The global HR payroll software Market will reach USD 15.37 billion at an 11.2% CAGR by 2030, states the new Market Research Future report.
HR Payroll Software Market Drivers
Need for AI-Powered Payroll Solutions to Boost Market Growth
The need for AI-powered payroll solutions will boost market growth over the forecast period. Because artificial intelligence and machine learning capabilities help to reduce the severity of human errors and increase compliance performance, there is a growing need for AI-powered payroll solutions. AI payroll solutions can analyze data and use it to make strategic and proactive decisions.
Companies Shift towards Automated Software to offer Robust Opportunities
The companies’ shift towards automated software for businesses will offer robust opportunities for the market over the forecast period.
HR Payroll Software Market Report Scope:
Revenue Forecast in 2030
USD 15.35 Billion
CAGR of 11.2% from 2022 to 2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Data Security to act as Market Restraint
The data security & privacy concerns related to HR payroll software may act as a market restraint over the forecast period.
Lack of Professionals to act as Market Challenge
The lack of payroll professionals may act as a market challenge over the forecast period.
HR Payroll Software Market Segmentation
The HR Payroll software market has been bifurcated based on end user, services, application, as well as type.
By type, the HR payroll software market is segmented into claims reimbursement software, employee self-service software, and leave management software.
By application, the HR payroll market is segmented into time & attendance, employee benefits, tax filings, payroll, reimbursement & loan, employee records, performance review, leave management, learning management, and others.
By services, the HR payroll software market is segmented into up-gradation, service activity reports, modification, installation, and HR shared services.
By deployment, the cloud-hosted deployment will lead the market over the forecast period.
By end user, the HR payroll software market is segmented into medium-scale industry, small scale industry, large scale industry, and others.
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The world economy has suffered tremendous damage as a result of the COVID19 epidemic, and the growth rate has dropped to record lows, which will take several years to return to normal. Enterprises and working sectors have experienced several obstacles in carrying out typical day-to-day tasks, resulting in significant revenue loss. During the lockdown, production units and industrial operations were halted, causing serious disruptions in the supply chain. The demand-supply disparity expanded daily as a result of the shutdown. However, the lockdown measures required individuals to stay at their workplaces, and many organizations asked their employees to work from home, increasing the demand for HR payroll software. Salary payment is facilitated by HR payroll software systems. During the pandemic, when mobility was restricted around the world, the HR payroll software sector assisted in data management and offered reliable transactions. The numerous HR payroll software market prospects such as distribution and generation of payslips, as well as customizable features, helped to keep the HR payroll software market growing steadily even in these difficult times.
HR Payroll Software Market Regional Analysis
North America to Lead HR Payroll Software Market
North America had a significant market share in 2021 and is likely to maintain its dominance throughout the assessment period of 2022 to 2030. This is attributed to a growth in client base for online HR administration software as well as an increase in HR solutions in nations such as the United States and Canada. In the following years, Europe is likewise predicted to grow at a favorable rate. In 2021, North America will hold the biggest market share of the HR Payroll Software Market. This is due to the increased use of HR payroll software apps and the region’s strong use of cloud-based technologies.
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HR Payroll Software Market Key Players
Eminent market players profiled in the global HR payroll software market report include Oracle (US), Ultimate Software (US), BambooHR (US), Epicore (US), SumTotal Systems Inc. (US), Sage (US), Ascentis (California), Halogen Software Inc (UAE), Success Factors (US), Pay Focus (US), Intruit (US), UltiPro (US), SAP (US), Vibe HCM (US), Patriot Payroll (US), ADP (US), among others.
Disruptions in the supply chain, variations in demand share, economic conditions, as well as the immediate and long-term impact of the new coronavirus, all had a detrimental impact on the growth of the digital water solutions industry. Such an outbreak has halted economic activity, plunging the global economy into a deep recession. Furthermore, with roots in China, supply chains around the world are suffering shutdown and unprecedented disruption. Following the relaxation of worldwide lockdowns and limitations, the global digital water solutions market is expected to return to normalcy in the upcoming days.
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