Payroll & HR Solutions & Services Market: Overview
The Global Payroll & HR Solutions & Services Market is expected to grow with a CAGR over 9.45% during the forecast period 2018-2026 and the market is projected to cross USD 43 Billion by 2026. The growing prerequisite for managing the extensive workforce and increasing demand for changing traditional systems with improved global payroll & HR solutions & services platforms are anticipated to fuel market growth. The increase in complications in the payroll system due to government rules and regulations need an economical system for payroll operations. Increasing adoption of cloud-based technologies in enterprises is driving the global payroll & HR solutions & services market.
The market overview section of the report demonstrates market dynamics such as drivers, restraints, and opportunities that talks about the current nature and future scenario of the said market, key market indicators, end-user adoption analysis. Further, key market indicators included in the report provide the significant factors which are capable to define the market position of payroll & HR product.
Payroll & HR Solutions & Services Market: Scope of the Report
On the basis of deployment, the market is segmented into cloud, on-premise, and hybrid. Based on enterprise size, the payroll & HR solutions & services market is divided into small & medium enterprises and large enterprises. Based on solution, the market is categorized into software and services. The software segment is further fragmented into suite and standalone. The standalone sub segment is classified into payroll and compensation management, time and attendance management, compliance management, workforce management, claims administration, employee benefits management, hire management and others (tax management, report generation, etc. On the basis of industry vertical, the payroll & HR solutions & services market is divided into banking, financial services, and insurance (BFSI), government, healthcare, manufacturing, retail, telecom and IT, transportation and logistics, and others. The report covers the analysis of these segments across North America, Europe, Asia Pacific, Middle East & Africa, and South America, along with the qualitative analysis for market estimates supplementing the growth of the payroll & HR solutions & services market during the forecast period.
The report also highlights the competitive landscape of the global payroll & HR solutions & services market, positioning all the major players according to their presence in different regions of the world and recent key developments initiated by them in the industry.
This report provides all the essential information required to understand the key developments in the Payroll & HR solutions & services market and growth trends of each segment and region. It includes strategies of companies, financial information, SWOT analysis, and developments under the company profile section. The report also provides insights related to trends and their impact on the market. Furthermore, Porter’s Five Forces analysis explains the five forces namely buyers bargaining power, suppliers bargaining power, threat of new entrants, threat of substitutes, and degree of competition in the payroll & HR solutions & services market. This report also provides a comprehensive ecosystem analysis for the payroll & HR solutions & services market. It explains the various participants including software & third-party vendors, system integrators, and distribution channels within the value chain operating in the market.
Objective of the Study:
To estimate and forecast market size of Global
Payroll & HR solutions & services
To define, describe, forecast, and segment the
payroll & HR solutions & services market on the basis of development,
enterprise size, solution, industry verticals.
To forecast the market size of segments with
respect to five main regions – North America, Europe, Asia Pacific (APAC),
Middle East & Africa and South America and their leading countries
To provide the impact analysis of the factors,
affecting the market dynamics such as drivers, restraints, opportunities, and
To analyze the competitive intelligence of
players based on company profiles, key player strategies, and game-changing
developments such as solution launches and acquisitions.
To strategically profile the key players and
comprehensively analyze their market shares along with detailing the
competitive landscape for market leaders
To analyze strategic developments such as joint
ventures, mergers and acquisitions, new product developments, and R&D in
the payroll & HR solutions & services market
Payroll & HR Solutions & Services Market: Key Findings
According to BlueWeave, the key findings of the report “Payroll & HR Solutions Market Size, Share, Development, Growth and Demand Forecast to 2026” are:
Payroll & HR solutions & services market
is valued over USD 19.6 Bn in 2017 and it is expected to reach around USD 43.4
Billion at 2026, expanding with a CAGR over 9.45% during the forecast period.
The increase in the complexities payroll system
due to government rules and regulations requires an efficient system for
payroll operations. This factor drives the global payroll & HR solutions
& services market
North America is expected to grow at the CAGR of
8.03% during the estimated period. The market witnesses a significant growth
and holds a dominant share of the market during the forecast period
U.S and Canada are anticipated to drive the
growth of the payroll & HR solutions & services market in North America
owing to the presence of a large number of established key players, such as
Oracle Corporation, International Business Machines Corporation, NetSuite Inc.,
Workday Inc. etc.
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 across Europe
The payroll & HR solutions & services market
is expected to register high market growth in Asia Pacific region during the
forecast period. The growth in Asia Pacific region is due to increase in number
of enterprises during forecast period.
A small and medium-size enterprise dominates the
global payroll & HR solutions & services market. According to World
Bank, small and medium size enterprises accounts for more than 90% market share
Payroll & HR Solutions & Services Market, Revenue Analysis (USD Bn) 2018-2026
Payroll & HR Solutions & Services Market: Competitive Dynamics
The global payroll & HR solutions & services market report provides company market share analysis of the various key participants. Some of the key players are Automatic Data Processing, Inc. (ADP), Paycor, Inc., Paycom Software, Inc., TMF Group Holding B.V., SAP SE, Sage Group plc., Paychex, Inc., Ramco Systems Limited, Kronos Incorporated , Paycom Software, Inc., Paylocity Corporation, Ultimate Software Group, Oracle Corporation, Jobvite, Inc., Intuit Inc., and TriNet Group, Inc. among others.
Strategic Outlook of Major Industry Players:
Data Processing, Inc. (ADP): In January 2018, ADP acquired WorkMarket, a
cloud-based workforce management solution provider based in the U.S.
SAP SE has invested 10% of total revenue on research and development.
Innovations help to strengthen its market position. In August 2016, the company
launched “SAP SuccessFactors” solution for managed payroll to complement its
cloud-based SAP SuccessFactors Employee Central Payroll solution. This new
solution provides customers who have payroll solutions from SAP the opportunity
to have their existing payroll implementations hosted and managed in the cloud.
Group plc.: In October 2017, the company designed “Sage Business Cloud”
that offers customers a powerful set of cloud services, perfectly aligned to
their requirements, for accounting, people & payroll, and payments &
Business Questions Answered by the Report:
How will the market drivers, restraints and
future opportunities affect the market dynamics and subsequentanalysis of the
What are the various operations of payroll &
HR solutions & services and which one is best suitable for various
Which are the key players in the market and how
intense is the competition?