TECH SUPPLIER Oct 2020 - Market Forecast - Doc # EUR146479520
European ERM Applications Forecast, 2020-2024: Investing in SaaS to Prepare for the New Normal
This IDC Market Forecast analyzes and sizes the European ERM applications market for 2017-2019, with a forecast for 2020–2024. The study segments the ERM applications market by functional market (eight functional markets), deployment model (SaaS and on-premises), and country. This is the first year that the European enterprise applications service publishes a combined Western European and CEE market forecast.
"In 2019, the ERM applications market had strong 10.7% growth in constant currency, boosted by strong public cloud services performance, increasing numbers of digital transformation projects, and a strong interest from SMBs for financial applications, procurement solutions, and HCM tools. However, the macroeconomic climate in Europe is uncertain, and many SMBs were heavily affected by the COVID-19 pandemic. Furthermore, GDP decline is affecting enterprise-level customers and may suspend ERM investments. IDC expects the ERM market to contract for 2020, but we also forecast a steady return to recovery in 2021, with the market returning to pre-COVID-19 growth rates by the end of 2022," said Alexandros Stratis, research manager, IDC.
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