Global HR payroll software industry expected to reach $55.6 billion by 2031

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Dublin, Oct. 17, 2022 (GLOBE NEWSWIRE) — The “HR Payroll Software Market by Component, By Deployment Mode, By Organization Size, By Vertical Industry: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to from ResearchAndMarkets.com offer.

According to this report, the HR Payroll Software Market was valued at USD 23.55 Billion in 2021 and is projected to reach USD 55.69 Billion by 2031, growing at a CAGR of 9.16% from 2022 to 2031.

HR payroll software is used to manage all employee financial records in a standard and automated way. It manages employee salaries, deductions, net pay, bonuses, generates payslips and other transportation. By automating employee or faculty management and payroll processing, HR payroll software reduces the hassle of managing large amounts of data. Also, it streamlines all payroll-related processes and enables the admin to pay the salaries of all employees or staff members on time and accurately.

This software offers benefits such as salary calculation and processing, provident fund (PF) and income tax calculation. Moreover, it saves money and time and allows the organization to perform multiple tasks at the same time. In addition, it allows efficient and fast processing of financial transactions. Plus, it eliminates manual processes and improves accuracy and productivity by reducing the approval process. Additionally, HR payroll software provides industries with the flexibility and scalability to enable smooth integration of business processes, which ultimately supports market growth.

Factors such as rise in demand for cloud-based HR payroll software and rise in adoption of innovative technologies are increasing business productivity, thereby driving the growth of the market. Additionally, the rise of HR process automation for greater efficiency is bolstering the growth of the market. Additionally, increasing investment in AI-driven HR payroll software and increasing adoption of app-based HR payroll software are expected to provide lucrative growth opportunities for the market in the coming years. come. However, data security and privacy issues and shortage of payroll professionals are hampering the growth of the market.

The HR payroll software market is segmented into components, mode of deployment, organization size, vertical, and region. By component, it is divided into software and services. Based on the mode of deployment, it is separated into cloud and on-premises. According to the industry vertical, it is separated into BFSI, Retail, Manufacturing, Transportation & Logistics, Healthcare, IT & Telecom, and Others. According to the size of the organization, it is classified into small and medium-sized enterprises (SMEs) and large enterprises. Regionally, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.

Market players operating in the HR payroll software market include ADP, LLC, Ascentis Corporation, Cornerstone OnDemand, Inc., Epicore Software, Oracle Corporation, Patriot software, Paycom software inc., Sage Plc, SAP SE, and SumTotal Systems, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which are helping to drive the growth of the global HR Payroll Software market.

Main benefits for stakeholders

  • The study provides an in-depth analysis of the HR Payroll Software market along with current trends and future estimations to elucidate impending investment pockets.

  • Information on major drivers, restraints and opportunities and their impact analysis on the HR Payroll Software market size is provided.

  • Porter’s Five Forces Analysis illustrates the power of buyers and vendors operating in the global HR Payroll Software market.

  • The quantitative analysis of the HR payroll software market from 2021 to 2031 is provided to determine the potential of the HR payroll software market.

Main topics covered:

CHAPTER 1 INTRODUCTION

CHAPTER 2: EXECUTIVE SUMMARY

CHAPTER 3: MARKET OVERVIEW
3.1. Definition and scope of the market
3.2. Main conclusions
3.2.1. The best investment pockets
3.3. Porter’s Five Forces Analysis
3.4. Positioning of the best player
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Constraints
3.5.3. Opportunities
3.6. COVID-19 Market Impact Analysis
3.7. Regulatory guidelines

CHAPTER 4: HR PAYROLL SOFTWARE MARKET, BY COMPONENT
4.1 Overview
4.1.1 Market Size and Forecast
4.2 Software
4.2.1 Key Market Trends, Growth Drivers and Opportunities
4.2.2 Market Size and Forecast, by Region
4.2.3 Market Analysis by Countries
4.3 Services
4.3.1 Key Market Trends, Growth Drivers and Opportunities
4.3.2 Market Size and Forecast, by Region
4.3.3 Market Analysis by Countries

CHAPTER 5: HR PAYROLL SOFTWARE MARKET, BY MODE OF DEPLOYMENT
5.1 Overview
5.1.1 Market Size and Forecast
5.2 On-site
5.2.1 Key Market Trends, Growth Drivers and Opportunities
5.2.2 Market Size and Forecast, by Region
5.2.3 Market Analysis by Countries
5.3 Cloud
5.3.1 Key Market Trends, Growth Drivers and Opportunities
5.3.2 Market Size and Forecast, by Region
5.3.3 Market Analysis by Countries

