Payroll & HR solutions & services automate, organize, and simplify complex compensation planning and enables enterprise to improve budget allocations, increase accuracy, and align compensation decisions with organizational guidelines. Enterprise are implementing payroll & HR solutions & services to make better compensation decisions while reducing cycle times with up-to-date, accurate, and auditable processes. Cloud-based payroll software is being installed by companies as it is economical and improves the efficiency of the compensation and review processes.
The growing acceptance of cloud-based payroll & HR solutions & services can be attributed to its advantages over the traditional payroll process. Cloud-based payroll & HR solutions & services enable enterprises to access data and services remotely through a web-browser without installing and managing application software. Moreover, it also provides flexibility in deployment and has a short implementation time. This reduces implementation cost and improves the return on investment.
The global payroll & HR solutions & services market has been segmented in terms of deployment, organization, solution, industry vertical, and region. In terms of deployment, the market has been segmented into cloud, on-premise,and hybrid. The global market by organization size comprises small & medium enterprises (SME’s) and large enterprise. The small and medium enterprises (SMEs) segment comprises the income generated from the sale of payroll & HR solutions & services to enterprises/companies with strength of 1-500 employees. Large enterprise segment reflects the revenue generated from the sale of payroll & HR solutions & services to enterprises/companies with a labor force of more than 500 employees.
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In large enterprises, adoption of payroll & HR solutions & services is already high as it is a cost effective process, improves security measures, and assists in compliance management. Based on solution, the global payroll & HR solutions & services 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 market is divided into banking, financial services, and insurance (BFSI), government, healthcare, manufacturing, retail, telecom and IT, transportation and logistics, and others. Geographically, the market has been segmented into North America, Europe, Asia Pacific, Middle East &Africa, and South America.
The North America region is dominant in the adoption of payroll & HR solutions & services. The high adoption of digital technology across all major verticals helps the market to grow in North America, particularly in the U.S and Canada. The market is in the emerging stage in the regions of Asia Pacific (APAC), Latin America, and Middle East &Africa (MEA). Therefore, these regions offer immense scope for the adoption of payroll & HR solutions & services. Additionally, the growing technological developments in the field of cloud, analytics, and the emergence of mobile technologies have led to the high adoption of payroll & HR solutions & services in major verticals such as banking, financial services, and insurance (BFSI), transportation and logistics, and healthcare.
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. The comprehensive payroll & HR solutions & services market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, and technological factors along with the current market dynamics affecting the payroll & HR solutions & services market growth.
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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 developmentsunder 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.
Global Payroll & HR Solutions &Services Market: Research Methodology
The research methodology is a perfect combination of primary research, secondary research, and expert panel reviews. Secondary research sources such as annual reports, company websites, broker reports, financial reports, SEC filings and investor presentations, national government documents, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, World Bank database, and industry white papers are referred.