Market Analysis
Market Research Future (MRFR) projects the global HR payroll software market size to reach approximately USD 15.37 billion at a CAGR of 11.2% from 2020 to 2030 (forecast period).
Multiple Factors to Bolster Market Growth
The HR payroll software industry has emerged at a rapid rate in recent years and will continue to reach peak levels in the coming years. The HR payroll software industry’s comprehensive and versatile solutions enable the integration, organization, and simplification of complicated business or company procedures, which drives the HR payroll software market growth. Reporting and dependable processing are increasing the need for HR payroll software in the market.
Payroll software systems are excellent for every firm due to their secure data handling and accurate transaction. These systems are incredibly flexible, have high-security requirements, and have an established track record, which benefits the market and creates HR payroll software market prospects for driving the market growth.
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Through integrated payroll, all procedures and policies maintain customer satisfaction while lowering employer costs, administrative burden, and liability. According to HR payroll software industry data, features such as bonus payments, salary increases, checklist-driven payment processing in under a minute, and much more contribute to promoting the expansion of the HR payroll software market share.
Market Segmentation
The global HR payroll software market has been segmented into application and end-user.
By application, the global HR payroll software market has been segmented into Payroll, Benefits, Tax filings, and Employees records.
By end-user, the global HR payroll software market has been segmented into large, medium, and small size organizations.
Regional Analysis
North America to Rule the Global Market
Due to the expansion in client base for products of online HR administration and the rise in HR solutions, the North American area is the top holder of the HR payroll software market share. Europe is expected to increase at a favorable rate during the predicted period.
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Countries in the Asia-Pacific region, such as South Korea, China, and Japan, are predicted to play a significant role in the expansion of the HR payroll software market size in the forecast years.
Key Players
Ultimate Software (U.S), SAP (U.S), Oracle (U.S), ADP (U.S), SumTotal Systems Inc. (U.S), Epicore (U.S), Sage (U.S), Patriot Payroll (U.S.), Ascentis (California), Vibe HCM (U.S.), SuccessFactors (U.S), UltiPro (U.S.), Pay Focus (U.S), Halogen Software Inc (U.A.E), BambooHR (U.S.), Intruit (U.S)
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