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.
According to the report, the global HR payroll software industry generated $23.55 billion in 2021, and is estimated to reach $55.69 billion by 2031, witnessing a CAGR of 9.2% from 2022 to 2031.
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 the digitalization, which, in turn, created the demand for the HR payroll software to achieve efficiency by eliminating manual tasks, speed up business operations, and gain real-time reporting features.
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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 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.
Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hr payroll software market analysis from 2021 to 2031 to identify the prevailing hr payroll software market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the hr payroll software market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global hr payroll software market trends, key players, market segments, application areas, and market growth strategies.
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