Payroll & HR solutions and services are transforming employees experience by providing time-saving, data-crunching features such as; real-time analytics, self-service and mobile friendly screens. According to a new market report published by BlueWeave Consulting, the global payroll & HR solutions & services market is expected to grow with a CAGR over 9.45% during the forecast period 2018-2026 and the market is projected to cross USD 43 Billion by 2026.
Increasing adoption of cloud-based technologies in enterprises is driving the global payroll & HR solutions & services market. The growing requirement for managing the extensive workforce and increasing demand for changing traditional systems with improved global payroll & HR solutions & services platforms are anticipated to fuel market growth. The increase in complications in payroll system due to government rules and regulations need an economical system for payroll operations.
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Payroll & HR Solutions & Services Market: Competitive Dynamics
The global payroll & HR solutions & services market report provides company market share analysis of the various key participants. Some of the key players are Automatic Data Processing, Inc. (ADP), Paycor, Inc., Paycom Software, Inc., TMF Group Holding B.V., SAP SE, Sage Group plc., Paychex, Inc., Ramco Systems Limited, Kronos Incorporated , Paycom Software, Inc., Paylocity Corporation, Ultimate Software Group, Oracle Corporation, Jobvite, Inc., Intuit Inc., and TriNet Group, Inc. among others.
Payroll & HR Solutions & Services Market: Scope of the Report
On the basis of deployment, the market is segmented into cloud, on-premise, and hybrid. Based on enterprise size, the payroll & HR solutions & services market is divided into small & medium enterprises and large enterprises. Based on solution, the market is categorized into software and services. The software segment is further fragmented into suite and standalone. The standalone sub segment is classified into payroll and compensation management, time and attendance management, compliance management, workforce management, claims administration, employee benefits management, hire management and others (tax management, report generation, etc.
On the basis of industry vertical, the payroll & HR solutions & services market is divided into banking, financial services, and insurance (BFSI), government, healthcare, manufacturing, retail, telecom and IT, transportation and logistics, and others. The report covers the analysis of these segments across North America, Europe, Asia Pacific, Middle East & Africa, and South America, along with the qualitative analysis for market estimates supplementing the growth of the payroll & HR solutions & services market during the forecast period.
Payroll & HR Solutions & Services Market: Key Findings
According to BlueWeave, the key findings of the report “Payroll & HR Solutions Market Size, Share, Development, Growth and Demand Forecast to 2026” are:
- Payroll & HR solutions & services market is valued over USD 19.6 Bn in 2017 and it is expected to reach around USD 43.4 Billion at 2026, expanding with a CAGR over 9.45% during the forecast period.
- The increase in the complexities payroll system due to government rules and regulations requires an efficient system for payroll operations. This factor drives the global payroll & HR solutions & services market
- North America is expected to grow at the CAGR of 8.03% during the estimated period. The market witnesses a significant growth and holds a dominant share of the market during the forecast period
- S and Canada are anticipated to drive the growth of the payroll & HR solutions & services market in North America owing to the presence of a large number of established key players, such as Oracle Corporation, International Business Machines Corporation, NetSuite Inc., Workday Inc. etc.
- Rising popularity of the software and the growing awareness among enterprises regarding the benefits of implementation of HR payroll software is driving the market growth across Europe
- The payroll & HR solutions & services market is expected to register high market growth in Asia Pacific region during the forecast period. The growth in Asia Pacific region is due to increase in number of enterprises during forecast period.
- A small and medium-size enterprise dominates the global payroll & HR solutions & services market. According to World Bank, small and medium size enterprises accounts for more than 90% market share in 2017.
Strategic Outlook of Major Industry Players:
- Automatic Data Processing, Inc. (ADP): In January 2018, ADP acquired WorkMarket, a cloud-based workforce management solution provider based in the U.S.
- SAP SE: SAP SE has invested 10% of total revenue on research and development. Innovations help to strengthen its market position. In August 2016, the company launched “SAP SuccessFactors” solution for managed payroll to complement its cloud-based SAP SuccessFactors Employee Central Payroll solution. This new solution provides customers who have payroll solutions from SAP the opportunity to have their existing payroll implementations hosted and managed in the cloud.
- Sage Group plc.: In October 2017, the company designed “Sage Business Cloud” that offers customers a powerful set of cloud services, perfectly aligned to their requirements, for accounting, people & payroll, and payments & banking.
Table of Contents
Chapter: 1. Preface
Chapter: 2. Assumptions and Research Methodology
Chapter: 3. Executive Summary
Chapter: 4. Market Overview
Chapter: 5. Global Payroll & HR Solutions & Services Market Analysis and Forecast, 2016 – 2026
Chapter: 6. Global Payroll & HR Solutions & Services Market, By Deployment
Chapter: 7. Global Payroll & HR Solutions & Services Market, By Enterprise Size
Chapter: 8. Global Payroll & HR Solutions & Services Market, By Solution
Chapter: 9. Global Payroll & HR Solutions & Services Market Analysis and Forecast, By Industry Vertical
Chapter: 10. Global Payroll & HR Solutions & Services Market , by Region
Detailed Analysis of Table of Contents (TOC)@
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