HR Payroll Software Market – Overview
The HR payroll software market is growing at the rapid pace, owing to the rising popularity of the software and the growing awareness among enterprises regarding the benefits of implementation of HR payroll software is driving the market growth. Other factors such as the use of payroll and HR software helps in decision-making and provides a definite image of the resources of organization. According to a recent study report published by the Market Research Future, The global market of HR Payroll Software is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2022).
Mobile application, video, analytics and concentration on team management is fuelling the market growth. The study indicates that the HR payroll software market is boosted by its flexible and comprehensive solutions that helps to organize, integrate, and simplify complex business processes to the company processes, accurate and reliable processing and reporting and secure data management and transactions. The study also indicates that the payroll solution systems is highly customizable, proven track records, and security standard. The policies and processes to ensure customer satisfaction that reduces employer cost, liability and administrative burden through integrated payroll. Moreover, it benefits the administration and human resource management systems.
Key Players:
SAP (U.S), Oracle (U.S), Ultimate software (U.S), SumTotal Systems Inc. (U.S), Sage (U.S), Ascentis (California), Success Factors (U.S), Pay Focus (U.S), BambooHR (U.S.), Intruit (U.S), Halogen Software Inc. (U.A.E), UltiPro (U.S.), Vibe HCM (U.S.), Patriot Payroll (U.S.), ADP (U.S), Epicore (U.S) are some of the prominent players at the forefront of competition in the Global HR Payroll Software Market and are profiled in MRFR Analysis.
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Industry News
August 31, 2017 – SAP SE announced that it has been named a leader in Forrester Research Inc.’s “The Forrester Wave™: SaaS Human Resource Management Systems, Q3 2017.” The report evaluated the SAP® Success Factors HCM Suite and recognized the company as a leader in software as a service (SaaS) based on its current offering, strategy and market presence.
May 4, 2016 – Mark Dresser named Net@Work’s Practice Director of Employer Solutions Net@Work, a leading provider of integrated business technology solutions, today announced it has acquired Dresser & Associates (Dresser), a Sage North America business partner specializing in the sales, installation, and support of Sage HRMS. For three consecutive years, Dresser has been Sage’s number one HRMS reseller, providing clients across North America with flexible,
February 23, 2017 – Saba to Acquire Halogen Software in 2017’s First Big HR Technology Deal. Saba’s expertise lies in the L&D space, while Halogen’s software focuses on performance management. Not surprisingly, the release noted that the deal combines learning and performance in a way not yet realized in the market.
HR Payroll Software Market – Competitive Analysis
The Market of HR Payroll Software appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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HR Payroll Software Market – Segmentation
Segmentation by Type: Comprises employee self-service software, claims reimbursement software, leave management software.
Segmentation by Application: Comprises payroll, employees benefits, tax filings, employees records, performance review, learning management, time & attendance, leave management, reimbursement & loan and others.
Segmentation by Services: Comprises installation, up-gradation, modification, HR shared services, service activity reports.
Segmentation by Deployment: Comprises on-premises deployment, cloud hosted deployment
Segmentation by End-User: Comprises large scale industry, medium scale industry, small scale industry and others.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
HR Payroll Software Global Market – Regional Analysis
North America is dominating the global HR Payroll Software Market with the largest market share and therefore accounting for astronomical amounts and is expected to grow over its previous growth records by 2022. Due to factors such as well-established IT infrastructure, high adoption of HR Payroll Software system, increase in enterprise client base for online HR administration products, retirement services, HR solutions, insurance services, and an increase in the number of health and benefits applicants. The study reveals that Europe region is expected to show a positive growth in the HR Payroll Software market during the forecast period. Asia-Pacific countries like China, Japan and South Korea have a fair share in the HR Payroll Software market.
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