Press release
Payroll - HR Solutions and Services Market To Grow At A Fast Pace Due To High Emerging Demand 2018 - 2026
Payroll & HR solutions & services market automate, organize, and simplify complex compensation planning and enables enterprise to improve budget allocations, increase accuracy, and align compensation decisions with organizational guidelines. Enterprise are implementing payroll & HR solutions & services to make better compensation decisions while reducing cycle times with up-to-date, accurate, and auditable processes. Cloud-based payroll software is being installed by companies as it is economical and improves the efficiency of the compensation and review processes.
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The growing acceptance of cloud-based payroll & HR solutions & services can be attributed to its advantages over the traditional payroll process. Cloud-based payroll & HR solutions & services enable enterprises to access data and services remotely through a web-browser without installing and managing application software. Moreover, it also provides flexibility in deployment and has a short implementation time. This reduces implementation cost and improves the return on investment.
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The global payroll & HR solutions & services market has been segmented in terms of deployment, organization, solution, industry vertical, and region. In terms of deployment, the market has been segmented into cloud, on-premise,and hybrid. The global market by organization size comprises small & medium enterprises (SME's) and large enterprise. The small and medium enterprises (SMEs) segment comprises the income generated from the sale of payroll & HR solutions & services to enterprises/companies with strength of 1-500 employees. Large enterprise segment reflects the revenue generated from the sale of payroll & HR solutions & services to enterprises/companies with a labor force of more than 500 employees. In large enterprises, adoption of payroll & HR solutions & services is already high as it is a cost effective process, improves security measures, and assists in compliance management.
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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 market has been segmented into North America, Europe, Asia Pacific, Middle East &Africa, and South America.
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