CHAPTER 6: HR PAYROLL SOFTWARE MARKET, BY ORGANIZATION SIZE
6.1 Overview
6.1.1 Market Size and Forecast
6.2 Large companies
6.2.1 Key Market Trends, Growth Drivers and Opportunities
6.2.2 Market Size and Forecast, by Region
6.2.3 Market Analysis by Countries
6.3 SMEs
6.3.1 Key Market Trends, Growth Drivers and Opportunities
6.3.2 Market Size and Forecast, by Region
6.3.3 Market Analysis by Countries

CHAPTER 7: HR PAYROLL SOFTWARE MARKET, BY INDUSTRY VERTICAL
7.1 Overview
7.1.1 Market Size and Forecast
7.2 BFSI
7.2.1 Key Market Trends, Growth Drivers and Opportunities
7.2.2 Market Size and Forecast, by Region
7.2.3 Market Analysis by Countries
7.3 Retail
7.3.1 Key Market Trends, Growth Drivers and Opportunities
7.3.2 Market Size and Forecast, by Region
7.3.3 Market Analysis by Countries
7.4 Manufacturing
7.4.1 Key Market Trends, Growth Drivers and Opportunities
7.4.2 Market Size and Forecast, by Region
7.4.3 Market Analysis by Countries
7.5 Transport and logistics
7.5.1 Key Market Trends, Growth Drivers and Opportunities
7.5.2 Market Size and Forecast, by Region
7.5.3 Market Analysis by Countries
7.6 IT and Telecom
7.6.1 Key Market Trends, Growth Drivers and Opportunities
7.6.2 Market Size and Forecast, by Region
7.6.3 Market Analysis by Countries
7.7 Healthcare
7.7.1 Key Market Trends, Growth Drivers and Opportunities
7.7.2 Market Size and Forecast, by Region
7.7.3 Market Analysis by Countries
7.8 Others
7.8.1 Key Market Trends, Growth Drivers and Opportunities
7.8.2 Market Size and Forecast, by Region
7.8.3 Market Analysis by Countries

CHAPTER 8: HR PAYROLL SOFTWARE MARKET, BY REGION

CHAPTER 9: CORPORATE LANDSCAPE
9.1. Introduction
9.2. The best winning strategies
9.3. Top 10 Player Product Mapping
9.4. Competitive Dashboard
9.5. Competitive heatmap
9.6. Main developments

CHAPTER 10: COMPANY PROFILES
10.1 ADP, LLC
10.1.1 Company Overview
10.1.2 Company Overview
10.1.3 Operating business segments
10.1.4 Product Portfolio
10.1.5 Commercial performance
10.1.6 Key Strategic Movements and Developments
10.2 Ascentis Company
10.2.1 Company Overview
10.2.2 Company Overview
10.2.3 Operating business segments
10.2.4 Product Portfolio
10.2.5 Commercial performance
10.2.6 Key Strategic Movements and Developments
10.3 Cornerstone OnDemand, Inc.
10.3.1 Company Overview
10.3.2 Company Overview
10.3.3 Operating business segments
10.3.4 Product Portfolio
10.3.5 Commercial performance
10.3.6 Key Strategic Movements and Developments
10.4 Epicore Software
10.4.1 Company Overview
10.4.2 Company Overview
10.4.3 Operating business segments
10.4.4 Product Portfolio
10.4.5 Commercial performance
10.4.6 Key Strategic Movements and Developments
10.5 Oracle Corporation
10.5.1 Company Overview
10.5.2 Company Overview
10.5.3 Operating business segments
10.5.4 Product Portfolio
10.5.5 Commercial performance
10.5.6 Key Strategic Movements and Developments
10.6 Patriot Software
10.6.1 Company Overview
10.6.2 Company Overview
10.6.3 Operating business segments
10.6.4 Product Portfolio
10.6.5 Commercial performance
10.6.6 Key Strategic Movements and Developments
10.7 Paycom Software Inc.
10.7.1 Company Overview
10.7.2 Company Overview
10.7.3 Operating business segments
10.7.4 Product Portfolio
10.7.5 Commercial performance
10.7.6 Key Strategic Movements and Developments
10.8 Sage Plc.
10.8.1 Company Overview
10.8.2 Company Overview
10.8.3 Operating business segments
10.8.4 Product Portfolio
10.8.5 Commercial performance
10.8.6 Key Strategic Movements and Developments
10.9 SAP OS
10.9.1 Company Overview
10.9.2 Company Overview
10.9.3 Operating business segments
10.9.4 Product Portfolio
10.9.5 Commercial performance
10.9.6 Key Strategic Movements and Developments
10.10 SumTotal Systems Inc.
10.10.1 Company Overview
10.10.2 Company Overview
10.10.3 Operating business segments
10.10.4 Product Portfolio
10.10.5 Commercial performance
10.10.6 Key Strategic Movements and Developments

For more information on this report, visit https://www.researchandmarkets.com/r/5oatxb

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