Looking back on 2023...
In this article:
In 2023, European businesses faced economic challenges and opportunities, with sectors like food and beverages and pharmaceuticals showing resilience. The year saw a focus on human capital, with businesses investing in organisational adjustments and productivity enhancements. ConnectMyApps noted the importance of people data and the growth of the HR software market, with key vendors including BambooHR, Rippling, and Workday among others. We also observed trends in the iPaaS market, such as the rise of low-code and no-code platforms and the demand for expert advice for business-critical integrations. Despite economic difficulties, businesses prioritised the total cost of ownership of integrations. Looking ahead, ConnectMyApps anticipates continued growth in the iPaaS market and plans to stay competitive by investing in AI features and software integration knowledge.
2023 was a year of challenges and opportunities for European businesses. Despite macroeconomic headwinds, some sectors proved to be resilient, while others struggled to keep up.
The global economy was expected to further slow, while cities witnessed subdued consumer spending growth. Commodity prices were likely to soften, and global supply chains were expected to recover, but upside risks on inflation remained. Food and beverages and pharmaceuticals were sectors that were expected to be resilient, while the outlook for energy-intensive industries remained challenging.
Treating People Data right is becoming more and more important
Businesses in 2023 faced the challenges of attracting and retaining workers, prompting the need for investment in human capital, organisational adjustment, and productivity enhancement. The outlook for energy-intensive industries remained challenging, while commodity prices were likely to soften.
At ConnectMyApps we experienced the effects of this as the focus on people data becomes more and more important. Organisations are willing to invest in automation that supports the human capital of their business.
We work daily with ERP, CRM, and many other app domains. But I will pay some special attention to the HRM software market.
The HR software market in Europe is expected to have grown in 2023. Payroll apps, workforce management apps, and HR management apps are essential tools for businesses of all sizes. By using these tools, businesses can streamline their HR processes, improve employee engagement, and stay competitive in an ever-changing business landscape.
According to Gartner’s reviews, these are some of the key vendors in the HR software space:
- BambooHR: Best for employee self-service
- Rippling: Best for automated workflows
- Workday: Best for global workforce management
- Quinyx: Best for AI-powered workforce management
- Cegid/Talentsoft: Best for talent management
- Sympa: Best for HR management
- Happeo: Best for employee engagement
- Visma: Best for payroll and HR management
- Simployer: Best for HR management and payroll
We are proud to say most of these are partners of ConnectMyApps, and we have experience with all of them.
The HR software market in Europe is expected to grow in 2024, as payroll apps, workforce management apps, and HR management apps are essential tools for businesses of all sizes. By using these tools, businesses can streamline their HR processes, improve employee engagement, and stay competitive in an ever-changing business landscape.
Reflections on trends
In 2023 we have also seen several trends emerge in the iPaaS market. One of the most significant trends was the increasing adoption of low-code and no-code platforms, such as our very own iPaaS, Canvas. As these platforms become easier to use, and also start featuring AI-functionalities, they enable businesses to build and deploy integrations quicker and easier, without requiring extensive coding knowledge. This trend is expected to continue in the coming years, as more businesses look to streamline their integration processes.
However, a contrasting trend is the continued demand for expert advice and guidance when connecting business critical solutions together. It is one thing to connect simple apps and workflows point-to-point but when the data in question is sensitive and/or business critical – such as GDPR-sensitive data, payroll or similar, the situation changes. We see a clear need for organisations willing to invest in outsourcing the build and management of such workflows.
But not at any cost!
The total cost of ownership of integrations is important, and has been brought into the light more and more throughout 2023 as businesses feel the pinch of higher interest rates and a tougher business environment. Again, this brings advantages to using an iPaaS, as the costs become transparent and predictable, and the hidden cost over time of maintaining an integration custom-built from scratch is discovered – and more often discarded to the benefit of using an iPaaS.
In terms of how businesses are approaching software integrations, outsourcing is a popular option. Outsourcing software integrations allows businesses to focus on their core competencies while leaving the technical details to the experts. Companies can either buy a platform (iPaaS), or simply consultancy services, or a combination of the two. Whether these types of businesses are ready to take charge themselves depends on the business, and most often on the level of developer skills available within the IT department.
What do we expect?
The global integration platform as a service (iPaaS) market is, according to Gartner, expected to continue its rapid growth in the coming years. Businesses in Europe are increasingly adopting low-code and no-code platforms, investing in API management solutions, and outsourcing their integration needs. The market is competitive and will surely remain so. It will be interesting to see how our competitors will differentiate and position themselves and provide value to their customers. We are ready!
We believe ConnectMyApps is extremely well positioned to remain highly competitive in the mid- to large business segment. Not only do we offer the combination of iPaaS and professional services, but we are investing in our technology (watch this space for more information on our numerous upcoming AI-features in Q1 2024) to allow more citizen developers create and maintain more demanding integrations, and we package our platform with unique knowledge of software integrations and automation. Meaning our customers will have access to the best of both worlds. A combination quite unique.
I am proud of everything we have done together with our partners in 2023, and I am grateful for all the achievements our great team of dedicated engineers, customer-facing integration experts have made. This sets ConnectMyApps up really well for 2024. A year which is going to be more AI-driven than ever before. It is all very exciting stuff. I cannot wait.
Happy New Year everyone.