TOKYO, July 28, 2022 (GLOBE NEWSWIRE) — The Global HR Payroll Software Market Size accounted for USD 23,489 Million in 2021 and is projected to reach USD 52,867 Million by 2030, with a CAGR of 9.5% from 2022 to 2030.
The growing workforce all around the world is the primary HR payroll software market trend that is fueling the demand. In addition, companies’ shift towards automated software for their businesses is another trend that is boosting the HR payroll software market revenue. Payroll is the process by which an employer compensates an employee for work completed. An effective payroll process guarantees that employees are paid correctly and consistently, allowing HR to focus on other attributes of the workplace.
COVID-19 Impact on Global HR Payroll Software Market
The demand-supply situation worsened day by day as a result of the closure. However, the lockdown policies forced people to stay at their workplaces, and many businesses asked their staff to work from home, increasing the demand for HR payroll software. Salary payment is facilitated by HR payroll solutions. Throughout the COVID-19 pandemic, when mobility was restricted globally, the HR payroll software business assisted in data management and produced precise transactions. The numerous HR payroll software market prospects such as generation and distribution of pay slips, as well as customization benefits, helped to keep the HR payroll software industry growing progressively in these difficult times.
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|Market||HR Payroll Software Market|
|Market Size 2021||USD 23,489 Million|
|Market Forecast 2030||USD 52,867 Million|
|CAGR During 2022 – 2030||9.5%|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Component, By Deployment Model, By Organization Size, By Industry Vertical, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||SAP SE, Ascentis Corporation, ADP, LLC, Cornerstone On Demand, Inc., Paycom software inc, Oracle Corporation, Patriot software, Sage Plc., Epicore Software, and SumTotal Systems Inc.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Global HR Payroll Software Market Growth Aspects
The HR payroll software industry has emerged quickly in recent years and is likely to hit peak in the years to come. The HR payroll software industry’s wide-ranging and flexible solutions enable the organization, integration, and generalization of complex business or company processes, which drives the HR payroll software industry share. Reporting and dependable processing are increasing the demand for HR payroll software in the market.
The demand for AI-powered payroll solutions is growing because artificial intelligence and machine learning functionalities help to reduce the severity of human errors and improve compliance performance. AI payroll solutions can interpret the data and use it to come up with a decision strategically and proactively. AI payroll solutions also detect systematic challenges by monitoring how data is collected and processed, and they offer strategies for increasing efficiency. AI features compute and track employees’ working hours and pay rates, then send the data to payroll for processing without requiring employees to enter specific data.
Furthermore, the increased implementation of app-based HR payroll software between many businesses and individuals is anticipated to provide the market with lucrative growth opportunities in the coming years. However, data security and privacy concerns, as well as a lack of payroll professionals, are impeding the growth of the HR payroll software market value.
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HR Payroll Software Market Segmentation
The global market has been split into component, deployment mode, organisation size, industry vertical, and region segments. The market is divided into two components: software and services. According to our HR payroll software industry analysis, software dominated the market with the highest market shares, while services grew the fastest.
The market is divided into large enterprises and SMEs based on organization size. Large enterprises use the majority of HR payroll software, while SMEs are poised to significantly support the industry in the coming years.
The market is divided into cloud and on-premise deployment models. According to our HR payroll software industry analysis, on-premise will account for the greatest share of the HR payroll software market in 2021.
Furthermore, the market is divided into IT & telecom, retail, BFSI, healthcare, manufacturing, transportation and logistics, and others. According to our HR payroll software market forecast, the healthcare industry will generate a significant CAGR and market share in the coming years.
HR Payroll Software Market Regional Outlook
The global HR payroll software market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. The North America region accounted for a principal market share in 2021 and is expected to continue its dominance throughout the forecast period from 2022 to 2030. This is credited to the rise in client base for software of online HR administration as well as the increase in HR solutions in countries like the US and Canada. Europe is also expected to grow at a positive rate in the coming years. Moreover, Asia-Pacific countries such as China, Japan, and South Korea are expected to contribute significantly to the growth of the HR payroll software market revenue in the forecast years.
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HR Payroll Software Market Players
Some key HR payroll software companies covered in the industry are Ascentis Corporation, ADP, LLC, Epicore Software, SAP SE, Cornerstone On Demand, Inc., Oracle Corporation, Patriot Software, Paycom software Inc, Sage Plc., and SumTotal Systems Inc.
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