Global Payroll Market Report 2023: Rise in Demand for AI-Powered Payroll Solutions

DUBLIN, July 31, 2023 /PRNewswire/ -- The "Global Payroll Market (2023-2028) report has been added to ResearchAndMarkets.com's offering.

The Global Payroll Market, currently estimated at USD 98.5 billion in 2023, is projected to reach USD 133.69 billion by 2028, growing at a CAGR of 6.3%. 

The global payroll market is influenced by several key dynamics that are shaping its trajectory. The first driver is the increasing automation of HR processes, which is revolutionizing the way companies manage their workforce and payroll functions. This automation streamlines operations, reduces manual efforts, and enhances overall efficiency for businesses. Another driver is the rising adoption of app-based HR payroll software, as organizations embrace technology for convenient and effective payroll management.

However, the market also faces significant restraints, with stringent government regulations posing challenges for payroll software companies. Compliance with complex and ever-changing rules requires considerable effort and resources, impacting the market's growth potential. Nonetheless, the industry presents promising opportunities. The rise in demand for AI-powered payroll solutions is a major area of growth as businesses seek innovative ways to optimize their payroll processes and decision-making.

Nevertheless, the global payroll market encounters certain challenges that warrant attention. Data security and privacy concerns are critical, given the increasing use of technology and handling of sensitive employee information. To gain and maintain customer trust, companies must invest in robust security measures to safeguard against potential data breaches. Additionally, a lack of payroll professionals poses a challenge, as businesses may struggle to find qualified personnel to effectively utilize HR software tools to their fullest potential. Addressing these challenges while capitalizing on opportunities will be crucial for the sustained success of companies operating in this dynamic market.

The Global Payroll Market is segmented based on Component, Type, Business Size, Industry Vertical, and Geography.

• By Component, the market is classified into Software and Services.
• By Type, the market is classified into Hybrid and Fully Outsourced.
• By Business Size, the market is classified into Small Business, Medium Business, and Large Business.
• By Industry Vertical, the market is classified into BFSI, Consumer and Industrial Products, IT and Telecommunication, Public Sector, and Healthcare.
• By Geography, the market is classified into Americas, Europe, Middle-East & Africa, and Asia-Pacific.

Report Highlights:

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market

Company Profiles

The report provides a detailed analysis of the competitors in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report include:

• ADP, LLC
• APS Payroll
• BambooHR
• Ceridian Dayforce Corp.
• Global Payments Inc.
• Gusto
• Inova Payroll
• Intuit Inc.
• Namely
• Oracle Corp.
• Paychex, Inc.
• Paycom Software, Inc.
• Paycor
• Paylocity Holding Corp.
• Sage Group PLC
• TriNet Group, Inc.
• Ultimate Kronos Group
• Wagepoint Inc.
• Xero
• Zoho Corp.

For more information about this report visit https://www.researchandmarkets.com/r/5oiva1

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SOURCE Research and Markets