The Global HR Payroll Software Market Size accounted for USD 23,489 Million in 2021 and is projected to reach USD 52,867 Million by 2030, with a CAGR of 9.5% from 2022 to 2030.
According to our HR payroll software industry analysis, the rising automation in HR processes is going to expand the market growth in the coming years. The increasing number of corporate offices, banks, and institutions in emerging nations are considered one of the prominent HR payroll software market trends that will boost the industry demand. An HR payroll software is valuable to any type of business. Payroll processing, maintaining salary details for every person in the workplace, keeping track of deductions, time and attendance management, loans, bonuses, and allowances are all tasks performed by the human resources department. Payroll software that is robust, integrated, and fully optimized can assist organizations of all sizes in maintaining compliance with laws and other financial regulations while also reducing costs. This liberates human resources (HR) teams from routine tasks, allowing them to devote more time to strategic budgeting, planning, and other business-forward initiatives.
HR Payroll Software Market Growth Drivers:
- Growing need for a cost-effective HR payroll system
- Increasing digitalization and automation in payroll systems
- Comprehensive and flexible solutions offered by these systems
HR Payroll Software Market Restraints:
- Rising data security and privacy concerns
- Lack of payroll professionals
HR Payroll Software Market Opportunities:
- Surging demand from cloud-based technologies
- Advent of artificial intelligence in these systems
Report Coverage
| Market |
HR Payroll Software Market |
| Market Size 2021 |
USD 23,489 Million |
| Market Forecast 2030 |
USD 52,867 Million |
| CAGR During 2022 - 2030 |
9.5% |
| Analysis Period |
2018 - 2030 |
| Base Year |
2021 |
| Forecast Data |
2022 - 2030 |
| Segments Covered |
By Component, By Deployment Model, By Organization Size, By Industry Vertical, And By Geography
|
| Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled |
SAP SE, Ascentis Corporation, ADP, LLC, Cornerstone OnDemand, Inc., Paycom software inc, Oracle Corporation, Patriot software, Sage Plc., Epicore Software, and SumTotal Systems Inc. |
Report Coverage
|
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
| Customization Scope |
10 hrs of free customization and expert consultation
|
The surging levels of automation in the HR payroll system are the primary factor boosting the HR payroll software market revenue. Real-time insights from automated payroll software can be easily translated into graphs and charts that managers can use to make key business decisions. The best payroll systems offer a straightforward, consistent user experience across platforms. When an employee views the dashboard on their phone, it looks exactly like it does on their desktop, with insightful interactions that minimize the need for help desk calls. Another significant advantage of cloud-based payroll systems is automation, which often includes artificial intelligence (AI) to forecast needs and reduce errors. Onboarding new employees, for example, can be automated so that every new employee for a given position is properly onboarded, following the same guidelines and processes and making sure that nothing is missed.
Comprehensive and flexible solutions offered by these systems are expected to surge the demand among a group of several industry verticals. When a company's needs change, payroll software makes it simple to adapt. For example, when a new office opens in a new region with new taxes and regulations, the software automatically incorporates the new rules, eliminating the need to enter data for each employee. This way HR payroll software simplifies time-consuming processes and saves workforce productivity.
However, rising numbers of data thefts, as well as a risk to privacy, are some of the aspects that are limiting the market growth. To overcome these issues, companies are introducing safe and reliable software that enables organizations to define user roles and provide role-based access to the staff handling payroll system for enhanced data security.
Furthermore, the growing demand for cloud-based payroll software is expected to generate numerous growth opportunities for the market in the coming years. One of the primary advantages of cloud-based payroll management is that data can be accessed from any location using a desktop computer or smartphone.
HR Payroll Software Market Segmentation
The global HR payroll software market is segmented based on component, deployment model, organization size, industry vertical, and region.
HR Payroll Software Market By Component
Based on our analysis, the software segment dominated the maximum market share in 2021 and is likely to do so during the forecast timeframe from 2022 to 2030. The high growth in the segment is credited to the elevated demand for payroll software among organizations for streamlining the manual process and promoting employee trust. However, the services sector is expected to grow the most in the coming years. HR payroll services improve software implementation, increase the value of existing installations by optimizing them, and reduce deployment costs and risks. As a result, the segment is experiencing rapid growth.
