HR Payroll Software Market by Top Companies, Future Opportunities, Industry Demand By 2023

The global HR Payroll Software market is expected to grow at USD ~$8 Billion by 2023, at ~9% of CAGR between 2017 and 2023.

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The global HR payroll software market is presumed to expand at 9 % CAGR during the forecast period (2017-2023) owing to the increasing popularity of the software, asserts Market Research Future (MRFR). HR payroll software refers to the software in which the company pays the salary to their employee. HR payroll comprises generate and distribute pay slips with a single click, bonus payment, checklist driven payroll processing in under a minute, highly configurable claims module with expenses, reimbursement workflow, recruitment, vacation leaves, accurate reconciliation tools, firing employees, salary hikes, and benefit deduction.

Drivers and Constraints Impacting the Market

The HR payroll software is majorly driven by its comprehensive and flexible solutions that help to integrate, organize, and simplify complex business processes, and secure data management and transactions. With the growing popularity of the software and increasing awareness among the among the enterprises regarding the benefits of HR payroll software is anticipated to propel the market growth during the assessment period. Moreover, HR payroll software also helps in decision-making and offer a definite image of the resources of an organization. Mobile application, analytics, and concentration on team management are further propelling the market growth over the forecast period.

On the flip side, potential problems such as security of data, loss or theft, cybersecurity, and fraud are some of the major concerns estimated to inhibit the market in the coming years.

Global HR Payroll Software Market: Segmental Analysis

The global HR payroll software market has been segmented on the basis of end-users, services, deployments, application, and region.

By mode of software, the global HR payroll software market has been segmented into employee self-service software, claims reimbursement software, and leave management software.

Competitive Dashboard

The major players operating the market are Halogen Software Inc (U.A.E), SuccessFactors (U.S), Ascentis (California), Epicor (U.S), Vibe HCM (U.S.), UltiPro (U.S.), BambooHR (U.S.), Ultimate software (U.S), Sage (U.S), Pay Focus (U.S), SumTotal Systems Inc. (U.S), SAP (U.S), Intuit (U.S), Oracle (U.S), Patriot Payroll (U.S.), ADP (U.S), and others.

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This release was published on openPR.