The global payroll and HR solutions and services market is expected to secure US$ 58.3 Billion by 2032.
The global payroll and HR solutions and services market is expected to secure US$ 58.3 Billion while exhibiting a CAGR of 7.7% during the forecast period from 2022 to 2032. The market valued at US$ 27.8 Billion in 2022.
Growing demand to manage the expanding workforce is projected to be the key factor driving the market in the forecast period. Also, the increasing need to replace the conventional method with a modern solution is expected to benefit the market in the forthcoming period. Moreover, players are also raising funds, which is expected to augment the industry and provide lucrative opportunities for development in the forthcoming period.
In May 2022, Claira, an AI-powered analytics engine that helps enterprises in understanding their talent and hiring, raised US$ 3.5 Mn in Seed funding led by Heartland Ventures. In addition, increasing the integration of AI with HR solutions is likely to emerge as a remunerative opportunity for market expansion in the forecast period. Players in the market are getting funds, which will strengthen the market during the forecast period.
In May 2022, Ciel Group, a workforce solutions enterprise announced that it had received US$ 2.8 million from Zoho Corp, Idhayam, Sri Kaliswari Fireworks, and a few HNIs. Such initiatives are expected to escalate the market growth in the forecast period.
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Key Takeaways from the Market Study:
“Increasing digital transformation in the HR sector with rising adoption of cloud-based services is anticipated to benefit the market in the forecast period. Further, with the growing requirement to manage the burgeoning workforce, there is a rising demand for an efficient HR Solution, thereby, benefitting the market in the forecast period.”
Competition Analysis
Key players in the global payroll and HR solutions and services market include SAP SE, Paychex, Inc., Automatic Data Processing, Inc., TMF Group Holding B.V, and Ramco Systems Limited. Recent key developments in the industry include:
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global payroll and HR solutions and services market, presenting historical analysis from 2016 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of deployment (cloud, on-premise and hybrid), enterprise size (SMEs and large enterprises), solution (software and services) and industry (BFSI, government, healthcare, manufacturing, retail, telecom & IT, transportation & logistics and others) across five major regions (North America, Europe, Asia Pacific, Middle East & Africa and South America).
Key Segments Profiled in the Payroll and HR Solutions and Services Market Report
By Deployment:
By Enterprise Size:
By Solution:
By Industry:
By Region:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 02, 2023