HR Payroll Software Market Size to Surpass Worth of USD 55.21 Billion by 2031 | SkyQuest Technology
Westford, USA, Dec. 12, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global HR Payroll Software Market Share will reach a value of USD 55.21 Billion by 2031, with a CAGR of 9.30% during the forecast period (2024-2031). Increasing adoption of social media and a growing need for an affordable HR payroll system are predicted to lead the HR payroll software industry. Other reasons include business movement toward digitalization and increased Industry 4.0 implementation to cope with the competitiveness that has characterized the world business sector. This has, in turn, created the demand for a seamless solution and platform that will meet the requirements of businesses, thus fueling the adoption of HR payroll software by diverse industries.
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Browse in-depth TOC on the “HR Payroll Software Market”
- Pages – 197
- Tables – 146
- Figures – 68
HR Payroll Software Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 27.11 Billion |
| Estimated Value by 2031 | USD 55.21 Billion |
| Growth Rate | Poised to grow at a CAGR of 9.30% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Deployment Mode, Organization Size, Industry Vertical, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | HR Payroll Software and Rising Efficiency Through its Adoption |
| Key Market Opportunities | Rise in Focus on Analytics |
| Key Market Drivers | Cloud-Based Solutions |
On-Premises Segment Dominates Due to Enhanced Data Security
The on-premises segment was the largest HR payroll software market share held during 2023 for HR payroll software, and this should remain the case throughout the period under projection. This follows from the many advantages attributed to the on-prem implementation, such as greater protection and safety of the data. With comparison with other models such as cloud-based deployment, the on-premises model attracts more because of higher security concerning data and fewer possibilities of hacking cases. Hence, it makes higher demands in the public as well as the private sectors.
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Services Sector Expected to Grow Fastest Driven by Efficiency Gains
As per the HR payroll software market forecast, the services segment is estimated to be the fastest growing in the next years. The list is endless with some of its advantages that include easy cash flow analysis, controlling employee salaries, deductions, other transfers, net pay, bonuses, pay slip production, income tax calculation, and payroll. Market growth is witnessed in HR payroll software because of the improved software implementation. It also optimizes the value of the current installations to reduce risks and costs.
North American Led HR Payroll Software Market Amid Rising Demand
The North American HR payroll software industry was valued at USD 2.85 billion as of the end of 2023 and is projected to experience significant growth at an impressive compound annual growth rate. This excellent growth curve is primarily because of rising demand and acceptance of HR solutions in the region. Online HR management systems explode and thus make the growth within the market increase as they add more to the client base thereby allowing firms to increase efficiency and streamline payroll procedures in general.
HR Payroll Software Market Insights
Drivers
- Automation of Payroll Processes
- Global Workforce Management
- Rela-Time Analytics
Restraints
- Dependence on Internet Connectivity
- Vendor Lock-In Risks
- Resistance to Change
Key Players Operating Within the HR Payroll Software Market
The following are the Top HR Payroll Software Companies
- Cornerstone OnDemand, Inc.
- Oracle Corporation
- SAP SE
- Epicore Software
- Patriot software
- Ascentis Corporation
- Paycom software Inc.
- ADP, LLC
- SumTotal Systems Inc.
- Sage Plc.
Key Questions Covered in the Global HR Payroll Software Market Report
- What are the factors driving the growth of the HR payroll software industry?
- Who are the key players operating within the market?
- Which region accounted for the largest share in 2023?
- What are the key market trends?
- What is the estimated industry size by 2031?
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This report provides the following insights:
- Analysis of key drivers (automation of payroll processes, integration with other systems), restraints (dependence on internet connectivity, user training requirements) opportunities (focus on employee well-being, mobile payroll applications), and challenges (intense competition, managing user training) influencing the growth of the HR payroll software market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the HR payroll software market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the HR payroll software market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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