Market Overview:
The global direct deposit payroll software market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for cloud-based and on-premise direct deposit payroll software solutions by large enterprises and SMEs across the globe. North America is expected to hold the largest share of the global direct deposit payroll software market in 2018, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa.
Product Definition:
Direct Deposit Payroll Software is used to electronically deposit employee paychecks into their bank accounts. This software is important because it greatly reduces the risk of employees losing their checks, and it also speeds up the payroll process.
Cloud-Based:
Cloud-based software is a collection of services that provide an interface to integrate with various payroll and time & attendance solutions. It helps businesses eliminate the need for managing separate systems for human resource management, financial accounting, and other functions. Cloud-based software provides all these integrated solutions in one platform which saves time & money as well as increases operational efficiency.
On-Premise:
On-premise software is a type of cloud computing software that is installed and used on the end-users' computers, servers, or other devices. The end users directly access the software installed on their device and perform required tasks. On-premise solutions are preferred by large organizations as they require high investments in terms of hardware equipment to operate effectively.
Application Insights:
The large enterprises segment accounted for the largest market share in 2017 and is expected to continue its dominance over the forecast period. The main factor contributing to this growth is that most of the companies prefer direct deposit payroll solutions as they are a secure and convenient mode of payment. In addition, these solutions offer various additional features such as time attendance, W-2 wages, tax withholding and other information related to employees.
Smaller organizations can also benefit from these services as they offer easy-to-use interfaces along with numerous functionalities designed specifically for smaller organizations. These solutions also provide real-time wage payments which help avoid underpayment or overpayment of wages respectively throughout the year. Other than this, it offers advanced tools such as employee schedule management which helps in tracking employee availability and scheduling along with ease of use thereby making it an ideal solution for SMEs too.
Regional Analysis:
North America dominated the global market in terms of revenue share in 2017. The region is expected to continue its dominance over the forecast period, owing to factors such as increasing adoption of technologies and growing awareness among employers regarding compliance with regulatory requirements.
The Asia Pacific regional market for direct deposit payroll software is anticipated to witness significant growth over the forecast period owing to increasing government initiatives encouraging digital payment systems in emerging economies such as India and China. Furthermore, rising penetration of internet services and mobile banking applications are also contributing toward increased demand for these solutions across this region. Moreover, an increase in small businesses due to economic reforms taking place within countries like China has led towards a rise in SMEs that need automated payroll processing solutions; hence driving regional growth further on account of their ability to provide cost-effective yet feature-rich solutions catering specifically towards small business needs & demands at lower costs than large enterprises do.
Growth Factors:
- Increasing demand for automation in payroll processes to reduce administrative costs and improve efficiency
- Rising number of small businesses and startups, who are looking for cost-effective and efficient payroll solutions
- Proliferation of cloud-based solutions that offer easy deployment, scalability, and affordability
- Growing trend of BYOD (Bring Your Own Device) among employees, which is driving the demand for mobile-friendly payroll software
- Emergence of new technologies such as big data analytics and machine learning that are helping organizations make better decisions about their workforce
Scope Of The Report
Report Attributes
Report Details
Report Title
Direct Deposit Payroll Software Market Research Report
By Type
Cloud-Based, On-Premise
By Application
Large Enterprises, Small and Medium-sized Enterprises (SMEs)
By Companies
Zenefits, Rippling, Kronos Workforce Ready, BirdDogHR Talent Management Suite, Namely, Gusto, RUN Powered by ADP, APS, Paycor, iCIMS Talent Platform, EddyHR, ADP Workforce Now, Ascentis, Vibe HCM, Heartland Payroll, Sage HRMS, UltiPro, Patriot Payroll, Workful, Viventium
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
240
Number of Tables & Figures
168
Customization Available
Yes, the report can be customized as per your need.
Global Direct Deposit Payroll Software Market Report Segments:
The global Direct Deposit Payroll Software market is segmented on the basis of:
Types
Cloud-Based, On-Premise
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Large Enterprises, Small and Medium-sized Enterprises (SMEs)
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Zenefits
- Rippling
- Kronos Workforce Ready
- BirdDogHR Talent Management Suite
- Namely
- Gusto
- RUN Powered by ADP
- APS
- Paycor
- iCIMS Talent Platform
- EddyHR
- ADP Workforce Now
- Ascentis
- Vibe HCM
- Heartland Payroll
- Sage HRMS
- UltiPro
- Patriot Payroll
- Workful
- Viventium
Highlights of The Direct Deposit Payroll Software Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Cloud-Based
- On-Premise
- By Application:
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Direct Deposit Payroll Software Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Direct Deposit Payroll Software is a payroll software that allows employers to deposit employee paychecks directly into employees' bank accounts. This eliminates the need for employees to visit a bank or post office, and can save employers time and money in processing payroll.
