ALBANY, New York, July 23, 2018 /PRNewswire/ --
According to a new market report published by Transparency Market Research, the global payroll & HR solutions & services market was valued at US$ 17.2 Bn in 2016 and is expected to expand at a CAGR of 9.6% from 2018 to 2026, reaching US$ 41.6 Bn by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the payroll & HR solutions & services market in 2016.
Browse Research Report at https://www.transparencymarketresearch.com/payroll-hr-solutions-services-market.html
Increasing adoption of cloud based technologies in enterprises are driving the global payroll & HR solutions & services market
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.
Request a Brochure for Research Insights at https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=47100
Payroll & HR Solutions & Services Market: Scope of the Report
The global market for payroll & HR solutions & services is segmented on the basis of deployment, enterprise size, solution, industry and geography. Based on deployment, the market is segmented into cloud, on premise, and hybrid. In 2017, the cloud segment accounted for the largest market share, in terms of revenue of the global payroll & HR solutions & services market. Furthermore, demand for cloud is expected to increase during the forecast period. On the basis of enterprise size, the global payroll & HR solutions & services market is bisected into small & medium enterprises and large enterprise. Based on solution, the market is categorized into software and services. The software segment is further fragmented into suite and standalone. The standalone sub segment is classified into payroll and compensation management, time and attendance management, compliance management, workforce management, claims administration, employee benefits management, hire management and others (tax management, report generation, etc.). In terms of industry vertical, the market is divided into banking, financial services, and insurance (BFSI), government, healthcare, manufacturing, retail, telecom and IT, transportation and logistics and others.
Get a PDF Sample at https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=47100
Geographically, the global payroll & HR solutions & services market is bifurcated into North America, Asia Pacific, Europe, South America, and Middle East & Africa. North America is a major contributor to the global market fueled by the presence of a large number of HR solution providers in the region. However, presence of several emerging economies such as China, India, and South Korea are expected to drive the Asia Pacific market. The growth in the Asia Pacific market can be attributed to increasing government initiatives supporting the digitization of business processes and adoption of cloud-based systems.
Download Report TOC at https://www.transparencymarketresearch.com/report-toc/47100
Global Payroll & HR solutions & services Market: Competitive Dynamics
Major industry players in the payroll & HR solutions & services market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for technologies and new product development. For instance, in May 2016, TMF Group acquired Swain & Associates Inc., service provider of HR & payroll and accounting & tax, based in Toronto, Canada. The global payroll & HR solutions & services market includes key players such as 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.
Browse Press Release at https://www.transparencymarketresearch.com/pressrelease/payroll-hr-solutions-services-market.htm
The payroll & HR solutions & services market has been segmented as below:
Market Segmentation: Global Payroll & HR Solutions & Services Market
By Enterprise Size
- Small & Medium Enterprises (SME's)
- Large Enterprises
- Payroll and Compensation Management
- Time and Attendance Management
- Compliance Management
- Workforce Management
- Claims Administration
- Employee Benefits Management
- Hire Management
By Industry Vertical
- Telecom & IT
- Transportation & Logistics
Popular Reports by TMR:
- SaaS Based HRM Market: https://www.transparencymarketresearch.com/europe-saas-based-hrm-market.html
- Customer Communication Management (CCM) Market: https://www.transparencymarketresearch.com/us-customer-communication-management-market.html
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Mr. Rohit Bhisey
Transparency Market Research
90 State Street,
Albany NY - 12207
USA - Canada Toll Free: 866-552-3453
Research Blog: http://www.techyounme.com/
SOURCE Transparency Market Research