance tracking, recruiting, training, workforce planning, career development, and analytics. It also features basic accounting features such as payroll, benefits, and compensation.
Incompetency of Consumer to Deal with SaaS based HRM to Hamper Growth
Despite several advantages, incompetency of the people to deal with the technical aspect of the SaaS based technology and reluctance among the employee towards leaving the long termed practised method of working is expected to impede growth in the SaaS based HRM market. Apart from this, other factors like high costs of implementation and maintenance are other factors hampering growth in the SaaS based HRM market. Moreover, compromised data security is another factor restraining organisations to choose SaaS product for HRM related activities.
Nevertheless, ability to human resource management systems to enhance efficiency of human resource divisions, reduces operational cost and increase the employee-centric culture is anticipated to boost the SaaS based HRM market in Europe.
Along with this, increase in work from home culture among employee is another factor is a prominent factor expected to swell demand for the SaaS based HRM among the organisation to efficiently monitor their employees. Further, it helps in restructuring of workforce with the purpose to maintain position and workforce hierarchy in the business.