About Payroll Software
Payroll software, a tool that helps organizations in automating processes relevant to the payment of employee salaries. This type of solution may come in the form of a standalone system or part of an HR software suite. Increasing adoption of payroll automation, streamlined HR processes among others provides a lucrative opportunity in the growth of the very market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to avail a competitive advantage through combined collaborations. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Payroll Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
SAP (Germany), Oracle (United States), Ultimate software (United States), SumTotal Systems (United States), The Sage Group plc (United Kingdom), Ascentis (United States), SuccessFactors (United States), BambooHR (United States), Intruit (United States), Halogen Software (Canada) and Vibe HCM (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Patriot Payroll (United States), ADP LLC. (United States) and Epicor Software Corporation (United States).
Segmentation Overview
AMA Research has segmented the market of Global Payroll Software market by Type (Integrated payroll management and Dedicated payroll management.), Application (Payroll Management, Expense Management, Income Tax & Deductions, Time and Attendance Tracking and Record-Keeping) and Region.
On the basis of geography, the market of Payroll Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Type, the sub-segment i.e. Cloud-based will boost the Payroll Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organisation Size, the sub-segment i.e. Small & Medium Enterprises will boost the Payroll Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Advent of Hybrid Solution across the Various Industries Globally and Adoption of Mobile and Self-Service Payroll
Market Growth Drivers:
Rapid Growth of Payroll Software in IT Sector and Increasing Adoption Due to Cost-Effective, Generate Payslips and Increase Efficiency and Productivity, among others
Challenges:
Data Security and Privacy Issue Due to Sensitive Data in Third-Party Hands
Restraints:
Incompatibility with Other Systems and Some Payroll Management Software Focus only on Core Function
Opportunities:
Increasing Adoption of Payroll System in Emerging Nations and Availability of Open Source Payroll Software
Market Leaders and their expansionary development strategies
In January 2024, Global payroll solution provider, Ramco Systems, announced that it has entered into a partnership with BDO India LLP, one of India's leading professional services organizations, part of BDO International, globally the 5th largest Network with a presence in more than 162 countries. The partnership leverages the distinctive strengths of each entity, positioning Ramco as the Technology Platform Provider and BDO India as the Payroll & Managed Services Provider.
In February 2024, Ramco Systems announced the launch of Ramco Payce, a platform-based payroll software designed to redefine how businesses manage payroll. Payce capitalizes on advanced technologies such as serverless in-memory, data analytics, artificial intelligence, and machine learning, along with Ramco’s two decades of exceptional performance in this domain to help enterprises process payroll faster, effortlessly, and accurately while being easy to use.
California Consumer Privacy Act (CCPA) is passing a law for the protection of data in the United States which will be effective by January 2020. It is expected to be the country’s highest commendable security and privacy law
Key Target Audience
Payroll Software Providers, System Integrators, Government and Private Organisations, Software Developers, End User and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.