DUBLIN--(BUSINESS WIRE)--The "HR Payroll Software Market By Component, By Deployment Mode, By Organization size, By Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the HR payroll software market was valued at $23.55 billion in 2021, and is estimated to reach $55.69 billion by 2031, growing at a CAGR of 9.16% from 2022 to 2031.
The HR payroll software is used to manage all the employees' financial records in a standard and automated way. It manages employees' salaries, deductions, net pay, bonuses, generates pay-slips, and other conveyances. By automating employee or faculty management and payroll processing, HR payroll software reduces the hassles of managing vast amounts of data. In addition, it streamlines all the payroll-related processes and allows the administrator to pay on-time & accurate amounts of salary to all the employees or staffs.
This software provides benefits such as salary calculation & processing, provident fund (PF), and income tax calculation. In addition, it saves money & time and allows the organization to execute multiple tasks at the same time. Furthermore, it allows efficient and fast processing of financial transaction. Moreover, it eliminates manual process and improves accuracy & productivity by reduction of approval process. In addition, the HR payroll software provides industries with flexibility and scalability to enable a smooth integration of business processes, which ultimately support the market growth.
Factors such as surge in demand for cloud-based HR payroll software and rise in adoption of innovative technology increase business productivity, thus drive the growth of the market. In addition, surge in automation of HR processes, for providing greater efficiency, strengthens the market growth. Furthermore, increase in investment for AI-oriented HR payroll software and rise in adoption of app-based HR payroll software are expected to provide the lucrative growth opportunities for the market in the upcoming years. However, data security & privacy concerns and shortage of payroll professional hamper the market growth.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the HR payroll software market along with the current trends and future estimations to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the HR payroll software market size is provided.
- Porter's five forces analysis illustrates the potency of buyers and suppliers 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 HR payroll software market potential.
Key Market Segments
By Component
- Software
- Services
By Deployment Mode
- On-Premises
- Cloud
By Organization size
- Large Enterprises
- SMEs
By Industry Vertical
- BFSI
- Retail
- Manufacturing
- Transportation and Logistics
- IT and Telecom
- Healthcare
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- ADP, LLC
- Ascentis Corporation
- Cornerstone OnDemand, Inc.
- Epicore Software
- Oracle Corporation
- Patriot software
- Paycom software inc
- Sage Plc.
- SAP SE
- SumTotal Systems Inc.
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