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 Core HR Software Market report includes data on research & development, new product launches, product responses from the global and local markets by leading key players.
The HR payroll software market statistics represent that the market valuation by the end of 2030 is expected to reach approximately USD 15.37 billion with a compound annual growth rate or CAGR of 11.2 percent between 2020-2030.
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.
The report includes COVID 19 impact analysis and on-demand post-COVID analysis with the following data points:
- Impact of COVID-19 on Core HR Software industry
- End-User/ Application/Industry Trend, and Preferences
- Expert Review
- Regulatory Framework/Government Policies
- Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
- Opportunity Window
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.
By Type
- Claims reimbursement software
- Employee self-service software
- Leave management software
By Deployments
- Cloud-hosted deployment
- On-premises deployment
By Application
- Employee benefits
- Payroll
- Employee records
- Tax fillings
- Learning management
- Leave management
- Performance review
- Time and attendance
- Reimbursement and loans
- Others
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By Services
- Up-gradation
- Installation
- Modification
- Service activity reports
- HR shared services
By End-user
- Medium scale industry
- Large scale industry
- Small scale industry
- Others
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.
Key Points Covered in the Report
- The HR payroll software market conditions include main rivals, costs, and positioning for an all-round plan for insight accumulation operating in the same geography.
- The global market report includes a complete database of upcoming HR payroll software market forecasts, based on historical data interpretation.
- It provides customers with quantified views for recent HR payroll software market perusal.
- The HR payroll software report is helpful in offering answers to different core questions that are essential to market participants, such as manufacturers, and end-users, distributors, in addition to helping them strategize acquisitions and leverage many growth opportunities.
- Import/export consumption, forecasts of supply & demand, cost, price, revenue, and gross margins are also impacted by this analysis.
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