HR Payroll Software Market
PORTLAND, PORTLAND, OR, UNITED STATE, September 26, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The HR Payroll Software Market Expected to Reach USD 55.69 Billion by 2031 | Top Players Such as – ADP, Epicore and Sage.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global HR Payroll Software Market Size was valued at USD 23.55 billion in 2021, and is projected to reach USD 55.69 billion by 2031, growing at a CAGR of 9.2% from 2022 to 2031.
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Rise in usage of social media and surge in need for cost-effective HR payroll system drive the growth of the global HR payroll software market. In addition, the shift toward digitalization and rise in implementation of the industry 4.0 to cope with fierce business competition create the need for seamless solution and platform. This factor creates opportunities for HR payroll software.
The HR Payroll software market is segmented into Component, Deployment Mode, Organization size and Industry Vertical. By component, it is bifurcated into software and services. On the basis of deployment mode, it is segregated into cloud and on-premises. Depending on industry vertical, it is segregated into BFSI, retail, manufacturing, transportation & logistics, healthcare, IT & telecom, and others. By organization size, it is categorized into small to medium enterprises (SMEs) and large-scale enterprises. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on deployment mode, the on-premises segment accounted for the highest share in 2021, accounting for nearly three-fifths of the global HR payroll software market and is estimated to maintain its lead position throughout the forecast period. This is due to numerous advantages offered by the on-premise deployment such as a high level of data security and safety. However, the cloud segment is projected to witness the highest CAGR of 11.5% from 2022 to 2031. This is attributed to various benefits such as low cost, ease in maintenance, flexibility, and scalability.
Based on industry vertical, the IT and Telecom segment held for the highest share in 2021, accounting for nearly one-third of the global HR payroll software market and is estimated to continue its leadership status throughout the forecast period. This is due to the shift in focus toward making processes paper-free, efficient, and accurate along with saving huge productive hours for the HR management team. However, the healthcare segment is projected to manifest the highest CAGR of 14.5% from 2022 to 2031, owing to enhanced end to end security with patient data, cost benefits, and improved connectivity benefits.
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Based on region, North America held the highest market share in 2021, accounting for nearly two-thirds of the global HR payroll software industry and is expected to continue its dominant share in terms of revenue by 2031. This is attributed to surge in implementation in banking & finance, manufacturing, healthcare, and other sectors to improve businesses operations and customer experience. However, Asia-Pacific is projected to portray the fastest CAGR of 11.6% from 2022 to 2031, owing to rise in penetration of app-based HR payroll software and high adoption of cloud-based technologies in the region.
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Covid-19 Scenario
● During the pandemic, organizations focused on implementation of emerging technologies such as artificial intelligence (AI), automation, cloud, and others. This led to increased adoption of HR payroll software from various industries such as BFSI, healthcare, IT & telecom and others to perform contactless operations.
● Many industries moved toward digitalization, which, in turn, created the demand for the HR payroll software to achieve efficiency by eliminating manual tasks, speeding up business operations, and gaining real-time reporting features.
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