TOKYO, July 28 2022 (GLOBE NEWSWIRE) — The Global HR payroll software market The size accounted for USD 23,489 million in 2021 and is expected to reach USD 52,867 million by 2030, growing at a CAGR of 9.5% from 2022 to 2030.
Growing workforce worldwide is the major HR payroll software market trend that is fueling the demand. Additionally, the shift of companies towards automated software for their business is another trend that is driving the HR payroll software market revenue. Payroll is the process by which an employer compensates an employee for work performed. An efficient payroll process ensures that employees are paid correctly and consistently, allowing HR to focus on other attributes of the workplace.
Impact of COVID-19 on the Global HR Payroll Software Market
The supply and demand situation worsened day by day following the shutdown. However, lockdown policies forced people to stay at their workplaces and many companies asked their staff to work from home, which increased the demand for HR payroll software. The payment of salaries is facilitated by HR payroll solutions. Throughout the COVID-19 pandemic, when mobility was restricted globally, the HR payroll software company assisted with data management and produced accurate transactions. The many prospects in the HR payroll software market such as payslip generation and distribution along with the benefits of customization have helped sustain the gradual growth of the HR payroll software industry in these times. difficult.
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|Market||HR payroll software market|
|Market size 2021||$23,489 million|
|Market Forecast 2030||$52,867 million|
|CAGR from 2022 to 2030||9.5%|
|Analysis period||2018 – 2030|
|Forecast data||2022 – 2030|
|Segments Covered||By component, deployment model, organization size, vertical, and geography|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||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 cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
|Scope of customization||10 a.m. free customization and expert advice|
Growth aspects of the global HR payroll software market
The HR payroll software industry has emerged rapidly in recent years and is expected to reach its peak in the coming years. The extensive and flexible solutions of the HR payroll software industry enable the organization, integration and generalization of complex business or enterprise processes, which in turn boosts the share of the HR payroll software industry. Reliable reporting and processing is increasing the demand for HR payroll software in the market.
The demand for AI-based payroll solutions is growing as artificial intelligence and machine learning capabilities help reduce the severity of human error and improve compliance performance. AI payroll solutions can interpret data and use it to make a decision in a strategic and proactive way. AI payroll solutions also detect systematic challenges by monitoring how data is collected and processed, and suggest strategies to increase efficiency. AI features calculate and track employee work hours and pay rates, then send the data to payroll for processing without requiring employees to enter specific data.
Furthermore, the increased implementation of application-based HR payroll software among many businesses and individuals is expected to provide the market with lucrative growth opportunities in the coming years. However, data security and privacy issues, as well as a lack of payroll professionals, are hampering the growth of the market value of HR payroll software.
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HR payroll software market segmentation
The global market has been divided into components, mode of deployment, organization size, industry vertical, and regional segments. The market is divided into two components: software and services. According to our analysis of the HR payroll software industry, software dominated the market with the highest market shares, while services experienced the fastest growth.
The market is divided into large enterprises and SMEs based on the size of the organization. Large corporations use the majority of HR payroll software, while SMBs are poised to significantly support the industry in the coming years.
The market is divided into cloud and on-premises deployment models. According to our analysis of the HR payroll software industry, on-premises will account for the largest share of the HR payroll software market in 2021.
Further, the market is divided into IT & Telecom, Retail, BFSI, Healthcare, Manufacturing, Transportation & Logistics, etc. According to our HR Payroll Software Market forecast, healthcare industry will generate 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 Middle East & Africa. The North America region accounted for major market share in 2021 and is expected to maintain its dominance throughout the forecast period from 2022 to 2030. This is attributed to the increase in customer base for online HR administration software as well as the increase in HR. solutions in countries like the United States and Canada. Europe should also experience positive growth in the coming years. Additionally, Asia-Pacific countries such as China, Japan, and South Korea are expected to contribute significantly to the HR payroll software market revenue growth over the forecast years.
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HR Payroll Software Market Players
Some of the major 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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Acumen Research and Consulting
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