USD 7.34 billion
HR Payroll Software Market Size, Share, Growth Analysis, By Component(Software, Services), By Deployment Mode(On-Premises, Cloud), By Organization Size(Large Enterprises, SMEs), By Industry Vertical(BFSI, Retail, Manufacturing, Transportation & Logistics), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2225 |
Region:
Global |
Published Date: October, 2024
Pages:
197
|Tables:
146
|Figures:
68
HR Payroll Software Market Insights
Global HR Payroll Software Market size was valued at USD 24.8 billion in 2022 and is poised to grow from USD 27.11 billion in 2023 to USD 55.21 billion by 2031, growing at a CAGR of 9.30% during the forecast period (2024-2031).
The HR payroll software program market gives fast generation and distribution of pay slips, featuring rapid checklist-driven payroll processing within mins and specific reconciliation talents.
These attributes appreciably make a contribution to raising marketplace calls for HR payroll software, expanding its capacity attain. Its full-size and adaptable answers adeptly coordinate and organize numerous business strategies, in addition fueling the marketplace's boom.
Market research underscores that the burgeoning marketplace percentage of HR payroll software programs is pushed by simplifying tricky business procedures through reliable processing and reporting mechanisms.
The improved call for this software stems from its strong information management and transactional protection capabilities, assuring users of safe coping with touchy information.
Implementing HR payroll software program systems lets in for personalisation, insightful evaluation of past overall performance, secure records management, and unique transactional operations, enhancing operational efficiency and bolstering belief within the software program's competencies.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Tax Filings
Fastest Growth
Software
Growth Rate
11.20% CAGR
HR Payroll Software Market ($ Bn)
Country Share for North America Region (%)
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HR Payroll Software Market Segmental Analysis
Global HR Payroll Software Market is segmented by Component, Deployment Mode, Organization size, Industry Vertical, and Region. Based on Component, the market is segmented into Software, and Services. Based on Deployment Mode, the market is segmented into On-Premises, and Cloud. Based on Organization size, the market is segmented into Large Enterprises, and SMEs. Based on Industry Vertical, the market is segmented into BFSI, Retail, Manufacturing, Transportation and Logistics, IT and Telecom, Healthcare, Others. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Application
The payroll phase ruled the HR payroll software program market sales, broadly speaking pushed by the escalating adoption of cloud and cellular deployment techniques internationally. This segment's prominence indicates its pivotal position inside the market landscape, attributed to its complete competencies in dealing with and automating payroll methods inside companies. The pervasive adoption of cloud and mobile deployment methodologies has drastically reinforced the prominence of HR Payroll Software, enabling seamless get right of entry to and control of payroll functions across numerous devices and places.
The tax filings section in the HR payroll software market holds a pivotal role in making sure compliance and accuracy in handling tax-associated duties for corporations. This phase makes a speciality of integrating functionalities that streamline and automate the complex manner of tax submitting inside payroll systems. Efficient tax filings modules embedded in the HR payroll software program allow businesses to accurately calculate, withhold, and file taxes in adherence to ever-evolving tax guidelines. By automating these procedures, HR payroll software extensively reduces the capacity for mistakes, making sure timely and particular tax submissions even as mitigating the risk of non-compliance consequences.
Analysis by Organization Size
The big company phase emerged as the most unexpectedly developing section in the HR payroll software program market. This surge in increase can be attributed to the unique requirements of large firms, necessitating robust HR payroll solutions to correctly control their expansive body of workers. These agencies, characterized through a sizable quantity of personnel, demand state-of-the-art and scalable HR payroll answers capable of handling elaborate payroll processes, compliance adherence, and difficult reporting needs at scale.
The small and medium-sized businesses (SME) section is predicted to show off the highest CAGR in the HR payroll software program marketplace. This surge is attributed to several pivotal elements, significantly the escalating cognizance and adoption of HR payroll software programs inside SMEs. Additionally, the burgeoning quantity of startups and SMEs in emerging markets contributed extensively to this section's increase.
HR Payroll Software Market By Application
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HR Payroll Software Market Regional Insights
North America reached a valuation of USD 2.85 billion, with expectations of a substantial CAGR during the forecast period in 2022. This first rate growth trajectory is authorized to increase adoption and call for HR answers throughout the region. The surge in on-line HR management merchandise has contributed notably to expanding the customer base, fueling the marketplace's expansion.
The Asia-Pacific is poised to revel in the maximum rapid CAGR among 2024 and 2031, propelled through several key factors. This boom surge is fueled through the escalating adoption of cloud-primarily based technologies and a massive upward thrust within the penetration of app-based totally HR payroll software program answers across the location. Notably, inside the Asia-Pacific landscape, China ruled the HR Payroll Software marketplace, keeping the largest marketplace proportion.
