HR Payroll Software Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Human resources (HR) payroll software refers to digital tools and platforms that automate and expedite the process of managing payroll activities and human resource functions inside a business. HR payroll software is utilized by organizations to streamline and automate the process of managing employee payroll, including salary calculation, tax deductions, benefits administration, and compliance with labor regulations.

Sizing and Forecast
The HR payroll software market size has grown rapidly in recent years. It will grow from $31.22 billion in 2023 to $35.27 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth in the historic period can be attributed to increased demand for automation in payroll processing, growth in the adoption of cloud-based payroll solutions, increased focus on employee self-service, increased emphasis on data security, and growth in the adoption of biometric authentication.

The HR payroll software market size is expected to see rapid growth in the next few years. It will grow to $57.99 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to the increasing adoption of AI, rising use of blockchain technology, rising interest in real-time payroll reporting, rising interest in chatbots and virtual assistants for employee support, and increasing demand for customizable payroll solutions. Major trends in the forecast period include innovations, machine learning, technological advancements, cloud-based solutions, and chatbots.

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Segmentation & Regional Insights
The HR payroll software market covered in this report is segmented –

1) By Component: Software, Services
2) By Deployment Mode: On-Premises, Cloud
3) By Organization size: Large Enterprises, Small And Medium-Sized Enterprises
4) By Application: Payroll, Benefits, Tax Filings, Employees Records
5) By Industry Vertical: Banking, Financial Services, And Insurance, Retail, Manufacturing, Transportation And Logistics, Information Technology And Telecom, Healthcare, Other Industry Verticals

North America was the largest region in the HR payroll software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the HR payroll software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing demand for cloud-based solutions is expected to propel the growth of the HR payroll software market going forward. Cloud-based solutions refer to software applications or services that are hosted, accessed, and managed remotely over the Internet. The cloud-based solutions adoption includes the demand for scalability, the assurance of data security, and compliance measures provided by cloud service providers. Cloud-based HR payroll software enables remote access, which is essential to handling payroll across numerous locations, while its seamless connection with various corporate platforms improves data transmission, eventually increasing productivity by reducing manual tasks. For instance, in April 2023, according to 750 IT respondents data collected from a survey by Flexera, a US-based computer software company, in 2022, 87% of organizations adopted a multi-cloud, of which 72% adopted a hybrid cloud, 13% adopted multiple public clouds, and 2% a multiple private cloud. Furthermore, the cloud spending by small and medium-sized businesses (SMBs) reflects a massive uptake with 52% of spending more than $1.2 million in 2022, up from 38% reported in 2021. Therefore, the increasing demand for cloud-based solutions is driving the growth of the HR payroll software market.

Key Industry Players
Major companies operating in the HR payroll software market are Oracle Corporation, SAP SE, ADP LLC (Automatic Data Processing Inc.), Workday Inc., UKG Inc., Sage PLC, Kronos Incorporated, The Access Group Ltd., Paycom Software Inc., Ceridian HCM Holding Inc., Zoho Corporation Pvt. Ltd., Epicor Software Corporation, Paylocity Holding Corporation, Cornerstone OnDemand Inc., SuccessFactors Inc., SumTotal Systems LLC, Ascentis Corporation, Keka Inc., Greytip Software Pvt. Ltd., Vibe HCM Inc., HRMantra Software Pvt. Ltd., Patriot Software LLC, Kredily, Paybooks Inc., SumoPayroll

The hr payroll software market report table of contents includes:

1. Executive Summary
2. HR Payroll Software Market Characteristics
3. HR Payroll Software Market Trends And Strategies
4. HR Payroll Software Market – Macro Economic Scenario
5. Global HR Payroll Software Market Size and Growth
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32. Global HR Payroll Software Market Competitive Benchmarking
33. Global HR Payroll Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The HR Payroll Software Market
35. HR Payroll Software Market Future Outlook and Potential Analysis
36. Appendix

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