According to Future Market Insights, the global market for payroll and HR solutions and services is expected to increase at a compound yearly growth rate of 7.7% and reach US$ 58.3 billion by 2032. The market has a valuation of US$25.5 billion in 2021. The market is anticipated to be driven largely by the growing demand to manage the expanding workforce over the course of the projected period.
Players are also raising money, which is expected to grow the industry and provide lucrative development opportunities soon. In May 2022, Heartland Ventures led US$ 3.5 million in round funding for Claira, an AI-powered analytics engine that helps companies evaluate candidates and make recruiting decisions.
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Key Takeaways from the Market Study:
- The SMEs segment to expand at 8.9% CAGR during the forecast period
- The Cloud segment to exhibit a growth rate of 8.4% during the assessment period
- The market in the U.S to garner US$ 1.3 billion by 2032
- The market size of China to expand at a growth rate of 9.9% from 2022- to 2032
- Market in India to garner US$ 4.5 Billion of revenue by 2032
- The market in the U.K to expand at a CAGR of 6.3% from 2022-to 2032
“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:
• In April 2022, CoffeeMug.ai, a growing community of over 2,50,000 founders, business leaders, and investors, launched a talent solution platform for higher-level hiring. The platform scans millions of public profiles available on the internet and layers them with analysis from, CoffeeMug’s data pool to drive senior-level hiring for its clientele.
• In April 2021, Ceridian HCM announced the acquisition of Ascender. Ascender is a Japanese payroll and HR solutions provider. The acquisition aims to offer comprehensive human capital management and payroll solutions in APAC.
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Key Segments Profiled in the Payroll and HR Solutions and Services Market Report
Payroll and HR Solutions and Services by Deployment:
- Cloud-based Payroll and HR Solutions and Services
- On-Premise Payroll and HR Solutions and Services
- Hybrid Payroll and HR Solutions and Services
Payroll and HR Solutions and Services by Enterprise Size:
- Payroll and HR Solutions and Services for Large Enterprises
- Payroll and HR Solutions and Services for Small and Medium Enterprises (SMEs)
Payroll and HR Solutions and Services by Solution:
- Payroll and HR Solutions Software
- Payroll and HR Solutions Services
Payroll and HR Solutions and Services by Industry:
- Payroll and HR Solutions and Services for BFSI
- Payroll and HR Solutions and Services for Government
- Payroll and HR Solutions and Services for Healthcare
- Payroll and HR Solutions and Services for Manufacturing
- Payroll and HR Solutions and Services for Retail
- Payroll and HR Solutions and Services for Telecom & IT
- Payroll and HR Solutions and Services for Transportation & Logistics
- Payroll and HR Solutions and Services for Other Industries
Payroll and HR Solutions and Services by Region:
- North America Payroll and HR Solutions and Services Market
- Europe Payroll and HR Solutions and Services Market
- Asia-Pacific Payroll and HR Solutions and Services Market
- Middle East & Africa Payroll and HR Solutions and Services Market
- South America Payroll and HR Solutions and Services Market
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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