HR Payroll Software Market By Deployment Model
The on-premise segment is expected to have a significant market share in 2021. This is due to the numerous benefits provided by on-premise deployments, such as a high level of data safety and security. Meanwhile, the cloud-based HR payroll software market is expected to grow at the fastest rate between 2022 and 2030. Cloud-based payroll systems typically include pre-configured options, but they also make it simple to configure and customize workflows and checklists as business requirements change. Cloud-based systems, on the other hand, scale easily, maintaining simplicity regardless of the number of deadlines, approvals, task owners, and dependencies involved in a given payroll process.
HR Payroll Software Market By Organization Size
Among them, the large enterprises segment requires HR payroll solutions to streamline all the human resource processes for hundreds and thousands of employees. However, SMEs are expected to attain the fastest CAGR in the coming future. This is owing to the growing number of start-ups in emerging countries such as China and India. Furthermore, the surging awareness regarding the HR payroll software in these countries has created a buzz in existing and new small and medium businesses, thereby supporting the market share.
HR Payroll Software Market By Industry Vertical
- IT& Telecom
- Retail
- BFSI
- Healthcare
- Manufacturing
- Transportation and Logistics
- Others
Healthcare is one of the most widespread and important industries in the world. HR software for healthcare manages all employee salaries, and taxes, and ensures that worker deductions such as advantages, retirement savings, and taxes are debited before the salary is credited. Additionally, HR software for healthcare also offers an employee all of the information they require, such as their income slip and pay scale. Many hospital payroll software packages include an employee-facing portal where employees can access all necessary information.
HR Payroll Software Market Regional Overview
North America
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Latin America
- Mexico
- Brazil
- Rest of Latin America
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
The Middle East & Africa (MEA)
- Gulf Cooperation Council (GCC)
- South Africa
- Rest of the Middle East & Africa
Presence Of Giant Businesses And Advanced Software Companies In North America Fuel The Regional Market Growth
According to the HR payroll software market regional outlook, North America has the largest market share worldwide. The presence of well-established businesses such as healthcare, BFSI, retail, and so on has contributed to North America's largest market share. All of these companies employ hundreds of thousands of people, so in order to manage the payroll of such a large workforce, companies are turning to payroll solutions rather than manual human resources. Meanwhile, the Asia-Pacific region is expected to experience significant market growth as a result of the increasing number of SMEs and the rising youth labor force that is joining companies.
HR Payroll Software Market Players
Some of the top vendors offered in the professional report include SAP SE, Ascentis Corporation, ADP, LLC, Cornerstone OnDemand, Inc., Paycom software inc, Oracle Corporation, Patriot software, Sage Plc., Epicore Software, and SumTotal Systems Inc.
