The global HR payroll software market is presumed to expand at 9 % CAGR during the forecast period (2017–2023) owing to the increasing popularity of the software, asserts Market Research Future (MRFR). HR payroll software refers to the software in which the company pays the salary to their employee. HR payroll comprises generate and distribute pay slips with a single click, bonus payment, checklist driven payroll processing in under a minute, highly configurable claims module with expenses, reimbursement workflow, recruitment, vacation leaves, accurate reconciliation tools, firing employees, salary hikes, and benefit deduction.
Drivers and Constraints Impacting the Market
The HR payroll software is majorly driven by its comprehensive and flexible solutions that help to integrate, organize, and simplify complex business processes, and secure data management and transactions. With the growing popularity of the software and increasing awareness among the among the enterprises regarding the benefits of HR payroll software is anticipated to propel the market growth during the assessment period. Moreover, HR payroll software also helps in decision-making and offer a definite image of the resources of an organization. Mobile application, analytics, and concentration on team management are further propelling the market growth over the forecast period.
On the flip side, potential problems such as security of data, loss or theft, cybersecurity, and fraud are some of the major concerns estimated to inhibit the market in the coming years.
Geographically, the HR payroll software market span across regions namely, North America, Asia Pacific, Europe, and Rest-of-the-World.
Among all the regions, North America has been observed to lead the global HR payroll market and is anticipated to maintain its dominance over the assessment period. The growth is attributed to high adoption rate of HR payroll software systems, well-established infrastructure, retirement services, rise in enterprise client-base for online HR administration products, HR solutions, growing number of health and benefits applicants, and insurance services in this region.
The European region is presumed to register a positive growth over the assessment period. On the other hand, Asia Pacific is expected to showcase a fair share during the forecast period due to the presence of countries such as South Korea, Japan, and China.
The major players operating the market are Halogen Software Inc (U.A.E), SuccessFactors (U.S), Ascentis (California), Epicor (U.S), Vibe HCM (U.S.), UltiPro (U.S.), BambooHR (U.S.), Ultimate software (U.S), Sage (U.S), Pay Focus (U.S), SumTotal Systems Inc. (U.S), SAP (U.S), Intuit (U.S), Oracle (U.S), Patriot Payroll (U.S.), ADP (U.S), and others.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
Market Research Future
+1 646 845 9312
Email: [email protected]