The payroll and HR solutions and services market is expected to

NEWARK, Del, May 09, 2022 (GLOBE NEWSWIRE) — According to Future Market Insights, the global payroll and HR solutions and services market is expected to reach US$58.3 billion while growing at a CAGR of 7.7% during of the forecast period from 2022 – till 2032. The market was valued at 25.5 billion US$ in 2021. Rising demand to manage the expanding workforce is expected to be the key factor that will drive the market during the forecast period. Also, the growing need to replace the conventional method with a modern solution is expected to benefit the market in the coming period.

Moreover, players are also raising funds which is expected to increase the industry and provide lucrative development opportunities in the coming period. In May 2022, Claira, an AI-based analytics engine that helps companies understand their talent and recruit, raised US$3.5 million in seed funding led by Heartland Ventures.

Also, the growing integration of AI into HR solutions is expected to become a remunerative opportunity for market expansion over the forecast period. Market players are getting funds which will strengthen the market over the forecast period. In May 2022, Ciel Group, a workforce solutions company, 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 accelerate the growth of the market over the forecast period.

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Main lessons from the market study:

  • The SME segment is expected to grow at 8.9% CAGR over the forecast period
  • The Cloud segment is expected to show a growth rate of 8.4% over the evaluation period
  • The market in the United States is expected to bring in $1.3 billion by 2032
  • China market size is expected to expand at a growth rate of 9.9% from 2022 to 2032
  • The Indian market is expected to generate $4.5 billion in revenue by 2032
  • The UK market is expected to grow at a CAGR of 6.3% from 2022 to 2032

“Rising digital transformation in the HR industry with increasing adoption of cloud-based services is expected to benefit the market over the forecast period. Additionally, with the growing need to manage the workforce in full boom, there is an increasing demand for an effective HR solution, which is benefiting the market over 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 BV, 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 solutions platform for high-level hiring. The platform analyzes millions of public profiles available on the internet and overlays them with CoffeeMug’s data pool analysis to drive senior hiring for its customer base.

• In April 2021, Ceridian HCM announced the acquisition of Ascender. Ascender is a Japanese provider of payroll and human resources solutions. The acquisition aims to offer comprehensive human capital management and payroll solutions in Asia Pacific.

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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-site payroll and HR solutions and services
  • Payroll and HR hybrid solutions and services

Payroll and HR solutions and services by company size:

  • Payroll and HR solutions and services for large companies
  • Payroll and HR solutions and services for small and medium-sized enterprises (SMEs)

Payroll and HR solutions and services by solution:

  • Payroll software and HR solutions
  • Payroll and HR Solutions

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 the manufacturing industry
  • Retail payroll and HR solutions and services
  • Payroll and HR Solutions and Services for Telecoms and IT
  • Payroll and HR solutions and services for transportation and 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
  • European payroll and HR solutions and services market
  • Asia-Pacific Payroll and HR Solutions and Services Market
  • Middle East and Africa Payroll and HR Solutions and Services Market
  • South America Payroll and HR Solutions and Services Market

Contents

1. Preface

1.1. Market scope

1.2. Market segmentation

1.3. Main research objectives

1.4. Research Methodology

2. Key assumptions for data modeling

3. Executive Summary: Global Payroll & HR Solutions & Services and Services Market

4. Market Context

4.1. Introduction

4.2. Value chain analysis

4.3. Drivers

4.3.1. Supply side

4.3.2. demand side

4.3.2.1. Constraints

4.3.2.2. Opportunities

4.4. Analysis of key trends

4.5. Regulations and policies

4.6. Global Payroll and HR Solutions and Services Market Analysis and Forecast, 2016-2032

4.6.1. Market Revenue Analysis (USD Billion)

4.6.1.1. Historical growth trends, 2016-2021

4.6.1.2. Forecast trends, 2016-2032

4.6.2. Price trend analysis – by region

4.7. Market Outlook

Table of Contents Continue

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About Future Market Insights (IMF)

Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.

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Website: https://www.futuremarketinsights.com
Report: https://www.futuremarketinsights.com/reports/payroll-and-hr-solutions-and-services-market
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