Software as a service (SaaS) based human resource management (HRM) refers management of HR issues and information on cloud services. SaaS based HRM solutions allow end users to control and manage several aspects of HRM such as maintain a record of employees’ details from the date of joining to the date of retirement in an efficient manner. SaaS based HRM solutions are also inclusive of HR activities such as directory management, application tracking, time and attendance management, electronic forms processing, and others such as payroll management and leave management.
Introduction and adoption of SaaS based HRM solutions has allowed companies to improve productivity of their HR department by offering self-service web interfaces. In the light of these advantages, the Europe SaaS based HRM market is expected to reach a valuation of US$1,962.1 mn by 2025 from US$676.2 mn is 2015, growing at a CAGR of 11.3% between 2017 and 2025.
SaaS based HRM allows businesses to manage and access their employee details in an efficacious manner on a real-time basis. Several vendors are focusing on improving existing SaaS based HRM solution by integrating value added processes such as workforce analytics, human resource compliance management tools, and other features such as process design control. Thus, persistent efforts to improve the present line of products is expected to augment the growth of the overall market.
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The market’s progress is also likely to be favored by the increasing demand for cost saving HRM solutions. Moreover, increasing workforce globalization is projected to drive the large-scale implementation of SaaS based HRM solutions by small and large enterprises. The rising demand for better architectures for talent and recruiting functions is prominent to the growing functioning of SaaS based HRM models. Features such as employee benefit administration, employee verification, and employment application processing will be highly sought after.
Small and Medium-sized Enterprises Take the Lead in Europe SaaS Based HRM Market
On the basis of enterprise size, the Europe SaaS based HRM market is segmented into small and medium enterprise (SMEs), large enterprise. Small and medium enterprise (SMEs) segment is projected to lead the market over the forecast period. Enterprises that house between 10-1000 employees are categorized as SMEs. The pressing need to save time and money along with offering employees job satisfaction is expected to drive SMEs to adopt SaaS based HRM solutions. The flexibility and cost-effectiveness of these solutions is also expected to up their adoption amongst SMEs. Large enterprise are also migrating to SaaS based HRM solutions due to their cost effective process, improved security measures, and easy compliance management.
Germany Assumes Lead as Government Works toward Modernization of Workplaces
The Europe SaaS based HRM market is expected to be driven by the Germany country. However, the U.K. is estimated to contribute major share in the overall SaaS based HRM market followed by Germany and France. Excellent offering by local players and supportive government initiatives towards modernization of businesses are expected to keep Germany at the forefront. Analysts expect that the German SaaS based HRM market will surge at a CAGR of 12.2% during the forecast period.
Some of the key players operating in the the Europe SaaS based HRM market are The Sage Group plc, IBM Corporation, ADP LLC, SAP (SuccessFactor, Inc.), Oracle (Taleo Corporation), Rexx systems GmbH, SD Worx, Perbit Software GmbH, Jobvite Inc., Persis GmbH, among others.