CHAPTER 1. Industry Overview of HR Payroll Software Market
1.1. Definition and Scope
1.1.1. Definition of HR Payroll Software
1.1.2. Market Segmentation
1.1.3. Years Considered for the Study
1.1.4. Assumptions and Acronyms Used
1.1.4.1. Market Assumptions and Market Forecast
1.1.4.2. Acronyms Used in Global HR Payroll Software Market
1.2. Summary
1.2.1. Executive Summary
1.2.2. HR Payroll Software Market By Component
1.2.3. HR Payroll Software Market By Deployment Model
1.2.4. HR Payroll Software Market By Organization Size
1.2.5. HR Payroll Software Market By Industry Vertical
1.2.6. HR Payroll Software Market By Region
CHAPTER 2. Research Approach
2.1. Methodology
2.1.1. Research Programs
2.1.2. Market Size Estimation
2.1.3. Market Breakdown and Data Triangulation
2.2. Data Source
2.2.1. Secondary Sources
2.2.2. Primary Sources
CHAPTER 3. Market Dynamics And Competition Analysis
3.1. Market Drivers
3.1.1. Driver 1
3.1.2. Driver 2
3.2. Restraints and Challenges
3.2.1. Restraint 1
3.2.2. Restraint 2
3.3. Growth Opportunities
3.3.1. Opportunity 1
3.3.2. Opportunity 2
3.4. Porter’s Five Forces Analysis
3.4.1. Bargaining Power of Suppliers
3.4.2. Bargaining Power of Buyers
3.4.3. Threat of Substitute
3.4.4. Threat of New Entrants
3.4.5. Degree of Competition
3.5. Market Concentration Ratio and Market Maturity Analysis of HR Payroll Software Market
3.5.1. Go To Market Strategy
3.5.1.1. Introduction
3.5.1.2. Growth
3.5.1.3. Maturity
3.5.1.4. Saturation
3.5.1.5. Possible Development
3.6. Technological Roadmap for HR Payroll Software Market
3.7. Value Chain Analysis
3.7.1. List of Key Manufacturers
3.7.2. List of Customers
3.7.3. Level of Integration
3.8. Regulatory Compliance
3.9. Competitive Landscape, 2021
3.9.1. Player Positioning Analysis
3.9.2. Key Strategies Adopted By Leading Players
CHAPTER 4. HR Payroll Software Market By Component
4.1. Introduction
4.2. HR Payroll Software Revenue By Component
4.2.1. HR Payroll Software Revenue (USD Million) and Forecast, By Component, 2018-2030
4.2.2. Software
4.2.2.1. Software Market Revenue (USD Million) and Growth Rate (%), 2018-2030
4.2.3. Services
4.2.3.1. Services Market Revenue (USD Million) and Growth Rate (%), 2018-2030
CHAPTER 5. HR Payroll Software Market By Deployment Model
5.1. Introduction
5.2. HR Payroll Software Revenue (USD Million) By Deployment Model
5.2.1. HR Payroll Software Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
5.2.2. On-Premise
5.2.2.1. On-Premise Market Revenue (USD Million) and Growth Rate (%), 2018-2030
5.2.3. Cloud
5.2.3.1. Cloud Market Revenue (USD Million) and Growth Rate (%), 2018-2030
CHAPTER 6. HR Payroll Software Market By Organization Size
6.1. Introduction
6.2. HR Payroll Software Revenue (USD Million) By Organization Size
6.2.1. HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
6.2.2. Large Enterprises
6.2.2.1. Large Enterprises Market Revenue (USD Million) and Growth Rate (%), 2018-2030
6.2.3. SMEs
6.2.3.1. SMEs Market Revenue (USD Million) and Growth Rate (%), 2018-2030
CHAPTER 7. HR Payroll Software Market By Industry Vertical
7.1. Introduction
7.2. HR Payroll Software Revenue (USD Million) By Industry Vertical
7.2.1. HR Payroll Software Revenue (USD Million) and Forecast ByIndustry Vertical, 2018-2030
7.2.2. IT & Telecom
7.2.2.1. IT & Telecom Market Revenue (USD Million) and Growth Rate (%), 2018-2030
7.2.3. Banking, Financial Services, and Insurance (BFSI)
7.2.3.1. Banking, Financial Services, and Insurance (BFSI) Market Revenue (USD Million) and Growth Rate (%), 2018-2030
7.2.4. Manufacturing
7.2.4.1. Manufacturing Market Revenue (USD Million) and Growth Rate (%), 2018-2030
7.2.5. Healthcare
7.2.5.1. Healthcare Market Revenue (USD Million) and Growth Rate (%), 2018-2030
7.2.6. Retail
7.2.6.1. Retail Market Revenue (USD Million) and Growth Rate (%), 2018-2030
7.2.7. Transportation and Logistics
7.2.7.1. Transportation and Logistics Market Revenue (USD Million) and Growth Rate (%), 2018-2030
7.2.8. Others
7.2.8.1. Others Market Revenue (USD Million) and Growth Rate (%), 2018-2030
CHAPTER 8. North America HR Payroll Software Market By Country
8.1. North America HR Payroll SoftwareOverview
8.2. U.S.
8.2.1. U.S. HR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
8.2.2. U.S. HR Payroll Software Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
8.2.3. U.S. HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
8.2.4. U.S. HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
8.3. Canada
8.3.1. Canada HR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
8.3.2. Canada HR Payroll Software Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
8.3.3. Canada HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
8.3.4. Canada HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
8.4. North America PEST Analysis
CHAPTER 9. Europe HR Payroll Software Market By Country
9.1. Europe HR Payroll SoftwareOverview
9.2. U.K.
9.2.1. U.K.HR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
9.2.2. U.K.HR Payroll Software Revenue (USD Million) and Forecast ByDeployment Model, 2018-2030
9.2.3. U.K.HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
9.2.4. U.K.HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
9.3. Germany
9.3.1. Germany HR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
9.3.2. Germany HR Payroll Software Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
9.3.3. Germany HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
9.3.4. Germany HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
9.4. France
9.4.1. France HR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
9.4.2. France HR Payroll Software Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
9.4.3. France HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
9.4.4. France HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
9.5. Spain
9.5.1. Spain HR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
9.5.2. Spain HR Payroll Software Revenue (USD Million) and Forecast ByDeployment Model, 2018-2030
9.5.3. Spain HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
