Market Highlights
The global HR payroll software market is presumed to expand at 9 % CAGR during the forecast period (2017-2023) owing to the increasing popularity of the software, asserts Market Research Future (MRFR). HR payroll software refers to the software in which the company pays the salary to their employee. HR payroll comprises generate and distribute pay slips with a single click, bonus payment, checklist driven payroll processing in under a minute, highly configurable claims module with expenses, reimbursement workflow, recruitment, vacation leaves, accurate reconciliation tools, firing employees, salary hikes, and benefit deduction.
Drivers and Constraints Impacting the Market
The HR payroll software is majorly driven by its comprehensive and flexible solutions that help to integrate, organize, and simplify complex business processes, and secure data management and transactions. With the growing popularity of the software and increasing awareness among the among the enterprises regarding the benefits of HR payroll software is anticipated to propel the market growth during the assessment period. Moreover, HR payroll software also helps in decision-making and offer a definite image of the resources of an organization. Mobile application, analytics, and concentration on team management are further propelling the market growth over the forecast period.
On the flip side, potential problems such as security of data, loss or theft, cybersecurity, and fraud are some of the major concerns estimated to inhibit the market in the coming years.
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Segmentation:
The global HR payroll software market has been segmented on the basis of end-users, services, deployments, application, and region.
By mode of software, the global HR payroll software market has been segmented into employee self-service software, claims reimbursement software, and leave management software.
By mode of application, the market has been segmented into reimbursement & loans, employees benefits, tax filings, time & attendance, learning management, leave management, employees records, performance review, payroll, and others.
By mode of services, the market has been segmented into HR shared services, modification, service activity reports, up-gradation, and installation.
By mode of deployments, the market has been segmented into on-premise deployment and cloud-hosted deployment. The cloud-based payroll software is majorly driven by the secured cloud backup of employee data, advantages over on-premise solutions, and ease of system enhancements and updates.
By mode of end-users, the market has been segmented into small, medium, and large-scale industry. Among these, the large-scale industry is the largest users of cloud-based payroll software but is presumed to lose its dominance to SMEs during the forecast period. SMEs are extensively adopting cloud-based payroll software as they are facing more challenges than large enterprises.
Regional Insights
Geographically, the HR payroll software market span across regions namely, North America, Asia Pacific, Europe, and Rest-of-the-World.
Among all the regions, North America has been observed to lead the global HR payroll market and is anticipated to maintain its dominance over the assessment period. The growth is attributed to high adoption rate of HR payroll software systems, well-established infrastructure, retirement services, rise in enterprise client-base for online HR administration products, HR solutions, growing number of health and benefits applicants, and insurance services in this region.
The European region is presumed to register a positive growth over the assessment period. On the other hand, Asia Pacific is expected to showcase a fair share during the forecast period due to the presence of countries such as South Korea, Japan, and China.
Industry News
August 28, 2018: Ramco Systems and Microsoft have recently launched Ramco Global Payroll Software on Microsoft Dynamics 365. The solution will influence Microsoft AI capabilities around Facial recognition and Chatbots in order to deliver a holistic HR offering to help organizations on a global scale to manage talent and payroll operations on a unified platform hosted on Azure.
Competitive Dashboard
The major players operating the market are Halogen Software Inc (U.A.E), SuccessFactors (U.S), Ascentis (California), Epicor (U.S), Vibe HCM (U.S.), UltiPro (U.S.), BambooHR (U.S.), Ultimate software (U.S), Sage (U.S), Pay Focus (U.S), SumTotal Systems Inc. (U.S), SAP (U.S), Intuit (U.S), Oracle (U.S), Patriot Payroll (U.S.), ADP (U.S), and others.
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HR Payroll Software Market, By Application (Payroll, Benefits, Tax filings, Employees records), By End-User (Large, Medium, Small size organizations) - Forecast 2023
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