Global Payroll & HR Solutions & Services Market global industry trends, share, size and forecast report by 2025
According to a new market, report published by BlueWeave Consulting, the global payroll & HR solutions & services market is expected to grow with a CAGR over 9.45% during the forecast period 2018-2026 and the market is projected to cross USD 43 Billion by 2026.
Increasing adoption of cloud-based technologies in enterprises is driving the global payroll & HR solutions & services market. The growing requirement for managing the extensive workforce and increasing demand for changing traditional systems with improved global payroll & HR solutions & services platforms are anticipated to fuel market growth. The increase in complications in payroll system due to government rules and regulations need an economical system for payroll operations.
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Global Payroll & HR Solutions & Services Market: Competitive Dynamics
Major industry players in payroll & HR solutions & services market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for technologies and new product development. For instance, In May 2016, TMF Group has acquired Swain & Associates Inc., service provider of HR & payroll and accounting & tax, based in Toronto, Canada. The global payroll & HR solutions & services market includes key players such Automatic Data Processing, Inc. (ADP), Paycor, Inc., Paycom Software, Inc., TMF Group Holding B.V., SAP SE, Sage Group plc., Paychex, Inc., Ramco Systems Limited, Kronos Incorporated , Paycom Software, Inc., Paylocity Corporation, Ultimate Software Group, Oracle Corporation, Jobvite, Inc., Intuit Inc., TriNet Group, Inc. and among others.
Increasing adoption of cloud-based technologies in enterprises is driving to be the leading segment of the overall payroll & HR solutions & services
HR payroll and software solution maintains data such as employee information, home address, social security number, financial and others. The software’s ability to provide customized solutions considering the current workforce dynamics exhibits high-growth potential. Cloud based HR payroll service and solution provides better access.
Moreover, a cloud based service allows business outsourced payroll systems to scale up with employees joining and exiting. Moreover, need for efficient management system further boosts the demand for payroll & HR solutions & services market. Talent management technology is one of the most rapidly changing trends in the global payroll & HR solutions & services market. Around 80% of enterprises are planning to purchase or upgrade their solutions in a talent platform. While enterprises which are using standalone software solutions continue in targeted functional areas that have unique requirements, more than half of the respondents are looking to replace former best-of-breed, highly customized or niche solutions with an integrated talent suite.
North America holds largest share of the global payroll & HR solutions & services market during the forecast period.
Geographically, the global payroll & HR solutions & services market is bifurcated into North America, Asia Pacific, Europe, South America, and Middle East & Africa. North America has been the largest market for payroll & HR solutions & services, whereas Asia-Pacific is expected to witness the fastest growth among all regions during the forecast period. The anticipated growth in the market can be attributed to factors such as advancement in new technologies, growing digitalization, growth in software industry, and increasing adoption of business process solutions by small and medium scale enterprises in the region.
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Payroll & HR Solutions & Services Market: Scope of the Report
The global market for payroll & HR solutions & services is segmented on the basis of deployment, enterprise size, solution, industry, and geography. On the basis of deployment, the market is segmented into cloud, on premise and hybrid. In 2017, the cloud segment accounted for the largest market share, in terms of revenue of the global payroll & HR solutions & services market.
Furthermore, demand for cloud segment is expected to increase during the forecast period. On the basis of enterprise size, the global payroll & HR solutions & services market is bisected into small & medium enterprises and large enterprise. Based on the solution, the global payroll & HR solutions & services market is categorized into software and services. The software segment is further fragmented into suite and standalone. The standalone sub-segment is classified into payroll and compensation management, time and attendance management, compliance management, workforce management, claims administration, employee benefits management, hire management and others (tax management, report generation, etc.). On the basis of industry vertical, the market is divided into banking, financial services, and insurance (BFSI), government, healthcare, manufacturing, retail, telecom and IT, transportation and logistics and others.
Table of Contents
Chapter One: Preface
Chapter Two: Assumptions and Research Methodology
Chapter Three: Executive Summary
Chapter Four: Market Overview
Chapter Five: Global Payroll & HR Solutions & Services Market Analysis and Forecast, 2016 – 2026
Chapter Six: Global Payroll & HR Solutions & Services Market, By Deployment
Chapter Seven: Global Payroll & HR Solutions & Services Market, By Enterprise Size
Chapter Eight: Global Payroll & HR Solutions & Services Market, By Solution
Chapter Nine: Global Payroll & HR Solutions & Services Market Analysis and Forecast, By Industry Vertical
Chapter Ten: Global Payroll & HR Solutions & Services Market, by Region
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