BFSI Industry is Among the Top Performers in the Payroll Software Market
The Global Payroll Software Market Is Expected to Witness a CAGR of More Than 9% during the Forecast Period 2019-2025
With its recently published study “Global Payroll Software Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025“, Infoholic Research forecasts that the global market for payroll software will continue to grow as integrated payroll software is helping the organizations to reduce the administrative burden as well as employer cost and liability.
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Payroll administration is one of the time-consuming activities for any organization, which may affect the direct revenue. Organizations need payroll software to focus more on the daily core tasks and for generating new revenue strategies. Organizations are implementing payroll software to minimize cost, reduce time, and enhance labor efficiency. Cloud-based payroll software is one of the key strategies followed by enterprises as it is more energy-efficient and reduces IT & labor costs. Cloud-based payroll software is making revolutionary changes in HR services for both employers as well as employees.
Automating the payroll processes and maintaining employee trust & confidence are the drivers fueling the market growth for payroll software. Payroll software also allows employees to directly access payroll information anytime on laptops, smartphones, and tablets. This trend is expected to continue during the forecast period, fueling the market growth at a CAGR of more than 9% during 2019–2025.
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North America accounted for the largest share of the global payroll software market. Organizations in this region meet regulatory compliances and streamline payroll processes by implementing the payroll software. The APAC region is expected to grow at the highest rate during the forecast period as enterprises in this region are heavily adopting HRM solutions as well as payroll software for optimizing their HR processes.
Among components, the software segment holds the largest share in the payroll software market and the services segment is expected to grow at the highest CAGR during the forecast period. In terms of organization size, MSMEs are expected to grow at the highest rate. Among deployment mode, on-cloud is expected to grow at the fastest growth rate during the forecast period. In terms of verticals analysis, the BFSI segment is projected to hold the largest share in the payroll software market.
“Organizations will continue to invest in payroll software to reduce invoice & paycheck errors and to streamline the payroll process. Payroll software is also helping companies in enhancing their employee relationships.” – Sonam Chawla, Research Analyst, Infoholic Research
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