HR Payroll Software Market by Deployment and Geography - Forecast and Analysis 2022-2026

The HR payroll software market share is expected to increase by USD 2.09 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.57%.

This HR payroll software market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers HR payroll software market segmentation by deployment (cloud and on-premise) and geography (North America, Europe, APAC, MEA, and South America). The HR payroll software market report also offers information on several market vendors, including Automatic Data Processing Inc., Ceridian HCM Holding Inc., Oracle Corp., Paycom Software Inc., Paylocity Holding Corp., SAP SE, SumTotal Systems LLC, The Access Group, UKG Inc., and Workday Inc. among others.

What will the HR Payroll Software Market Size be During the Forecast Period?

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HR Payroll Software Market: Key Drivers and Challenges

The increased HR software budgets are notably driving the HR payroll software market growth, although factors such as data privacy and security concerns may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the HR payroll software industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key HR Payroll Software Market Driver

There is a significant increase in HR spending on technology by organizations operating across different industry verticals. This is because the labor market is continuing to grow, and companies are shifting their focus toward better payroll processing to make it more transparent. HR teams that are well-funded and closely aligned with their business leaders have been able to deliver far greater value to the business with respect to the global economy and economic drivers across the world. Large companies are spending almost 10% of their HR budgets on technologies such as human capital management (HCM) and human resource management system solutions. The HR payroll software market is radically changing, with more venture capitalists investing in new HR software sold by market vendors, including tools for payroll processing, tax management, customized dashboards, and analytics. Therefore, the market in focus will grow significantly during the forecast period as much of the old software will be replaced by agile, easy-to-use mobile applications. 

Key HR Payroll Software Market Challenge

Many business organizations prefer cloud-based solutions to on-premises solutions because of their cost-effectiveness and ease of accessibility. The benefits of cloud-based solutions include the simplified management of software maintenance and upgrades, low upfront costs, effective security, high reliability, and integrative capabilities to connect any functional gaps in the existing systems and processes. However, organizations will transfer their data or information to the cloud only if the services are reliable and secure. Organizations have less control over such data as they have become more dependent on the cloud computing service provider. Many end-users are also concerned about the data security policies governing cloud-based solutions because cloud storage acts as a gateway for security threats and privacy issues. 

This HR payroll software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major HR Payroll Software Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Automatic Data Processing Inc.
• Ceridian HCM Holding Inc.
• Oracle Corp.
• Paycom Software Inc.
• Paylocity Holding Corp.
• SAP SE
• SumTotal Systems LLC
• The Access Group
• UKG Inc.
• Workday Inc.

This statistical study of the HR payroll software market encompasses successful business strategies deployed by the key vendors. The HR payroll software market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The HR payroll software market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for HR Payroll Software Market?