HR Payroll Software Market by Deployment and Geography - Forecast and Analysis 2022-2026

  • Published: Jan 2022
  • Pages: 120
  • SKU: IRTNTR71832
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The HR payroll software market share is expected to increase by USD 2.09 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 8.57%.

This HR payroll software market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers HR payroll software market segmentation by deployment (cloud and on-premise) and geography (North America, Europe, APAC, MEA, and South America). The HR payroll software market report also offers information on several market vendors, including 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. among others.

What will the HR Payroll Software Market Size be During the Forecast Period?

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HR Payroll Software Market: Key Drivers and Challenges

The increased HR software budgets are notably driving the HR payroll software market growth, although factors such as data privacy and security concerns may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the HR payroll software industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key HR Payroll Software Market Driver

There is a significant increase in HR spending on technology by organizations operating across different industry verticals. This is because the labor market is continuing to grow, and companies are shifting their focus toward better payroll processing to make it more transparent. HR teams that are well-funded and closely aligned with their business leaders have been able to deliver far greater value to the business with respect to the global economy and economic drivers across the world. Large companies are spending almost 10% of their HR budgets on technologies such as human capital management (HCM) and human resource management system solutions. The HR payroll software market is radically changing, with more venture capitalists investing in new HR software sold by market vendors, including tools for payroll processing, tax management, customized dashboards, and analytics. Therefore, the market in focus will grow significantly during the forecast period as much of the old software will be replaced by agile, easy-to-use mobile applications. 

Key HR Payroll Software Market Challenge

Many business organizations prefer cloud-based solutions to on-premises solutions because of their cost-effectiveness and ease of accessibility. The benefits of cloud-based solutions include the simplified management of software maintenance and upgrades, low upfront costs, effective security, high reliability, and integrative capabilities to connect any functional gaps in the existing systems and processes. However, organizations will transfer their data or information to the cloud only if the services are reliable and secure. Organizations have less control over such data as they have become more dependent on the cloud computing service provider. Many end-users are also concerned about the data security policies governing cloud-based solutions because cloud storage acts as a gateway for security threats and privacy issues. 

This HR payroll software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major HR Payroll Software Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • 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.

 

This statistical study of the HR payroll software market encompasses successful business strategies deployed by the key vendors. The HR payroll software market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The HR payroll software market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for HR Payroll Software Market?

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37% of the market’s growth will originate from North America during the forecast period. The US is a key market for HR payroll software in North America. Market growth in this region will be faster than the growth of the market in South America.

The improved penetration of social media and the high demand for cost-efficient HR solutions will facilitate the HR payroll software market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Deployment Segments in the HR Payroll Software Market?

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The HR payroll software market share growth by the cloud segment will be significant during the forecast period. This growth is primarily attributed to the features that enable cloud-based HR payroll software solutions to gather, store, and provide information like payroll processing and maintaining the salary details from a unified point of access. The information can easily be updated and is available at any time and from anywhere. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the HR payroll software market size and actionable market insights on post COVID-19 impact on each segment.

 

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

$ 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

Key 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 recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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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 2022-2026
  • Detailed information on factors that will drive HR payroll software market growth during the next five years
  • Precise estimation of the HR payroll software market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the HR payroll software industry across North America, Europe, APAC, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details 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

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
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      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
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      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
      Get your FREE sample now!
      The hr payroll software market growth will increase by $2095.47 million during 2021-2026.
      The hr payroll software market is expected to grow at a CAGR of 8.57% during 2021-2026.
      Technavio has segmented the hr payroll software market by deployment (Cloud and On-premise) and geographic (North America, Europe, APAC, MEA, and South America).
      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. are a few of the key vendors in the hr payroll software market.
      North America will register the highest growth rate of 36.86% among the other regions. Therefore, the hr payroll software market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the hr payroll software market growth are:
      • Increased HR software budgets
      The hr payroll software market vendors should focus on grabbing business opportunities from the cloud segment as it accounted for the largest market share in the base year.
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