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HR payroll software market to hit ~$8 billion by 2023

The global HR Payroll Software market is expected to grow at USD ~$8 Billion by 2023, at ~9% of CAGR between 2017 and 2023.

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SUMMERY:

Market Research Future published a research report on “HR Payroll Software Market Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Market Synopsis of HR Payroll Software Market

Market Scenario

HR Payroll Software describes the payroll software in which the company will pay the salary to the employee for the work that they have completed. It consists of bonus payment, benefit deduction, vacation leaves, salary hikes, recruitment, and firing employees, checklist driven payroll processing in under a minute, accurate reconciliation tools, generate and distribute pay slips with a single click, highly configurable claims module with expenses and reimbursement workflow.

Payroll Systems offers a solution to the dedicated customer as the service provided by experienced professionals for businesses of all sizes.

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The study indicates that the HR Payroll Software market is boosted by its flexible and comprehensive solutions that helps to organize, integrate, and simplify complex business processes to the company processes, accurate and reliable processing and reporting and secure data management and transactions. The study also indicates that the payroll solution systems is highly customizable, proven track records, and security standard.

The policies and processes to ensure customer satisfaction that reduces employer cost, liability and administrative burden through integrated payroll. Moreover, it benefits the administration and human resource management systems.

Key players

The prominent players in the HR Payroll Software Market are – SAP (U.S), Oracle (U.S), Ultimate software (U.S), SumTotal Systems Inc. (U.S), Sage (U.S), Ascentis (California), SuccessFactors (U.S), Pay Focus (U.S), BambooHR (U.S.), Intruit (U.S), Halogen Software Inc (U.A.E), UltiPro (U.S.), Vibe HCM (U.S.), Patriot Payroll (U.S.), ADP (U.S), Epicore (U.S) among others.

Study Objective of HR Payroll Software Market

  • To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Global HR Payroll Software Market
  • To provide insights about factors affecting the market growth
  • To analyze the HR Payroll Software market based on various factors- price analysis, supply chain analysis, porter’s five force analysis etc.
  • To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW)
  • To provide country level analysis of the market with respect to the current market size and future prospective
  • To provide country level analysis of the market for segment by application, by region and sub-segments.
  • To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
  • To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Global HR Payroll Software Market

Segments:

The global HR Payroll Software market has been segmented on the basis of application, end users and region.

HR Payroll Software Market by Type:

  • Software
  • Employee Self-Service Software
  • Claims Reimbursement Software
  • Leave Management Software

HR Payroll Software Market by Application:

  • Payroll
  • Employees Benefits
  • Tax filings
  • Employees records
  • Performance review
  • Learning Management
  • Time & attendance
  • Leave Management
  • Reimbursement & loans
  • Others

HR Payroll Software Market by Services:

  • Installation
  • Up-gradation
  • Modification
  • HR shared services
  • Service activity reports

HR Payroll Software Market by Deployments:

  • On-premises deployment
  • Cloud hosted deployment

HR Payroll Software Market by End-User:

  • Large scale industry
  • Medium scale industry
  • Small scale industry
  • Others

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Regional Analysis-

The regional analysis of HR Payroll Software market is being studied for region such as Asia Pacific, North America, Europe and Rest of the World.  HR Payroll Software system has driven by increase in its client base for online HR administration products, retirement services, HR solutions, insurance services, and an increase in the number of health and benefits applicants.

It has been observed that North America region is the leading in HR Payroll Software market. The study reveals that Europe region is expected to show a positive growth in the HR Payroll Software market during the forecast period.

Asia-Pacific countries like China, Japan and South Korea have a fair share in the HR Payroll Software market.

Intended Audience

  • Software investors
  • Compensation and benefits software
  • HR management software
  • Talent management software
  • Learning management software
  • Workforce management software
  • Recruiting software
  • Security Management Service Provider
  • Security Equipment Providers
  • Security Agencies
  • System Integrators

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