This market research report includes a detailed segmentation of the global payroll software market by component (software, services), organization size (MSMEs, large enterprises), deployment type (on-premise, on-cloud), verticals (BFSI, government, healthcare, IT & telecom, retail & CPG, manufacturing), regions (North America, Europe, APAC, and RoW). The market research report identifies SAP, Oracle, BambooHR, Workday, ADP, Dayforce, Gusto, Sage, greytHR, and Zenefits as the major vendors operating in the global payroll software market.
Overview of the Payroll Software Market
Trends market research report predicts that the global payroll software market will grow at a CAGR of more than 9% during the forecast period 2019–2025. Payroll, one of the key components of human capital management, is a process of calculating wages and salaries of the workforce in an organization. Leaves, overtime, attendance, tax deductions, and other information are the factors that need to be considered for generating the payslip of an employee. Manual payroll processing entirely depends on the human effort, which increases the error rate. Payroll software, by eliminating the manual calculation of taxes and other payroll expenses, reduces the chances of mistakes and improves both HR-related activities and employee performance.
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Several companies across verticals are benefitted by using payroll software to organize and simplify the complex payment decisions. These companies are focusing on adopting payroll software to stay compliant with the payroll laws and build transparency among other HR systems. There are several benefits of payroll software, which include activity updates & notifications, negligible errors, less time consuming, employee calendar, and many more.
According to the payroll software industry analysis, North America accounted for the largest share of the global payroll software market in 2019. The increasing adoption of human resources management solutions in North America and rising need to meet the tax regulations are few factors leading toward the adoption of payroll software in North America. The Asia Pacific region is expected to witness the fastest growth rate during the forecast period 2019–2025.
Payroll Software Market Research Competitive Analysis and Key Vendors
The report covers and analyzes the global payroll software market. Major vendors across different verticals are planning for high investments in this market, and as a result, the payroll software market is expected to grow at an impressive rate in the coming years. The key players in this market are adopting various organic as well as inorganic growth strategies, such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies, to be in a strong position in the market.
Few of the Key Vendors in the Payroll Software Market Research:
- Workday, Inc.
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SAP HCM offerings are assisting organizations in consolidating and streamlining payroll processes as well as other core HR processes. SAP SuccessFactors Employee Central Payroll is a cloud-based payroll software that ensures security, accuracy, and flexibility. SAP HR and people engagement products include Core HR and Payroll, Time and Attendance Management, Recruiting and Onboarding, Learning and Development, Performance and Compensation, Workforce Planning and Analytics.
There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.
Payroll Software Market Research, By Components
The software segment is estimated to hold the largest market share and is expected to witness significant growth due to the high demand for payroll software among organizations for automating the manual process and enhancing employee trust.
Payroll Software Market Research, By Organization Size
- Large Enterprises
MSMEs are expected to grow at the highest rate during the forecast period due to the increasing presence of these enterprises in emerging economies and awareness of well organized & talented workflow.
Payroll Software Market Research, By Deployment Mode
Among these deployment modes, the on-premise deployment mode is estimated to hold the largest market share. Organizations prefer on-premise deployment mode to have complete control over the infrastructure and security. The on-cloud deployment mode is anticipated to grow at the highest rate during the forecast period 2019–2025.
Payroll Software Market Research, By Verticals
- IT & Telecom
- Retail & CPG
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The BFSI segment is estimated to hold the largest market share in 2019. BFSI industries are adopting payroll software and services for streamlining payroll processes and reducing administrative burden.
Payroll Software Market Research Benefits
The report provides an in-depth analysis of the payroll software market. Payroll software is being adopted by most of the organizations for making payroll process hassle-free for the HR department. The report discusses the market in terms of software, services, organization size, deployment mode, verticals, and regions. Further, the report also provides details about the drivers, opportunities, and major challenges impacting market growth.