Payroll Software Industry Outlook to 2025 - Global Market Expected to Witness a CAGR of More Than 9%

Dublin, Jan. 21, 2020 (GLOBE NEWSWIRE) -- The "Payroll Software Market By Component, By Organization Size, By Deployment Type, By Verticals and By Region - Global Forecast up to 2025" report has been added to's offering.

The global payroll software market is expected to grow at a CAGR of more than 9% during the forecast period 2019-2025.

The market research report identifies SAP, Oracle, BambooHR, Workday, ADP, Dayforce, Gusto, Sage, greytHR, and Zenefits as the major vendors operating in the global payroll software market.

Several organizations are facing challenges in terms of filling tax reports and complying with other tax requirements, which lead to hefty penalties if not met with the regulations. Payroll software is assisting organizations in completing their tax filings and also informing about the changes made in the tax code. Payroll software, by reminding companies about the due dates, allows HR departments to effectively perform the payroll tasks.

Payroll software providers often offer the software majorly in two ways, which include integrated payroll software and dedicated payroll software. Payroll software is often integrated as a part of HRM, ERP, or accounting software that handles the payroll process and tax calculations. BambooHR and Xero are offering integrated payroll software.

Dedicated payroll software is usually a standalone solution with specialized features such as leaves, attendance, time tracking, tax planner, and other benefits. The dedicated payroll software can be integrated with other HRM systems and is mostly adopted by small businesses. Gusto is one such company offering dedicated payroll software.

According to the payroll software industry analysis, North America is estimated to maintain the dominant position in the global payroll software market. The Asia Pacific region is expected to witness the fastest growth rate during the forecast period, owing to the increasing geographical presence and employee headcount of organizations in this region, which are demanding for fast and accurate payroll process.

Competitive Analysis

The report covers and analyzes the global payroll software market. Major vendors across different verticals are planning for high investments in this market, and as a result, the payroll software market is expected to grow at an impressive rate in the coming years. The key players in this market are adopting various organic as well as inorganic growth strategies, such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies, to be in a strong position in the market.

Key Vendors

  • SAP
  • Oracle
  • BambooHR
  • Workday, Inc.
  • ADP
  • Dayforce
  • Gusto
  • Sage
  • greytHR
  • Zenefits

ADP, an HRM software and service provider, offers easy and affordable cloud-based payroll software, which includes payroll tax calculations, integrations with other HR tasks, regulations support, and many others. SAP also offers SAP SuccessFactors, an HCM Suite that helps organizations in simplifying their HR processes.

There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.

Payroll Software Market Research, By Components

  • Software
  • Services

The services segment is expected to witness significant growth at the highest CAGR, allowing enterprises to integrate payroll software as per their business requirements.

Payroll Software Market Research, By Organization Size

  • MSMEs
  • Large Enterprises

The large enterprises segment is estimated to hold the largest market share, owing to the growing demand for organizing and simplifying complex payment decisions. Automating the tax filing for huge number of employees is also one of the significant factors leading toward the adoption of payroll software among large enterprises.

Payroll Software Market Research, By Deployment Mode

  • On-premise
  • On-cloud

The on-cloud deployment mode is expected to grow at the highest rate during the forecast period. Cloud-based payroll software is one of the key strategies followed by enterprises as it is more energy-efficient and reduces IT & labour costs.

Payroll Software Market Research, By Verticals

  • BFSI
  • Government
  • Healthcare
  • IT & Telecom
  • Retail & CPG
  • Manufacturing
  • Others

The BFSI vertical is estimated to hold the largest market share in 2019. The retail & CPG vertical is expected to grow at the highest rate for effectively capturing the employee time worked and reducing the staffing gaps.

Key Topics Covered

1 Executive Summary
1.1 Synopsis of Key Findings

2 Industry Outlook
2.1 Overview
2.2 Key Industry Trends

3 Market Snapshot
3.1 Total Addressable Market
3.2 Segmented Addressable Market
3.2.1 PEST Analysis
3.2.2 Porter's Five Force Analysis
3.3 Related Markets

4 Market Characteristics
4.1 Market Ecosystem
4.2 Market Segmentation
4.3 Market Dynamics
4.3.1 Market Drivers
4.3.2 Market Restraints
4.3.3 Market Opportunities
4.3.4 DRO - Impact Analysis

5 Global Payroll Software Market, By Component
5.1 Overview
5.2 Software
5.3 Services

6 Global Payroll Software Market, By Organization Size
6.1 Overview
6.2 MSMEs
6.3 Large Enterprises

7 Global Payroll Software Market, By Deployment Mode
7.1 Overview
7.2 On-premise
7.3 On-cloud

8 Global Payroll Software Market, By Vertical
8.1 Overview
8.2 BFSI
8.3 Government
8.4 Healthcare
8.5 IT & Telecom
8.6 Retail & CPG
8.7 Manufacturing
8.8 Others

9 Global Payroll Software Market, By Region
9.1 Overview
9.2 North America
9.2.1 US
9.2.2 Canada
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Rest of Europe
9.4 APAC
9.4.1 China
9.4.2 India
9.4.3 Rest of APAC
9.5 RoW
9.5.1 MEA
9.5.2 Latin America

10 Competitive Landscape
10.1 Competitor Analysis
10.2 Product/Offerings Portfolio Analysis
10.3 Market Developments
10.3.1 Mergers & Acquisitions (M&A), Expansions, Partnerships
10.3.2 Business Restructuring
10.3.3 Product Launches & Exhibitions

11 Vendors Profiled
11.1 SAP
11.1.1 Analyst Opinion
11.1.2 Business Analysis
11.2 Oracle
11.3 BambooHR
11.4 Workday
11.5 ADP
11.6 Dayforce
11.7 Gusto
11.8 Sage
11.9 greytHR
11.10 Zenefits
11.11 Xero
11.12 Patriot Software
11.13 Paycor
11.14 OnPay

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