The global payroll software market is experiencing significant growth, driven by the need for organizations to efficiently manage tax reports and compliance requirements. Payroll software plays a crucial role in handling tax filings, informing about tax code changes, and ensuring timely payroll processing. It aids HR departments in effectively managing payroll tasks, making it a vital tool for businesses.
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Market Drivers
The market is primarily driven by the challenges organizations face in meeting tax regulations and avoiding hefty penalties. Payroll software comes in two primary forms: integrated payroll software and dedicated payroll software. Integrated solutions are part of HRM, ERP, or accounting software and handle payroll processing and tax calculations. Dedicated payroll software is a standalone solution with specialized features such as leave management, attendance tracking, time tracking, tax planning, and benefits management.
Market Growth
According to the analysis by Report Ocean Research, the global payroll software market is expected to grow at a CAGR of over 9% during the forecast period from 2019 to 2025. North America is poised to maintain its dominant position, while the Asia Pacific region is expected to witness the fastest growth due to increasing organizational presence and employee headcount, necessitating fast and accurate payroll processing.
Market Scope
The market research report includes:
Segmentation
- Components: Software and Services
- Organization Size: MSMEs and Large Enterprises
- Deployment Type: On-premises and On-cloud
- Verticals: BFSI, Government, Healthcare, IT & Telecom, Retail & CPG, Manufacturing, and Others
- Regions: North America, Europe, APAC, and RoW
Key Vendors
Major vendors in the global payroll software market include SAP, Oracle, BambooHR, Workday, ADP, Dayforce, Gusto, Sage, greytHR, and Zenefits.
Competitive Analysis and Key Vendors
Key Players
Major vendors across different verticals are investing significantly in the payroll software market, contributing to its impressive growth. Key players in the market are adopting various growth strategies such as mergers & acquisitions, collaborations, partnerships, joint ventures, and more to maintain strong market positions.
Key Vendors in Payroll Software Market Research
- SAP
- Oracle
- BambooHR
- Workday, Inc.
- ADP
- Dayforce
- Gusto
- Sage
- greytHR
- Zenefits
Key Vendor Offerings
ADP offers easy and affordable cloud-based payroll software with features like payroll tax calculations, integrations with other HR tasks, and regulatory support. SAP provides SAP SuccessFactors, an HCM Suite that simplifies HR processes.
Market Research, By Components
Components
- Software
- Services
The services segment is expected to witness significant growth, enabling enterprises to integrate payroll software according to their business requirements.
Market Research, By Organization Size
Organization Size
- MSMEs
- Large Enterprises
The large enterprises segment is estimated to hold the largest market share, driven by the need to organize and simplify complex payment decisions and automate tax filing for a large number of employees.
Market Research, By Deployment Mode
Deployment Mode
- On-premise
- On-cloud
The on-cloud deployment mode is expected to grow at the highest rate, offering energy efficiency and reduced IT and labor costs.
Market Research, By Verticals
Verticals
- BFSI
- Government
- Healthcare
- IT & Telecom
- Retail & CPG
- Manufacturing
- Others
The BFSI vertical is estimated to hold the largest market share, while the retail & CPG vertical is expected to experience the highest growth, focusing on capturing employee work hours and reducing staffing gaps.
Market Research Benefits
The report by Report Ocean Research provides in-depth analysis of the global payroll software market, covering software, services, organization size, deployment mode, verticals, and regions. It discusses the current scenario and growth prospects for 2018-2025, as well as the major challenges impacting market growth.
About Report Ocean
Report Ocean is a leading provider of market research reports, delivering informative research findings. They offer both quantitative and qualitative research results, utilizing the latest technology and analysis tools. With a global network and comprehensive industry coverage, Report Ocean provides valuable insights for informed and strategic business decisions.