HR Payroll Software Market Size to Exceed USD 55.69 Billion by 2031

HR payroll software industry generated $23.55 billion in 2021, and is estimated to reach $55.69 billion by 2031, witnessing a CAGR of 9.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, key segments, key investment pockets, value chain, regional scenario, and competitive landscape.

Market Dynamics -
Rise in usage of social media and surge in need for cost-effective HR payroll system drive the growth of the global HR payroll software market. In addition, the shift toward digitalization and rise in implementation of the Industry 4.0 to cope with fierce business competition create the need for seamless solution and platform. This factor creates opportunities for HR payroll software.

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The on-premises segment to maintain its lead position throughout the forecast period
Based on deployment mode, the on-premises segment accounted for the highest share in 2021, accounting for nearly three-fifths of the global HR payroll software market, and is estimated to maintain its lead position throughout the forecast period. This is due to numerous advantages offered by the on-premise deployment such as a high level of data security and safety. However, the cloud segment is projected to witness the highest CAGR of 11.5% from 2022 to 2031. This is attributed to various benefits such as low cost, ease in maintenance, flexibility, and scalability.

The IT and Telecom segment to continue its leadership status throughout the forecast period
Based on industry vertical, the IT and Telecom segment held for the highest share in 2021, accounting for nearly one-third of the global HR payroll software market, and is estimated to continue its leadership status throughout the forecast period. This is due to shift in focus toward making processes paper-free, efficient, and accurate along with saving huge productive hours for the HR management team. However, the healthcare segment is projected to manifest the highest CAGR of 14.5% from 2022 to 2031, owing to enhanced end to end security with patient data, cost benefits, and improved connectivity benefits.

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North America to continue its dominant share in terms of revenue by 2031
Based on region, North America held the highest market share in 2021, accounting for nearly two-thirds of the global HR payroll software industry, and is expected to continue its dominant share in terms of revenue by 2031. This is attributed to surge in implementation in banking & finance, manufacturing, healthcare, and other sectors to improve businesses operations and customer experience. However, Asia-Pacific is projected to portray the fastest CAGR of 11.6% from 2022 to 2031, owing to rise in penetration of app-based HR payroll software and high adoption of cloud-based technologies in the region.

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Covid-19 Scenario
• During the pandemic, organizations focused on implementation of emerging technologies such as artificial intelligence (AI), automation, cloud, and others. This led to increased adoption of HR payroll software from various industries such as BFSI, healthcare, IT & telecom and others to perform contactless operations.
• Many industries moved toward the digitalization, which, in turn, created the demand for the HR payroll software to achieve efficiency by eliminating manual tasks, speed up business operations, and gain real-time reporting features.

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