9.5.4. Spain HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
9.6. Rest of Europe
9.6.1. Rest of Europe HR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
9.6.2. Rest of Europe HR Payroll Software Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
9.6.3. Rest of Europe HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
9.6.4. Rest of Europe HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
9.7. Europe PEST Analysis
CHAPTER 10. Asia Pacific HR Payroll Software Market By Country
10.1. Asia Pacific HR Payroll SoftwareOverview
10.2. China
10.2.1. China HR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
10.2.2. China HR Payroll Software Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
10.2.3. China HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
10.2.4. China HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
10.3. Japan
10.3.1. Japan HR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
10.3.2. Japan HR Payroll Software Revenue (USD Million) and Forecast ByDeployment Model, 2018-2030
10.3.3. Japan HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
10.3.4. Japan HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
10.4. India
10.4.1. India HR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
10.4.2. India HR Payroll Software Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
10.4.3. India HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
10.4.4. India HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
10.5. Australia
10.5.1. Australia HR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
10.5.2. Australia HR Payroll Software Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
10.5.3. Australia HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
10.5.4. Australia HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
10.6. South Korea
10.6.1. South Korea HR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
10.6.2. South Korea HR Payroll Software Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
10.6.3. South Korea HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
10.6.4. South Korea HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
10.7. Rest of Asia-Pacific
10.7.1. Rest of Asia-PacificHR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
10.7.2. Rest of Asia-Pacific HR Payroll Software Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
10.7.3. Rest of Asia-Pacific HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
10.7.4. Rest of Asia-Pacific HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
10.8. Asia Pacific PEST Analysis
CHAPTER 11. Latin America HR Payroll Software Market By Country
11.1. Latin America HR Payroll SoftwareOverview
11.2. Brazil
11.2.1. Brazil HR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
11.2.2. Brazil HR Payroll Software Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
11.2.3. Brazil HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
11.2.4. Brazil HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
11.3. Mexico
11.3.1. MexicoHR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
11.3.2. Mexico HR Payroll Software Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
11.3.3. Mexico HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
11.3.4. Mexico HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
11.4. Rest of Latin America
11.4.1. Rest of Latin America HR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
11.4.2. Rest of Latin America HR Payroll Software Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
11.4.3. Rest of Latin America HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
11.4.4. Rest of Latin America HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
11.5. Latin America PEST Analysis
CHAPTER 12. Middle East & Africa HR Payroll Software Market By Country
12.1. Middle East & Africa HR Payroll SoftwareOverview
12.2. GCC
12.2.1. GCCHR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
12.2.2. GCC HR Payroll Software Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
12.2.3. GCC HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
12.2.4. GCC HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
12.3. South Africa
12.3.1. South AfricaHR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
12.3.2. South Africa HR Payroll Software Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
12.3.3. South Africa HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
12.3.4. South Africa HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
12.4. Rest of Middle East & Africa
12.4.1. Rest of Middle East & Africa HR Payroll Software Revenue (USD Million) and Forecast By Component, 2018-2030
12.4.2. Rest of Middle East & Africa HR Payroll Software Revenue (USD Million) and Forecast By Deployment Model, 2018-2030
12.4.3. Rest of Middle East & Africa HR Payroll Software Revenue (USD Million) and Forecast By Organization Size, 2018-2030
12.4.4. Rest of Middle East & Africa HR Payroll Software Revenue (USD Million) and Forecast By Industry Vertical, 2018-2030
12.5. Middle East & Africa PEST Analysis
CHAPTER 13. Player Analysis Of HR Payroll Software Market
13.1. HR Payroll Software MarketCompany Share Analysis
13.2. Competition Matrix
13.2.1. Competitive Benchmarking of key players by price, presence, market share, and R&D investment
13.2.2. New Product Launches and Product Enhancements
13.2.3. Mergers And Acquisition In Global HR Payroll Software Market
13.2.4. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements
CHAPTER 14. Company Profile
14.1. SAP SE
14.1.1. Company Snapshot
14.1.2. Business Overview
14.1.3. Financial Overview
14.1.3.1. Revenue (USD Million), 2021
14.1.3.2. SAP SE 2021 HR Payroll SoftwareBusiness Regional Distribution
14.1.4. Product/Service and Specification
14.1.5. Recent Developments & Business Strategy
14.1.6. Manufacturing Plant Footprint Analysis
14.2. Ascentis Corporation
14.3. ADP, LLC
14.4. Cornerstone OnDemand, Inc.
14.5. Paycom software inc
14.6. Oracle Corporation
14.7. Patriot software
14.8. Sage Plc.
14.9. Epicore Software
14.10. SumTotal Systems Inc
