Market Overview:
The global HR payroll software market is expected to grow at a CAGR of 10.8% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for cloud-based HR payroll software and the growing trend of automation across organizations. The employee self-service software segment is expected to account for the largest share of the global HR payroll software market in 2018, followed by claims reimbursement software and leave management software. North America is expected to account for the largest share of the global HR payroll Software Market in 2018, followed by Europe and Asia Pacific.
Product Definition:
Human Resources (HR) Payroll Software is a computer application that automates the process of tracking employee hours and pay. It can also calculate tax deductions and contributions to benefits plans. Typically, HR Payroll Software will interface with a company's accounting software to ensure accuracy in recording employee payments. The importance of HR Payroll Software lies in its ability to streamline payroll processes, thus improving accuracy and efficiency.
Employee Self-Service Software:
Employee self-service software is a web-based application designed to help employees perform tasks such as updating their address and contact information, accessing their personal data, and managing their time. The employee self-service software market is expected to witness significant growth over the forecast period owing to the growing adoption of cloud technology across various industries.
Claims Reimbursement Software:
The global claims reimbursement software and it's usage in HR payroll software market size was valued at USD 6.5 billion in 2016. The increasing need for automation of processes within an organization is expected to drive the growth of this market over the forecast period.
Increasing adoption of cloud-based solutions among organizations is also anticipated to be one of the key factors driving demand for these solutions over the next few years.
Application Insights:
The large size organizations segment accounted for the largest market share in 2017 and is anticipated to continue leading over the forecast period. This can be attributed to the increasing number of large organizations across various industries, which require employee payroll software solutions. The global HR payroll software market has been witnessing significant growth due to its benefits including ease of use, time efficiency and cost savings.
The medium and small size organization segment are expected register considerable growth rates over the forecast period owing to their growing workforce needs, especially in emerging economies such as India, China and Brazil where employment rate is high among young population groups. Growing awareness regarding advanced technologies that enable efficient human resource management is also a key factor driving demand from this sector at a CAGR of XX% from 2018 to 2030 ¢â‚¬Å“ Report Card on HR Technology Trends 2016-2017¢â‚¬ by GAVS Software Services Pvt Ltd.
Regional Analysis:
The Asia Pacific regional market is anticipated to witness significant growth over the forecast period. The presence of a large number of small and medium-sized enterprises in this region has resulted in creating significant demand for global HR payroll software. Moreover, the growing adoption of cloud computing technologies across various industries is further expected to drive the growth of the regional market over the forecast period.
North America accounted for more than 25% revenue share in 2017 owing to high awareness levels regarding employee benefits among employers as well as employees. In addition, an increasing number of mergers and acquisitions are driving demand for accounting & reporting solutions that can be integrated with other systems such as human resource management systems, thereby boosting regional market growth over the forecast period.
The European region accounted for more than 20% revenue share in 2017 due to high employee engagement levels coupled with stringent government regulations on employers' obligations towards social security contributions by employees from countries such as France.
Growth Factors:
- Increasing demand for automation in payroll processes to manage large volumes of data and reduce processing time.
- Growing need to streamline and automate HR processes to improve efficiency across the organization.
- Rising focus on compliance with government regulations, such as GDPR, that impact HR and payroll processes.
- The increasing trend of outsourcing payroll functions to third-party service providers to reduce costs and improve efficiency.
Scope Of The Report
Report Attributes
Report Details
Report Title
HR Payroll Software Market Research Report
By Type
Employee Self-Service Software, Claims Reimbursement Software, Leave Management Software
By Application
Large Size Organizations, Medium and Small Size Organizations
By Companies
SAP, Oracle, Ultimate software, SumTotal Systems, Sage, Ascentis, SuccessFactors, Pay Focus, BambooHR, Intruit, Halogen Software, UltiPro, Vibe HCM, Patriot Payroll, ADP, Epicore
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
236
Number of Tables & Figures
166
Customization Available
Yes, the report can be customized as per your need.
Global HR Payroll Software Market Report Segments:
The global HR Payroll Software market is segmented on the basis of:
Types
Employee Self-Service Software, Claims Reimbursement Software, Leave Management Software
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 Size Organizations, Medium and Small Size Organizations
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:
- SAP
- Oracle
- Ultimate software
- SumTotal Systems
- Sage
- Ascentis
- SuccessFactors
- Pay Focus
- BambooHR
- Intruit
- Halogen Software
- UltiPro
- Vibe HCM
- Patriot Payroll
- ADP
- Epicore
Highlights of The HR 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:
- Employee Self-Service Software
- Claims Reimbursement Software
- Leave Management Software
- By Application:
- Large Size Organizations
- Medium and Small Size Organizations
- 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 HR 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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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?
HR Payroll Software is a software application that helps organizations manage payroll and human resources. It includes features such as employee tracking, paychecks, benefits enrollment, and payroll processing. HR Payroll Software can also help employers comply with federal and state regulations related to wage and hour laws, workers' compensation, unemployment insurance, and other labor-related matters.
Some of the major companies in the hr payroll software market are SAP, Oracle, Ultimate software, SumTotal Systems, Sage, Ascentis, SuccessFactors, Pay Focus, BambooHR, Intruit, Halogen Software, UltiPro, Vibe HCM, Patriot Payroll, ADP, Epicore.
The hr payroll software market is expected to grow at a compound annual growth rate of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 HR Payroll Software Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 HR Payroll Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 HR Payroll Software Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the HR Payroll Software Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global HR Payroll Software Market Size & Forecast, 2020-2028
4.5.1 HR Payroll Software Market Size and Y-o-Y Growth
4.5.2 HR Payroll Software Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Employee Self-Service Software
5.2.2 Claims Reimbursement Software
5.2.3 Leave Management Software
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Large Size Organizations
6.2.2 Medium and Small Size Organizations
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global HR Payroll Software Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 HR Payroll Software Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Employee Self-Service Software
9.6.2 Claims Reimbursement Software
9.6.3 Leave Management Software
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Large Size Organizations
9.10.2 Medium and Small Size Organizations
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Employee Self-Service Software
10.6.2 Claims Reimbursement Software
10.6.3 Leave Management Software
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Large Size Organizations
10.10.2 Medium and Small Size Organizations
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Employee Self-Service Software
11.6.2 Claims Reimbursement Software
11.6.3 Leave Management Software
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Large Size Organizations
11.10.2 Medium and Small Size Organizations
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Employee Self-Service Software
12.6.2 Claims Reimbursement Software
12.6.3 Leave Management Software
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Large Size Organizations
12.10.2 Medium and Small Size Organizations
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size 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 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Employee Self-Service Software
13.6.2 Claims Reimbursement Software
13.6.3 Leave Management Software
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Large Size Organizations
13.10.2 Medium and Small Size Organizations
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 HR Payroll Software Market: Competitive Dashboard
14.2 Global HR Payroll Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 SAP
14.3.2 Oracle
14.3.3 Ultimate software
14.3.4 SumTotal Systems
14.3.5 Sage
14.3.6 Ascentis
14.3.7 SuccessFactors
14.3.8 Pay Focus
14.3.9 BambooHR
14.3.10 Intruit
14.3.11 Halogen Software
14.3.12 UltiPro
14.3.13 Vibe HCM
14.3.14 Patriot Payroll
14.3.15 ADP
14.3.16 Epicore
