June 25, 2020
According to the research report titled ‘Global HR Payroll Software Market Size study with COVID-19 Impact, by Services (Installation, Up-gradation, Modification, HR shared services and Service activity reports), Deployment (Cloud and On-Premises), by End User (Large scale industry, Medium scale industry and Small scale industry), by Application ( Payroll, Employees, Benefits, Tax filings, Employees records, Performance review, Learning Management, Time & attendance, Leave Management, Reimbursement & loans and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global HR payroll software market was worth USD 5.7 billion in the year 2019 and is expected to grow with a CAGR of 9% during 2020-2026.
Notably, HR payroll software helps a company in generating and distributing pay slips to its employees. It provides various solutions including accurate reconciliation tools, checklist-based payroll processing as well as recruitment and firing of employees. HR payroll software also offers insights such as benefit deduction, salary hikes, vacation leaves and bonus payment among others.
Increasing awareness pertaining to advantages of effective human resource management systems and advancements in HR payroll software solutions are major factors driving the market growth. In February 2020 for instance, Kronos Inc. teamed up with Ultimate Software in order to develop an innovative HCM (human capital management) as well as workforce management system to assist businesses efficiently manage their employees using cloud solutions.
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However, temporary shutdown of organizations, industries and businesses along with rising adoption of work from home practices owing to contagiousness of COVID-19 disease may have unfavorable impact on the growth of HR payroll software market. Additionally, rising concerns regarding fraud, cybersecurity and data security may also act as a restraining factor to the overall market expansion.
As per services type, HR payroll software industry is classified into service activity reports, HR shared services, modification, up-gradation and installation. In terms of deployment model, the market is split into on-premise and cloud. Citing the end-use landscape, the industry is bifurcated into small scale industry, medium scale industry and large scale industry. Whereas, the application landscape of HR payroll software industry comprises of reimbursement & loans, leave management, time & attendance, learning management, performance review, employees records, tax filings, employees benefits, payroll and others.
Regionally, North America HR payroll software industry is predicted to register substantial growth during the forecast period, primarily due to growing demand for such solutions in various end-use verticals. Parallelly, Asia-Pacific market is also slated to amass significant returns in the forthcoming years.
The prominent companies operating in worldwide HR payroll software market are Patriot Software Co., Vibe HCM Inc., Ultimate Software, Kenexa, BambooHR, PayFocus, SAP SuccessFactors, Ascentis Corp., The Sage Group Plc. and Kronos Inc. among others.