Market Overview:
The global PEO 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 and web-based PEO software solutions by large enterprises and SMEs across the globe. North America is expected to lead the global PEO software market in terms of revenue during the forecast period, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa.
Product Definition:
PEO software is used to manage and monitor employee benefits, payroll, and other HR-related tasks. It can also help with onboarding new employees, tracking time off, and more. PEO software is important because it can help businesses save money on employee benefits while still providing a high level of service.
Cloud Based:
Cloud-based software is a type of Software as a Service (SaaS) that provides shared pooling of computing resources and storage space among multiple users. The SaaS model allows for easier data sharing between departments within an organization, thereby increasing productivity. Cloud-based software solutions are hosted on the vendor’s server and can be accessed by multiple users simultaneously over the internet.
Web Based:
The global web-based and its usage in PEO software market is expected to witness significant growth over the forecast period. The major drivers for this market are increasing adoption of cloud computing, growing internet penetration, and rising demand for online services. Furthermore, factors such as ease of access from any location or device coupled with security benefits offered by the web-based platform are anticipated to drive the growth of this industry over the next seven years.
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 segment growth can be attributed to factors such as increasing demand for PEO services by large enterprises, growing trend of off-shoring business operations and rising need for efficient management of payroll & benefits.
The small and medium-sized enterprise (SME) application segment is estimated to witness significant growth over the forecast period owing to increasing penetration of cloud computing, technological advancements in smartphones, Internet accessibility in rural areas as well as developing countries like India & China. In addition, favorable government policies intended towards promoting SMEs are also likely to play a key role in industry expansion during the study period.
Regional Analysis:
The Asia Pacific regional market is expected to witness significant growth over the forecast period owing to the increasing number of small and medium-sized enterprises in countries such as China, India, and Japan. The growing adoption of internet technologies coupled with a rising preference for mobile computing devices is also anticipated to drive demand for e-commerce operations management software in this region.
North America accounted for more than 25% revenue share in 2016 owing to the presence of numerous large enterprises that are early adopters of advanced technologies. In addition, these companies are known for their strong online presences which provide an opportunity for PEO providers to enhance customer service levels by offering additional services through online portals or websites. This factor is projected to further fuel regional growth during the forecast period.
Latin America has been experiencing economic turmoil due its dependency on commodities & raw materials prices fluctuations which have adversely affected several manufacturing industries across Brazil.
Growth Factors:
- Increasing demand for PEO software from small and medium-sized businesses (SMBs) due to the benefits of outsourcing payroll and HR functions.
- The growing popularity of cloud-based PEO software, which makes it easier and more affordable for businesses to outsource their HR and payroll functions.
- The increasing number of states that are legalizing cannabis, which is creating a new market for PEO software providers that offer services specific to the cannabis industry.
- The increasing use of mobile devices by employees, which is driving demand for PEO software that offers mobile access to employee records and other HR/payroll information.
- The growing number of countries where outsourcing payroll and HR functions is becoming more popular, providing opportunities for growth for PEO software providers with a global presence
Scope Of The Report
Report Attributes
Report Details
Report Title
PEO Software Market Research Report
By Type
Cloud Based, Web Based
By Application
Large Enterprises, SMEs
By Companies
BambooHR, CakeHR, CertiPay, ClearCompany, CognosHR, Genesis HR, Gusto, iCIMS Talent Platform, Insperity Workforce Acceleration, JazzHR, Justworks, Questco, TriNet, Workable, Zenefits, Zoho Recruit
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
176
Number of Tables & Figures
124
Customization Available
Yes, the report can be customized as per your need.
Global PEO Software Market Report Segments:
The global PEO Software market is segmented on the basis of:
Types
Cloud Based, Web Based
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, 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:
- BambooHR
- CakeHR
- CertiPay
- ClearCompany
- CognosHR
- Genesis HR
- Gusto
- iCIMS Talent Platform
- Insperity Workforce Acceleration
- JazzHR
- Justworks
- Questco
- TriNet
- Workable
- Zenefits
- Zoho Recruit
Highlights of The PEO 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
- Web Based
- By Application:
- Large 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 PEO 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.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
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?
PEO Software is a software application that helps businesses manage their payroll and HR processes. It includes features such as employee tracking, payroll processing, and human resources management.
Some of the major players in the peo software market are BambooHR, CakeHR, CertiPay, ClearCompany, CognosHR, Genesis HR, Gusto, iCIMS Talent Platform, Insperity Workforce Acceleration, JazzHR, Justworks, Questco, TriNet, Workable, Zenefits, Zoho Recruit.
The peo 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 PEO 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 PEO Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 PEO 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 PEO 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 PEO Software Market Size & Forecast, 2018-2028
4.5.1 PEO Software Market Size and Y-o-Y Growth
4.5.2 PEO Software Market Absolute $ Opportunity
Chapter 5 Global PEO Software 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 PEO Software Market Size Forecast by Type
5.2.1 Cloud Based
5.2.2 Web Based
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global PEO Software 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 PEO Software Market Size Forecast by Applications
6.2.1 Large Enterprises
6.2.2 SMEs
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global PEO 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 PEO 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 PEO Software Analysis and Forecast
9.1 Introduction
9.2 North America PEO Software 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 PEO Software Market Size Forecast by Type
9.6.1 Cloud Based
9.6.2 Web Based
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 PEO Software Market Size Forecast by Applications
9.10.1 Large Enterprises
9.10.2 SMEs
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 PEO Software Analysis and Forecast
10.1 Introduction
10.2 Europe PEO Software 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 PEO Software Market Size Forecast by Type
10.6.1 Cloud Based
10.6.2 Web Based
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 PEO Software Market Size Forecast by Applications
10.10.1 Large Enterprises
10.10.2 SMEs
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 PEO Software Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific PEO Software 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 PEO Software Market Size Forecast by Type
11.6.1 Cloud Based
11.6.2 Web Based
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 PEO Software Market Size Forecast by Applications
11.10.1 Large Enterprises
11.10.2 SMEs
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 PEO Software Analysis and Forecast
12.1 Introduction
12.2 Latin America PEO Software 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 PEO Software Market Size Forecast by Type
12.6.1 Cloud Based
12.6.2 Web Based
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 PEO Software Market Size Forecast by Applications
12.10.1 Large Enterprises
12.10.2 SMEs
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) PEO Software Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) PEO Software 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) PEO Software Market Size Forecast by Type
13.6.1 Cloud Based
13.6.2 Web Based
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) PEO Software Market Size Forecast by Applications
13.10.1 Large Enterprises
13.10.2 SMEs
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 PEO Software Market: Competitive Dashboard
14.2 Global PEO Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 BambooHR
14.3.2 CakeHR
14.3.3 CertiPay
14.3.4 ClearCompany
14.3.5 CognosHR
14.3.6 Genesis HR
14.3.7 Gusto
14.3.8 iCIMS Talent Platform
14.3.9 Insperity Workforce Acceleration
14.3.10 JazzHR
14.3.11 Justworks
14.3.12 Questco
14.3.13 TriNet
14.3.14 Workable
14.3.15 Zenefits
14.3.16 Zoho Recruit
