Payroll & HR Solutions & Services Market Is Anticipated to Expand at a CAGR of 9.5% from 2018-2026 - Analysis By Top Key Vendors, Growth, Trends and Opportunities

According to a new market report published by BlueWeave Consulting, the global payroll & HR solutions & services market was valued at USD 18.3 Billion in 2017 and is expected to expand at a CAGR of 9.5% from 2018 to 2026, reaching USD 43.43 Billion by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the payroll & HR solutions & services market in 2017.

Increasing adoption of cloud-based technologies in enterprises are driving the global payroll & HR solutions & services market.

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HR payroll and software solution maintains data such as employee information, home address, social security number, financials and others. The software’s ability to provide customized solutions considering the current workforce dynamics exhibits high-growth potential.

HR software helps to improve business management efficiency. This is due to easy integration of the human resources function into other aspects of business management. Most HR software has modules that can be included or not according to Enterprises requirements and it is also possible to link an external software such as accounting and other reporting software to streamline all aspects of business management. HR software solution also improves Enterprise’s security by reducing the amount of paperwork and related security risks. These factors are expected to provide efficient management system to the Enterprises

The key driver for the global payroll & HR solutions & services is increasing adoption of cloud technologies such as SaaS (Software as a Service) technology in enterprises. Demand for cloud based payroll systems is increasing globally. Cloud based HR payroll service and solution provides better access. Moreover, a cloud based service allows business outsourced payroll systems to scale up with employees joining and exiting. Moreover, need for efficient management system further boosts the demand for payroll & HR solutions & services market. Talent management technology is one of the most rapidly changing trends in the global payroll & HR solutions & services market. Around 80% of enterprises are planning to purchase or upgrade their solutions in a talent platform. While enterprises which are using standalone software solutions continue in targeted functional areas that have unique requirements, more than half of the respondents are looking to replace former best-of-breed, highly customized or niche solutions with an integrated talent suite.

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Payroll & HR Solutions & Services Market: Scope of the Report
The global market for payroll & HR solutions & services is segmented on the basis of deployment, enterprise size, solution, industry and geography. On the basis of deployment, the market is segmented into cloud, on premise and hybrid. In 2017, the cloud segment accounted for the largest market share, in terms of revenue of the global payroll & HR solutions & services market. Furthermore, demand for cloud segment is expected to increase during the forecast period. On the basis of enterprise size, the global payroll & HR solutions & services market is bisected into small & medium enterprises and large enterprise. Based on solution, the global payroll & HR solutions & services market is categorized into software and services. The software segment is further fragmented into suite and standalone. The standalone sub segment is classified into payroll and compensation management, time and attendance management, compliance management, workforce management, claims administration, employee benefits management, hire management and others (tax management, report generation, etc.). On the basis of industry vertical, the market is divided into banking, financial services, and insurance (BFSI), government, healthcare, manufacturing, retail, telecom and IT, transportation and logistics and others.

Geographically, the global payroll & HR solutions & services market is bifurcated into North America, Asia Pacific, Europe, South America, and Middle East & Africa. North America is a major contributor to the global market and is fueled by the presence of a large number of HR solution providers in the region. However, presence of several emerging economies such as China, India, and South Korea are expected to drive the Asia Pacific market. The growth in Asia Pacific can be attributed to increasing government initiatives supporting the digitization of business processes and adoption of cloud-based systems.

Global Payroll & HR Solutions & Services Market: Competitive Dynamics

Major industry players in payroll & HR solutions & services market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for technologies and new product development. For instance, In May 2016, TMF Group has acquired Swain & Associates Inc., service provider of HR & payroll and accounting & tax, based in Toronto, Canada. The global payroll & HR solutions & services market includes key players such Automatic Data Processing, Inc. (ADP), Paycor, Inc., Paycom Software, Inc., TMF Group Holding B.V., SAP SE, Sage Group plc., Paychex, Inc., Ramco Systems Limited, Kronos Incorporated , Paycom Software, Inc., Paylocity Corporation, Ultimate Software Group, Oracle Corporation, Jobvite, Inc., Intuit Inc., TriNet Group, Inc. and among others.

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