HR payroll software market size to increase by USD 2.09 billion by 2026; North America to account for 37% of market growth - Technavio

NEW YORK, Feb. 20, 2023 /PRNewswire/ -- The HR Payroll Software Market by Deployment and Geography - Forecast and Analysis 2022-2026  report has been published by Technavio. Market size is forecast to grow by USD 2.09 billion between 2021 and 2026 at a  CAGR of 8.57% . The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market.

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Regional Analysis

By region, the global HR payroll software market is segmented into North America, Europe, APAC, MEA, and South America. North America will account for 37% of market growth during the forecast period. Factors such as the rise in the employment rate and the increased adoption of cloud-based HR payroll software are driving the growth of the HR payroll software market in North America. Buy the report

Company Profiles

The HR payroll software market report includes information on the key products and recent developments of leading vendors, including:

• Automatic Data Processing Inc. - The company offers hr payroll software such as ADP GlobalView Payroll.
• Ceridian HCM Holding Inc. - The company offers HR payroll software such as Dayforce Payroll.
• Oracle Corp. - The company offers HR payroll software such as Oracle Payroll.
• Paycom Software Inc. - The company offers HR payroll software such as Paycom Pay.

Market Dynamics

The market is driven by factors such as increased HR software budgets, rise in cloud and mobile deployment, and an increase in automation of HR processes. However, data privacy and security concerns will hinder the market growth.

Competitive Analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share among others. Request a Sample

Market Segmentation

• By deployment, the market is segmented into cloud and on-premise.
• By geography, the market is segmented into North America, Europe, APAC, MEA, and South America.

Related Reports:

• The human capital management (HCM) solutions market is estimated to grow at a CAGR of 8.45% between 2022 and 2027. The increasing demand for unified solutions for all HR functions is notably driving market growth, although factors such as increasing workforce diversity may impede the market growth.
• The payroll outsourcing services market is estimated to grow at a CAGR of 5.8% between 2022 and 2027. The size of the market is forecast to increase by USD 7,087.99 million. The growing need for payroll cost visibility is notably driving the market growth, although factors such as data security risks may impede the market growth.

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What are the key data covered in this HR payroll software market report?

• CAGR of the market during the forecast period.
• Detailed information on factors that will drive the growth of the market between 2022 and 2026
• Precise estimation of the size of the HR payroll software market and its contribution to the parent market.
• Accurate predictions about upcoming trends and changes in consumer behavior.
• Growth of the market across North America, Europe, APAC, MEA, and South America.
• A thorough analysis of the market's competitive landscape and detailed information about vendors.
• Comprehensive analysis of factors that will challenge the growth of HR payroll software market vendors. 

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Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2021
• Market outlook: Forecast for 2021 - 2026

Five Forces Analysis

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Deployment

• Market segments
• Comparison by Deployment
• Cloud - Market size and forecast 2021-2026
• On-premise - Market size and forecast 2021-2026
• Market opportunity by Deployment

Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2021-2026
• Europe - Market size and forecast 2021-2026
• APAC - Market size and forecast 2021-2026
• MEA - Market size and forecast 2021-2026
• South America - Market size and forecast 2021-2026
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Automatic Data Processing Inc.
• Ceridian HCM Holding Inc.
• Oracle Corp.
• Paycom Software Inc.
• Paylocity Holding Corp.
• SAP SE
• SumTotal Systems LLC
• The Access Group
• UKG Inc.
• Workday Inc.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio