As per Future Market Insights, 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 US$ 25.5 billion in 2021. 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:
- 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
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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