The global HR payroll software market size was US$ 23.55 billion in 2021. The global HR payroll software market size is forecast to reach US$ 55.69 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.2% during the forecast period from 2022 to 2030.
HR payroll software manages, maintains, and automates employee payments, whether on-premises or in the cloud. Robust, integrated, and correctly configured payroll software may assist firms of all sizes to maintain compliance with tax laws and other financial rules, and decrease costs. This frees up time for human resources (HR) teams to focus on strategic planning, budgeting, and other business-oriented efforts.
Factors Influencing Market Growth
Impact Analysis of COVID-19
The COVID-19 pandemic had a positive impact on the global HR payroll software market. In order to conduct the contactless operation, firms had to focus on developing technology such as AI-powered solutions, automation, cloud-based technologies, and app-based HR Payroll System across industries like BFSI, healthcare, IT & telecom, and others. Furthermore, as several organizations move toward digitization, demand for HR payroll software grows since it delivers agile efficiency by removing manual activities that slow down business operations and real-time reporting capabilities. Furthermore, the pandemic has posed significant challenges for companies attempting to execute key processes, report accurately with data spread across multiple locations, operate complex systems, and communicate effectively with teammates.
Regional Insights
North America held dominance in the HR payroll software market in 2021 and is forecast to remain dominant during the forecast period. The rising usage of HR payroll software in banking & finance, manufacturing, healthcare, and other sectors to enhance business and customer understanding fuels the market growth in the region.
The Asia Pacific region is forecast to have lucrative growth during the forecast period. The growing penetration of app-based HR payroll software and the rising adoption of cloud-based technologies fuels the market growth in the region.
Leading Competitors
The leading prominent companies profiled in the global HR payroll software market are:
Scope of the Report
The global HR payroll software market segmentation focuses on Component, Deployment Mode, Organization Size, Industry Vertical, and Region.
Segmentation based on Component
Segmentation based on Deployment Mode
Segmentation based on Organization size
Segmentation based on Industry Vertical
Segmentation based on Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL HR PAYROLL SOFTWARE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
4 GLOBAL HR PAYROLL SOFTWARE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE MODEL
4.4 VALUE CHAIN ANALYSIS
5 GLOBAL HR PAYROLL SOFTWARE MARKET, BY COMPONENT
5.1 OVERVIEW
5.2 SOFTWARE
5.3 SERVICES
6 GLOBAL HR PAYROLL SOFTWARE MARKET, BY DEPLOYMENT MODE
6.1 OVERVIEW
6.2 ON-PREMISES
6.3 CLOUD
7 GLOBAL HR PAYROLL SOFTWARE MARKET, BY ORGANIZATION SIZE
7.1 OVERVIEW
7.2 LARGE ENTERPRISES
7.3 SMES
8 GLOBAL HR PAYROLL SOFTWARE MARKET, BY INDUSTRY VERTICAL
8.1 OVERVIEW
8.2 BFSI
8.3 RETAIL
8.4 MANUFACTURING
8.5 TRANSPORTATION AND LOGISTICS
8.6 IT AND TELECOM
8.7 HEALTHCARE
8.8 OTHERS
9 GLOBAL HR PAYROLL SOFTWARE MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3. 1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL HR PAYROLL SOFTWARE MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
11 COMPANY PROFILES
11.1 ADP, LLC
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.2 ASCENTIS CORPORATION
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.3 CORNERSTONE ONDEMAND, INCORPORATED
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.4 EPICOR SOFTWARE
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.5 ORACLE CORPORATION
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.6 PATRIOT SOFTWARE
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.7 PAYCOM SOFTWARE INCORPORATED
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.8. SAGE PLC.
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.9 SAP SE
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.10 SUMTOTAL SYSTEMS INCORPORATED
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
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