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Payroll – HR Solutions and Services Market Expected to Reach US$ 41.6 Bn by 2026 Analysis by TMR

Payroll – HR Solutions and Services Market (Deployment- Cloud, On-premise,Hybrid; Enterprise Size – Small & Medium Enterprises (SME’s), Large Enterprises; Solution – Software, Services; Industry Vertical – Banking, Financial Services, Insurance (BFSI), Government, Healthcare, Manufacturing, Retail, Telecom and IT, Transportation and Logistics) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026

Some of the key players profiled in the report include Automatic Data Processing, Inc. (ADP), Paycor, Inc., Paycom Software, Inc., TMF Group Holding B.V., SAP SE, Sage Group plc., Paychex, Inc., Ramco Systems Limited, Kronos Incorporated, Paylocity Corporation, Ultimate Software Group, Oracle Corporation, Jobvite, Inc., Intuit Inc. and TriNet Group, Inc. .

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 key driver for the global HR and payroll services market is increasing adoption of cloud technologies such as SaaS (Software as a Service) technology in enterprises. Demand for cloud based payroll systems is increasing globally. Cloud based HR payroll software and solution provides better access. Moreover, a cloud based service allows business outsourced payroll systems to scale up with employees joining and exiting.

Moreover, need for an efficient management system further boosts the demand for payroll & HR solutions & services. Talent management technology is one of the most rapidly changing trends in the global payroll & HR solutions & services market.

Around 80% of enterprises are planning to purchase or upgrade their solutions in a talent platform. While enterprises which are using standalone software solutions continue in targeted functional areas that have unique requirements, more than half of the respondents are looking to replace former best-of-breed, highly customized or niche solutions with an integrated talent suite.

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Market Segmentation: Global Payroll & HR Solutions & Services Market

By Deployment

  • Cloud
  • On-Premise
  • Hybrid

By Enterprise Size

  • Small & Medium Enterprises (SME’s)
  • Large Enterprises

By Solution

  • Software
    • Suite
    • Standalone
      • Payroll and Compensation Management
      • Time and Attendance Management
      • Compliance Management
      • Workforce Management
      • Claims Administration
      • Employee Benefits Management
      • Hire Management
      • Others
  • Services

By Industry Vertical

  • Services
  • BFSI
  • Government
  • Healthcare
  • Manufacturing
  • Retail
  • Telecom & IT
  • Transportation & Logistics
  • Others
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