HR Payroll Software Market By Region
- Largest
- Fastest
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HR Payroll Software Market Dynamics
Drivers
Increasing Software Adoption
- The HR payroll software market encompasses a flexible platform designed to streamline and facilitate the efficient fee of worker salaries upon challenge completion inside organizations. Beyond income disbursement, this software program serves as a strong tool for powerful data management inside businesses. Covering a huge spectrum of HR features, it handles important obligations which includes wage calculations, bonus payments, recruitment processes, tracking vacation leaves, managing advantage deductions, or even managing the termination of personnel.
Restraints
Security Risk Hampers the Market Growth
- The payroll device serves as a repository for essential data encompassing payment information, worker addresses, compliance data, and extra. However, making sure the security of this wealth of touchy statistics poses a widespread undertaking for businesses. The potential mishandling of payroll timesheets with the aid of employees can cause discrepancies, necessitating payroll changes and doubtlessly causing disruptions. Data protection issues loom large, posing a significant hurdle for organizations. Instances of technical system faults inside the machine can in addition exacerbate these challenges, potentially resulting in faulty paycheck amounts—either higher or decrease than what employees are rightfully owed.
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HR Payroll Software Market Competitive Landscape
The competitive environment of the global HR Payroll Software market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- Paycom Software Inc (US)
- ADP, LLC (US)
- Cornerstone OnDemand, Inc. (US)
- SAP SE (Germany)
- Patriot Software (US)
- Ascentis Corporation (US)
- Oracle Corporation (US)
- Sage Plc. (UK)
- Epicor Software (US)
- Workday, Inc. (US)
- Paylocity Holding Corporation (US)
- Gusto, Inc. (US)
- Ceridian HCM Holding Inc. (Canada)
- BambooHR (US)
- Paychex, Inc. (US)
- Rippling (US)
- TriNet Group, Inc. (US)
- Namely, Inc. (US)
- HR Cloud, Inc. (US)
- PeopleSoft (Oracle Corporation) (US)
- Cezar HR Solutions (US)
Recent Developments
- In March 2022, UKG purchased Ascentis, a company that offers full-suite HR and workforce management solutions and has had a five-year growth from 860 to 4,800 clients.
- In December 2021, ADAM HCM was purchased by Ceridian. With 33 clients spread throughout Central America, South America, and the Caribbean, ADAM HCM was a leading payroll and HCM service. This purchase is expected to accelerate Ceridian's global expansion plan by extending the Dayforce platform into Latin America, an area of great interest to the company's multinational clientele.
- In July 2021, ADP marked a massive milestone by increasing its body of workers control (WFM) customer base to over one hundred thousand customers. This accomplishment showcases ADP's dedication to helping businesses of assorted sizes in correctly adapting to the ever-evolving needs of their staff. Their superior abilities-based scheduling and AI-pushed forecasting features provide strong solutions for addressing dynamic groups of workers' needs, emphasizing ADP's awareness on empowering companies with advanced tools for workforce management.
HR Payroll Software Key Market Trends
- The burgeoning prevalence of cloud and cell deployment strategies serves as a great catalyst propelling the increase of the HR payroll software market. This specialized software is designed explicitly to facilitate agencies in successfully coping with and disbursing employee salaries once their specific responsibilities or projects conclude. This software program features a wide array of functionalities, along with handling wage increments, administering bonus bills, dealing with hiring methods, tracking holiday leaves, deducting blessings, and correctly coping with terminations. The steady increase in demand for HR payroll software stems from its pivotal role in streamlining and automating numerous factors of payroll management, enabling groups to make timely and correct income bills at the same time as successfully managing their group of workers-associated operations.
HR Payroll Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global HR payroll software marketplace analysis exhibits a dynamic marketplace with some of standout developments and problems.The escalating international personnel stands as a pivotal fashion propelling the demand within the HR payroll software program market. This surge in the group of workers' size and complexity serves as a using force in the back of the expanded adoption of HR payroll software program answers. Simultaneously, there is an amazing shift among corporations closer to embracing automated software answers throughout their business operations, in addition bolstering the revenue and expansion of the HR payroll software market. Payroll, the essential technique through which employers remunerate personnel for completed paintings, performs a critical role in ensuring accurate and steady payments. A green payroll device not simplest ensures specific and timely reimbursement however additionally empowers HR departments to redirect their recognition toward enhancing other vital facets of the place of job, fostering a more efficient and effective work environment.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 24.8 billion |
| Market size value in 2031 | USD 55.21 billion |
| Growth Rate | 9.30% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on HR Payroll Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on HR Payroll Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the HR Payroll Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the HR Payroll Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the HR Payroll Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the HR Payroll Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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