HR Payroll Software Market:
Global HR Payroll Software Market is valued approximately at USD 5.7 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 9% over the forecast period 2020-2026. With COVID-19, the scope and scale of business disruption being immense and incredibly challenging, the HR payroll market will face challenges due to temporarily shutdown of all businesses, industry and organizations and work from home. Also, there are companies whose operations are at stake, uncertainty of their business-critical processes. HR Payroll Software is payroll software in which the company will pay the salary to the employees. HR Payroll Software consists of bonus payment, vacation leaves, salary hikes, benefit deduction, recruitment, and firing employees, checklist driven payroll processing in under a minute, accurate reconciliation tools, generate and distribute pay slips. The rising awareness towards its benefit and highly effective for human resource management systems are the few factors responsible for growth of the market over the forecast period. Furthermore, the rising advancements and introduction of HR Payroll Software by market key player will create a lucrative demand for this market. For instance: as per Company’s news release in February 2020, Kronos Incorporated and Ultimate Software agreed into a merger agreement for creating innovative human capital management (HCM) and workforce management company to help organization to manage their employees more effectively with an unparalleled combination of cloud solutions. However, data security, cybersecurity, and fraud are the major factor restraining the growth of global HR Payroll Software market during the forecast period.
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The regional analysis of global HR Payroll Software market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the high demand for HR Payroll Software solutions by end users in this region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026.
Major market player included in this report are:
The Sage Group plc
Vibe HCM, Inc.
Patriot Software Company
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
HR shared services
Service activity reports
By End User:
Large scale industry
Medium scale industry
Small scale industry
Time & attendance
Reimbursement & loans
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global HR Payroll Software Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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