Global HR Payroll Software Market, by Services (Installation, Up-gradation, Modification, HR Shared Services, and Service activity Reports), by Deployment (On Premises and Cloud Based), by Application (Payroll, Employees Benefits, Tax filings, Employees records, Performance review, Learning management, Time & Attendance, Leave Management, and Others), by End User (Large Scale Industry, Medium Scale Industry, Small Scale Industry, and Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2027
The Global HR Payroll Software Market is expected to grow from USD 4.81 Billion in 2018 to USD 9.34 Billion by 2026 at a CAGR of 9.03% during the forecast period from 2018-2026.
The Global HR Payroll Software Market was valued at USD 4.81 Billion in 2018, is projected to reach USD 9.34 Billion by the end of 2026, exhibiting a CAGR of 9.03%. Payroll and human resource (HR) are an important part in an organization which are responsible for looking after diverse functions, such as benefit deduction, bonus payment, vacation leaves, recruitment, salary hikes, and firing employees. This departments need to maintain important data, which is considered as confidential, including financial data, home addresses, employee information, and social security numbers. The deployment of payroll and HR software provides data confidentiality and access, process, operate, and manage organization’s several payroll and HR functions. The usage of payroll and HR software helps in decision-making and ease of doing business. This is expected to encourage the growth of the global payroll and HR software market in the forecasted period.Market Overview:
The Application of HR payroll software helped the organizations in organising, integration, and simplification of complex business process, reliable processing, reporting, and secure data, management, and accuracy are the major factors attributed to the growth of the HR payroll software market. It helps the administration to take fast decision, avoid discrepancy in work, work effectively, which likely bolster the demand for HR payroll software market during the projected period.
The major key Vendors includes in the HR Payroll Software market are SAP, Oracle, Ultimate software, SumTotal Systems, Sage, Ascentis, SuccessFactors, Pay Focus, BambooHR, Intruit, Halogen Software, UltiPro, Vibe HCM, Patriot Payroll, ADP, EpicoreReport Description:
- The base year for the study has been considered 2018, historic year 2015, 2016, and 2017, the forecast period considered is from 2019 to 2026
- The study delivers a comprehensive analysis of HR Payroll Software Market by services, deployment, application, end user, and region
- The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2019 to 2026
- Porter’s Five Forces model is used in order to recognize the competitive scenario in the HR payroll software market. This report incorporates the industry analysis which is focused on providing an extensive view of the HR payroll software market
- The study also includes attractiveness analysis of vertical segment and region which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunity for understanding the future growth of the market
- The report provides company profile of the key players operating in the HR payroll software market and a comparative analysis based on their business overviews, product offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
- The market estimates have been evaluated by considering the effect of different political, economic, social, technological and legal factors which are based on our extensive secondary research, primary research, and in-house databases.