Global Payroll & HR Solutions & Services Market is Booming: Projected to Reach USD 37.2 Billion by 2027
Published | 03 June 2021
A recent study conducted by the strategic consulting and
market research firm, BlueWeave Consulting, revealed that the global
payroll & HR solutions & services market was worth
USD 20.4 billion in the year 2020. The study further reveals that the
market it is estimated to grow at the CAGR of 9.1%, earning revenue of around
USD 37.2 billion by the end of 2027. The
increasing adoption of cloud-based technologies in enterprises is driving the
global payroll & HR solutions & services market.
The growing need to manage an extended
workforce, as well as the increasing need for replacing older systems with superior
global payroll & HR solutions & services platforms, are expected to
drive market growth over the forecast period. Moreover, over the last few
years, a rising number of multinational corporations have chosen to adopt integrated
global HR & payroll solutions that provide HR & payroll integration
across nations, thereby propelling the market growth.
Increasing adoption of cloud-based
technologies in enterprises will be boosting the market during the forecast
period
Cloud-based HR payroll service and
solution provides better access to data such as employee information, home
address, social security number, financial information and so on. It enables
businesses to outsource payroll systems in order to scale up as employees join
and leave. Furthermore, the need for an efficient management system is driving
up demand for payroll & HR solutions & services. One of the most
rapidly changing trends in the global payroll & HR solutions & services
market is talent management technology. Simply by streamlining and automating
daily HR operations, talent management tools can save you a substantial amount
of time and money.
Changing Government Policies Regarding
Payroll System
The payroll process differs from country
to country and is also subjected to change over time and as the ruling party
changes. Between developed and developing countries, there is a significant
disparity in payroll policies. It may become difficult or burdensome for firms,
particularly those with international operations, to keep track of all the
changes to the government's payroll policies. As a result, the need for payroll
& HR solutions & services is increasing dramatically in order to manage
and comply with the rules and laws governing payroll.
Global Payroll & HR Solutions & Services Market -
By Solution
Based on solutions, the
payroll & HR solutions & services market is divided into software and
services. The services segment accounted for the largest market share in 2020.
This is because the service-providing companies offer a wide variety of
services that organizations can opt for based on their needs and budgets. The
services segment proves to be cost-effective option for companies, especially
in smaller and medium-sized enterprises. The growth for the service segment is
very prominent in the Asia-pacific region with the rising number of startups in
these countries.
Global Payroll & HR Solutions & Services Market -
Regional Insights
Geographically, the global payroll & HR solutions & services market is segmented into North America, Europe, Asia-Pacific
(APAC), Latin America (LATAM), Middle-East & Africa. North America has been the largest market for payroll
& HR solutions & services, whereas Asia-Pacific is expected to witness
the fastest growth among all regions during the forecast period. The
anticipated growth in the market can be attributed to factors such as
advancement in new technologies, growing digitization, growth in the software
industry, and increasing adoption of business process solutions by small and
medium scale enterprises in the region.
Impact of Covid-19 on the Global Payroll & HR Solutions & Services
Market
The COVID-19 pandemic has had a positive influence on the
global payroll & HR solutions & services market. Since the government
of many countries had to enforce a lockdown to stop the virus from spreading,
work from home has become more common, prompting the necessity for competent
employee management. As a result, a growing number of organizations,
particularly small and medium-sized businesses, are turning to remote
management. Furthermore, such services also proved to be beneficial in
maintaining efficiency and engagement of the employees working remotely, due to
which the market for payroll & HR solutions & services flourished in
the covid-19 period.
Competitive Landscape
The leading market players in the global payroll & HR
solutions & services market are: Automatic
Data Processing, Inc., SAP SE, Sage Group plc., Paycheck, Inc., Aramco Systems
Limited, TMF Group Holding B.V., Kronor Incorporated, Copay, Inc., Company
Software, Inc., Velocity Corporation, Ultimate Software Group, Oracle
Corporation, Obviate, Inc., Intuit Inc., Intranet Group, Inc., Workday, Inc.,
Meridian Day force Corporation, Dimmed, SD Word NV, and other prominent
players. The major industry players in the
payroll & HR solutions & services market are adopting different
strategic initiatives such as mergers and acquisitions, partnerships, and
collaborations for new product development.
Don’t miss the business opportunity of the global payroll
& HR solutions & services market. Consult our analysts to gain crucial
insights and facilitate your business growth.
The in-depth analysis of the report provides information
about growth potential, upcoming trends, and statistics of the global payroll
& HR solutions & services market. It also highlights the factors
driving forecasts of total market size. The report promises to provide recent
technology trends of the global payroll & HR solutions & services
market and industry insights to help decision-makers make sound strategic
decisions. Furthermore, the report also analyses the growth drivers,
challenges, and competitive dynamics of the market.
About Us
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Intelligence (MI) Solutions to businesses regarding various products and
services online and offline. We offer all-inclusive market research reports by
analyzing both qualitative and quantitative data to boost up the performance of
your business solutions. BWC has built its reputation from the scratches by
delivering quality inputs and nourishing long-lasting relationships with its
clients. We are a promising digital MI solutions company providing agile
assistance to make your business endeavors successful.
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Related Report
Publish Date: June 2021
Payroll & HR solutions and services are transforming employees' experience by providing time-saving, data-crunching features such as real-time analytics, self-service, and mobile-friendly screens. HR payroll and software solution maintains data such as employee information, home address, social security number, financial and others.
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