WASHINGTON, July 15, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global HR Payroll Software Market finds that a rise in cloud & mobile deployment, an increase in automation of HR processes, and the availability of comprehensive & flexible solutions are some other factors that are expected to drive the HR Payroll Software Market growth. In addition, increasing software adoption is one of the important factors which plays a vital role in boosting market growth. The Global HR Payroll Software Market revenue is expected to reach a value USD 46.6 Billion in 2028.
The Global Market revenue stood at a value USD 25.1 Billion in the year 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 10.9% during the forecast period; states Vantage Market Research, in a report, titled “HR Payroll Software Market Size, Share & Trends Analysis Report by Component (Software, Services), by Deployment Mode (On-Premises, Cloud), by Organization Size (Large Enterprises, SMEs), by Industry Vertical (BFSI, Retail, Manufacturing, Transportation & Logistics), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the HR Payroll Software market is predicted to grow at a CAGR of roughly 10.9% during the forecast period.
- The HR Payroll Software market was estimated to be worth roughly USD 25.1 Billion in 2021 and is expected to reach USD 46.6 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide HR Payroll Software market.
Market Dynamics:
Drivers:
Increasing Software Adoption Drives the Market
HR Payroll Software Market is defined as a platform that allows businesses to pay their employees' salaries when the task or work is done. Payroll software helps organizations manage their data effectively. This software manages HR functions like wage calculation, bonus payments, recruiting, vacation leaves, benefit deductions, and firing workers, as well as maintaining track of information related to employees such as home addresses, financial data, employee data, and social security numbers. It can also track an employee's working hours; all these functions or activities are managed by payroll software, which can print pay slips with a single click. They have cloud-based storage and security. It delivers checklist-driven payroll processing in under a minute, as well as precise reconciliation capabilities that help firms distribute wages quickly and precisely. Due to these advantages, organizations are adopting this software.
Restraint:
Security Risk Hampers the Market Growth
The payroll system stores important information such as payment details, employee addresses, compliance information, and so on. The corporation will have a tough time keeping all of this information secure. Employees may also mishandle payroll timesheets, resulting in a payroll adjustment. If the data security issue remains, it will be difficult for a company to stay ahead of its competition. In some cases, technical problems might result in checks being produced for an amount that is higher or lower than the amount owing to the employee. This is one of the most serious payroll technology issues since it may force employees to leave or bring bad public attention to the organization.
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Segmentation of the Global HR Payroll Software Market:
- Component
- Software
- Services
- Deployment Mode
- On-Premises
- Cloud
- Organization Size
- Large Enterprises
- SMEs
- Industry Vertical
- BFSI
- Retail
- Manufacturing
- Transportation & Logistics
- IT & Telecom
- Healthcare
- Other Verticals
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/hr-payroll-software-market-1733
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms to restrict the effect of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the HR Payroll Software Market industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on HR Payroll Software Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "HR Payroll Software Market Size, Share & Trends Analysis Report by Component (Software, Services), by Deployment Mode (On-Premises, Cloud), by Organization Size (Large Enterprises, SMEs), by Industry Vertical (BFSI, Retail, Manufacturing, Transportation & Logistics), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Regional Analysis:
North America Anticipated Potential Market Growth
North America is accounted for the largest market share of the HR Payroll Software Market in 2021. This is attributed to the increasing use of HR payroll software apps and the high adoption of cloud-based technologies in this region. Furthermore, the surge in implementation in banking & finance, manufacturing, healthcare, and other sectors to improve business operations and the customer experience are expected to witness the high growth of the HR Payroll Software Market over the projected timeframe in this region.
List of Prominent Players in the HR Payroll Software Market:
- ADP LLC
- Ascentis Corporation
- Cornerstone OnDemand Inc.
- Epicore Software
- Oracle Corporation
- Patriot software
- Paycom software Inc.
- Sage PLC.
- SAP SE
- SumTotal Systems Inc.
Recent Developments:
July 2021: ADP expanded its workforce management (WFM) client base to more than 100 thousand clients, helping businesses of all sizes respond to the constantly changing needs of their workforce with enhanced skills-based scheduling and AI-enabled forecasting.
April 2020: Ultimate Software announced that they had completed the merger with Kronos Incorporated to provide the world’s most innovative human capital management (HCM) and workforce management services. This merger also helps organizations across all industries to manage their people more effectively with an unparalleled combination of cloud solutions.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the HR Payroll Software Market?
- How will the HR Payroll Software Market change in the upcoming six years?
- Which application and product will take a lion’s share of the HR Payroll Software Market?
- What is the HR Payroll Software market drivers and restrictions?
- What will be the CAGR and size of the HR Payroll Software Market throughout the forecast period?
This market, titled “HR Payroll Software Market” will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others, as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Component ° Software ° Services • Deployment Mode ° On-Premises ° Cloud • Organization Size ° Large Enterprises ° SMEs • Industry Vertical ° BFSI ° Retail ° Manufacturing ° Transportation & Logistics ° IT & Telecom ° Healthcare ° Other Verticals • Region ° North America ° Europe ° Asia Pacific ° Latin America ° Middle East & Africa |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • ADP LLC • Ascentis Corporation • Cornerstone OnDemand Inc. • Epicore Software • Oracle Corporation • Patriot software • Paycom software Inc. • Sage PLC. • SAP SE • SumTotal Systems Inc. |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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