Industry Background:
HR Payroll Software system which accelerates the activities of employees on time and accurately. Payroll calculates withholdings and deductions, processes direct deposits, provides employees self-service access, delivers full-service tax filing, and others. The payroll software makes the process much easier, and offer integrated HR and payroll to reduce the requirement for data double-entry and offer a more streamlined experience.
According to AMA Research, the market for HR Payroll Software is expected to register a CAGR of 9.2% during the forecast period to 2030. This growth is primarily driven by Increase in Cloud and Mobile Deployment
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Systems Software sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Kronos Incorporated (United States), The Sage Group plc (United Kingdom), Ascentis Corporation (United States), SAP SuccessFactors (United States), Lucerna, LLC (United States), BambooHR (United States), Kenexa (United States), Oracle Corporation (United States), Paychex, Inc. (United States) and Paycom Software, Inc. (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In Mar 2020, the Access Group announced the acquisition of CoreHR. Through this acquisition, the Access group is able to enhance its customer base in small and medium-size organizations in the UK marketplace. Along with this, the company will also become more competitive in the market.
In January 2024, greytHR, a cloud-based HR & Payroll software provider, announced a strategic partnership with Savex Technologies, one of the largest Information and Communication Technology distributors in India.The companies are operating in this industry are highly focus on the technology development of the services, and also providing customization solutions to SMEs. There is an increasing number of new market entrants n this industry, which makes the market more competitive.
Influencing Trend:
Rapid Adoption of Cloud-Based Payroll Software
Market Growth Drivers:
Increase in Cloud and Mobile Deployment and The rise in Automation of HR Processes
Challenges:
Lack of Alertness Regarding Technological Development and Competencies in HR Software and Regional Change in Labour Laws
Restraints:
Lack of Consumer Awareness
Opportunities:
Growing Expenditure of Core HR Services by SMEs and Organizations Leaning Toward HR Analytics
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of HR Payroll Software Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of HR Payroll Software Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of HR Payroll Software players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, HR Payroll Software Study Sheds Light on
The HR Payroll Software Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the HR Payroll Software industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where HR Payroll Software industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.