The global HR payroll software market is growing rapidly. Comprehensive and flexible solutions services that the software offers for easy integration and organizing business processes HR payroll software market trends. As per the Core HR Software Market research report published by Market Research Future (MRFR), the valuation of this market is poised to garner exponential gains by 2027, growing at an impressive CAGR during the review period (2020–2027).
The HR payroll software market statistics represent that the market valuation by the end of 2023 is expected to reach approximately USD 8 billion with a compound annual growth rate or CAGR of 6.70 percent between 2017 and 2023.
Secured Data Management and Transaction Processes Upscale the Market Demand
Rising demand for simplifying complex business procedures with reliable processing and reporting fosters the HR payroll software market share. Additionally, the market growth attributes to the cost-benefits that the software offers, alongside the added advantage of cloud-based services, escalate the HR payroll software market growth. Also, growing numbers of enterprises, increasing industrialization, and rapid economic growth in countries worldwide push the uptake of HR payroll solutions.
High Initial Investments and Rising Cybersecurity act as Major Headwinds for the Market
High initial investments required to implement HR payroll solutions are major factors hindering the growth of the market. Besides, rising cybersecurity and data security issues impede the market growth. Nevertheless, growing government initiatives support for digitalization and automation would support market growth throughout the assessment period.
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COVID 19 Impact on the Market
The COVID-19 pandemic positively impacted the HR payroll software market, making SMBs rethink the way they do business. Besides, social distancing and stay-at-home mandates and shifts in working conditions drew attention to flows in digital HR processes. Physical paychecks distribution, time attendance tracking, executing joining, leaving, layoff formality, monitoring COVID-related leave, and other critical functions were something businesses struggled to keep up with. All these factors cumulatively help the HR payroll software market to evolve continually.
HR Payroll Software Market --- Competitive Landscape
Highly competitive, the HR payroll software market appears fragmented, with several notable players forming a competitive landscape. Industry players initiate strategic approaches such as mergers acquisitions, collaboration, expansion, and technology launch to gain a larger competitive share.
HR Payroll Software Market Key Players
- Ultimate Software (U.S)
- SAP (U.S), Oracle (U.S)
- ADP (U.S)
- SumTotal Systems Inc. (U.S)
- Epicore (U.S)
- Sage (U.S)
- Patriot Payroll (U.S.)
- Ascentis (California)
- Vibe HCM (U.S.)
- SuccessFactors (U.S)
- UltiPro (U.S.)
- Pay Focus (U.S)
- Halogen Software Inc (U.A.E)
- BambooHR (U.S.)
- Intruit (U.S)
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HR Payroll Software Market – Segmentations
The HR payroll software market report is segmented into types, deployments, services, applications, end-users, and regions. The type segment is sub-segmented into claims reimbursement software, employee self-service software, and leave management software. The deployment segment is sub-segmented into cloud-hosted deployment and on-premises deployment.
The application segment is sub-segmented into employee benefits, payroll, employee records, tax fillings, learning management, leave management, performance review, time attendance, reimbursement loans, and others.
The services segment is sub-segmented into up-gradation, installation, modification, service activity reports, and HR shared services. The end-user segment is sub-segmented into medium scale industry, large scale industry, small scale industry, and others. The region segment is sub-segmented into North America, Europe, APAC, and Rest-of-the-World.
HR Payroll Software Market – Geographical Analysis
North America dominates the global HR payroll software market, heading with the increasing deployments of online HR administration solutions across the major enterprises in the region. Besides, the largest market share attributes to the early adoption of advanced technologies, automation, and cloud-based HR management services. The US and Canada fairly contribute to the expansion of HR payroll software market size.
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Reasons for Buying This Report:
- It Provides A Forward-Looking Perspective on Different Factors Driving or Restraining Market Growth.
- It Provides Five-Year Forecast Assessed based on How the Market Is Predicted to Grow.
- It Helps in Understanding the Key Product Segments and Their Future.
- It Provides Pinpoint Analysis of Changing Competition Dynamics and Keeps You Ahead of Competitors.
- It Helps in Making Informed Business Decisions by Having Complete Insights of Market and By Making an In-Depth Analysis of Market Segments.
Table Of Contents
1 Market Introduction
1.2 Scope Of Study
2 Research Methodology
3 Market Dynamics
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