USD 7.34 billion
Report ID:
SQMIG45A2225 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
144 |
Figures:
68
Global HR Payroll Software Market size was valued at USD 7.34 billion in 2022 and is poised to grow from USD 8.16 billion in 2023 to USD 19.08 billion by 2031, growing at a CAGR of 11.20% in 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.
Global Market Size
USD 7.34 billion
Largest Segment
Tax Filings
Growth Rate
11.20% CAGR
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The HR payroll software market segmentation, based on application type, includes payroll, benefits, tax filings, and employee’s records. Based on end users, the HR payroll software industry has been segmented into large, medium, and small size organizations. Based on component, the HR payroll software industry has been segmented into software, services. Based on deployment mode, the HR payroll software industry has been segmented into on-premises, cloud. Based on industry vertical, the HR payroll software industry has been segmented into BFSI, retail, manufacturing, transportation & logistics. By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World.
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 End User
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.
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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.
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Drivers
Increasing Software Adoption
Restraints
Security Risk Hampers the Market Growth
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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
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.
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 2023 | USD 7.34 billion |
Market size value in 2031 | USD 19.08 billion |
Growth Rate | 11.20% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global 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 Global 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.
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Product ID: SQMIG45A2225