HR Payroll Software Market to grow by USD 2.09 Bn | 8.37% YOY expected in 2022 | Technavio
NEW YORK, Jan. 17, 2022 /PRNewswire/ -- The HR payroll software market value is set to grow by USD 2.09 billion, progressing at a CAGR of 8.57% from 2021 to 2026, as per the latest report by Technavio.
The demand for cloud-based HR payroll software has been on the rise over the past few years. For instance, in 2020, when most corporate offices started to go remote, the adoption of cloud-based HR payroll software solutions gained immense popularity. The increasing adoption of the work-from-policy gradually increased the use of cloud-based HR payroll software solutions. Similarly, with the resumption of normal business activities from H1 2021, organizations exhibited high demand for on-premise HR payroll software solutions. All these factors are creating significant growth opportunities for market players.
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HR Payroll Software Market: Increased HR software budgets
The growth of the global labor market is driving companies to shift their focus adopt better payroll solutions to make the process more transparent. For example, large companies spend about 10% of their HR budgets on adopting the latest technologies such as human capital management (HCM) and human resource management solutions to enhance operational efficiency. Besides, the increased focus on employee satisfaction is compelling organizations to adopt payroll portals that enable employees to view records containing the details of their pay and other benefits. Thus, the increased spending on HR software is expected to fuel the growth of the global HR payroll software market during the forecast period.
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Regional Market Analysis
With 37% of the growth originating from North America, the region will record a slower growth rate during 2021-2026.
The improved penetration of social media and the high demand for cost-efficient HR solutions are expected to boost the growth of the HR payroll software market in North America. In addition, the rise in employment levels in the US coupled with the increased adoption of cloud-based HR software for efficient management of the workforce and to drive innovation, growth, and profits will further accelerate the growth of the regional market.
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HR payroll software Market: Segmentation Analysis
This market research report segments the HR payroll software market by deployment (cloud and on-premise).
By deployment, the market witnessed maximum adoption of cloud-based HR payroll software among end-users. This is because cloud-based HR payroll software solutions help companies to gather, store, and provide information like payroll processing and maintain salary details from a unified access point. They also ensure reliability, visibility, and can accommodate unique HR business requirements. Such benefits are increasing the adoption of cloud-based HR payroll software solutions, which is driving the segment growth.
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Related Reports:
HR Payroll Software Market Scope | |
Report Coverage | Details |
Page number | 120 |
Base year | 2021 |
Forecast period | 2022-2026 |
Growth momentum & CAGR | Accelerate at a CAGR of 8.57% |
Market growth 2022-2026 | USD 2.09 billion |
Market structure | Fragmented |
YoY growth (%) | 8.37 |
Regional analysis | North America, Europe, APAC, MEA, and South America |
Performing market contribution | North America at 37% |
Key consumer countries | US, Germany, India, UK, and Japan |
Competitive landscape | Leading companies, competitive strategies, consumer engagement scope |
Companies profiled | 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., and Workday Inc. |
Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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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