As per a report published on WiseGuy, the Global Payroll Management System Market as of 2019 is more than USD 40000 million.
A Payroll Management System is used by organizations to accurately assess employee payments and maintain confidential information about employees. It is used to calculate, and make payments to employees in a precise manner.
Human capital management is a systematic way of managing people in an organization. It is an efficient method developed to understand how organizations can manage talent and focus on identifying changes required to motivate people.
Payroll software is a system that provides an efficient method of managing employee payments. It includes calculating deductions, providing pay slips and tax forms, processing payment directly to employee’s bank account, and printing checks.
Employees payments can be easily maintained with the payroll management system and the organization can shift their focus towards developing employee knowledge and skills.
Key Player:
ADP Workforce
Dayforce
Sage
Xero
Kronos
Gusto
BambooHR
Zenefits
Epicor
Namely
PeopleSoft
AccountEdge
Paychex Payroll
Intuit Payroll
Paylocity
SurePayroll
SmartHR
Ultimate Software
Justworks
SurePayroll
Lenvica Payroll
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Global Payroll Management System Market Analysis
The global Payroll and HR Software market size is more than USD 40 thousand million with a CAGR of about 10% during 2018-2025.
On the basis of type, there are two products, On-premise and Cloud-based products.
On the basis of Application, the market can be split into Small Business, Small and Midsize Business and Large Enterprise.
On the basis of industry, the market is divided into banking, financial services, and insurance, government, healthcare, manufacturing, retail, telecom and IT, transportation and logistics.
Global Payroll Management System Regional Analysis
Asia-Pacific will hold a majority share of the market in the future more specifically in China, India and Southeast Asia regions.
North America, particularly United States, will provide direction to the market of Payroll Management Systems.
North America is expected to grow at the CAGR of 8% during the estimated period. The market will witness a significant growth and holds a dominant share of the market during the forecast period.
The payroll and HR solutions and services market are expected to grow at a significant rate in U.S and Canada within North America. The growth in Asia Pacific region is due to a rise in the number of enterprises during forecast period.
According to World Bank, small and medium size enterprises account for more than 90% of the market as of 2017.
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Industry News
Five key trends transforming global payroll management – outsourcing, payroll managers, employee self-service systems, protect the personal information, and provision of one holistic software or service.
The Global Payroll Management Institute (GPMI) hosted the second annual Global Payroll Week (GPW), 29 April – 3 May. It recognized payroll executives for their efforts to ensure employees are paid accurately and on-time. It is a way to acknowledge payroll professionals worldwide for their work.
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