Some of the key players operating in the direct deposit payroll software market are Zenefits, Rippling, Kronos Workforce Ready, BirdDogHR Talent Management Suite, Namely, Gusto, RUN Powered by ADP, APS, Paycor, iCIMS Talent Platform, EddyHR, ADP Workforce Now, Ascentis, Vibe HCM, Heartland Payroll, Sage HRMS, UltiPro, Patriot Payroll, Workful, Viventium.
The direct deposit payroll software market is expected to register a CAGR of 7.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Direct Deposit Payroll Software Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Direct Deposit Payroll Software Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Direct Deposit Payroll Software Market - Supply Chain
4.5. Global Direct Deposit Payroll Software Market Forecast
4.5.1. Direct Deposit Payroll Software Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Direct Deposit Payroll Software Market Size (000 Units) and Y-o-Y Growth
4.5.3. Direct Deposit Payroll Software Market Absolute $ Opportunity
5. Global Direct Deposit Payroll Software Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Direct Deposit Payroll Software Market Size and Volume Forecast by Type
5.3.1. Cloud-Based
5.3.2. On-Premise
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Direct Deposit Payroll Software Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Direct Deposit Payroll Software Market Size and Volume Forecast by Application
6.3.1. Large Enterprises
6.3.2. Small and Medium-sized Enterprises (SMEs)
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Direct Deposit Payroll Software Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Direct Deposit Payroll Software Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Direct Deposit Payroll Software Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Direct Deposit Payroll Software Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Direct Deposit Payroll Software Demand Share Forecast, 2019-2026
9. North America Direct Deposit Payroll Software Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Direct Deposit Payroll Software Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Direct Deposit Payroll Software Market Size and Volume Forecast by Application
9.4.1. Large Enterprises
9.4.2. Small and Medium-sized Enterprises (SMEs)
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Direct Deposit Payroll Software Market Size and Volume Forecast by Type
9.7.1. Cloud-Based
9.7.2. On-Premise
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Direct Deposit Payroll Software Demand Share Forecast, 2019-2026
10. Latin America Direct Deposit Payroll Software Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Direct Deposit Payroll Software Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Direct Deposit Payroll Software Market Size and Volume Forecast by Application
10.4.1. Large Enterprises
10.4.2. Small and Medium-sized Enterprises (SMEs)
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Direct Deposit Payroll Software Market Size and Volume Forecast by Type
10.7.1. Cloud-Based
10.7.2. On-Premise
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Direct Deposit Payroll Software Demand Share Forecast, 2019-2026
11. Europe Direct Deposit Payroll Software Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Direct Deposit Payroll Software Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Direct Deposit Payroll Software Market Size and Volume Forecast by Application
11.4.1. Large Enterprises
11.4.2. Small and Medium-sized Enterprises (SMEs)
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Direct Deposit Payroll Software Market Size and Volume Forecast by Type
11.7.1. Cloud-Based
11.7.2. On-Premise
11.8. Basis Poin Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Direct Deposit Payroll Software Demand Share, 2019-2026
12. Asia Pacific Direct Deposit Payroll Software Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Direct Deposit Payroll Software Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Direct Deposit Payroll Software Market Size and Volume Forecast by Application
12.4.1. Large Enterprises
12.4.2. Small and Medium-sized Enterprises (SMEs)
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Direct Deposit Payroll Software Market Size and Volume Forecast by Type
12.7.1. Cloud-Based
12.7.2. On-Premise
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Direct Deposit Payroll Software Demand Share, 2019-2026
13. Middle East & Africa Direct Deposit Payroll Software Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Direct Deposit Payroll Software Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Direct Deposit Payroll Software Market Size and Volume Forecast by Application
13.4.1. Large Enterprises
13.4.2. Small and Medium-sized Enterprises (SMEs)
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Direct Deposit Payroll Software Market Size and Volume Forecast by Type
13.7.1. Cloud-Based
13.7.2. On-Premise
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Direct Deposit Payroll Software Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Direct Deposit Payroll Software Market: Market Share Analysis
14.2. Direct Deposit Payroll Software Distributors and Customers
14.3. Direct Deposit Payroll Software Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Zenefits
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Rippling
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Kronos Workforce Ready
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. BirdDogHR Talent Management Suite
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Namely
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Gusto
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. RUN Powered by ADP
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. APS
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Paycor
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. iCIMS Talent Platform
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. EddyHR
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. ADP Workforce Now
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. Ascentis
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. Vibe HCM
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. Heartland Payroll
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. Sage HRMS
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. UltiPro
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. Patriot Payroll
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. Workful
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. Viventium
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
