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Payroll Software Market By Component (Software and Services), By Organization Size (MSMEs and Large Enterprises), By Deployment Type (On-premise and On-cloud), By Verticals (BFSI, Government, Healthcare, IT & Telecom, Retail & CPG, Manufacturing, and Othe

Payroll Software Market By Component (Software and Services), By Organization Size (MSMEs and Large Enterprises), By Deployment Type (On-premise and On-cloud), By Verticals (BFSI, Government, Healthcare, IT & Telecom, Retail & CPG, Manufacturing, and Others), and By Region (North America, Europe, APAC, and RoW) – Global Forecast up to 2025

Report Title: Global Payroll Software Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025

The market research report by Infoholic Research includes a detailed segmentation of the global payroll software market by components (software and services), by organization size (MSMEs and large enterprises), by deployment type (on-premise and on-cloud), by verticals (BFSI, government, healthcare, IT & telecom, retail & CPG, manufacturing, and others), and by regions (North America, Europe, APAC, and RoW). The market research report identifies SAP, Oracle, BambooHR, Workday, ADP, Dayforce, Gusto, Sage, greytHR, and Zenefits as the major vendors operating in the global payroll software market.

verview of the Payroll Software Market

According to Infoholic Research, the global payroll software market is expected to grow at a CAGR of more than 9% during the forecast period 2019–2025. Several organizations are facing challenges in terms of filling tax reports and complying with other tax requirements, which lead to hefty penalties if not met with the regulations. Payroll software is assisting organizations in completing their tax filings and also informing about the changes made in the tax code. Payroll software, by reminding companies about the due dates, allows HR departments to effectively perform the payroll tasks.

Payroll software providers often offer the software majorly in two ways, which include integrated payroll software and dedicated payroll software. Payroll software is often integrated as a part of HRM, ERP, or accounting software that handles the payroll process and tax calculations. BambooHR and Xero are offering integrated payroll software. Dedicated payroll software is usually a standalone solution with specialized features such as leaves, attendance, time tracking, tax planner, and other benefits. The dedicated payroll software can be integrated with other HRM systems and is mostly adopted by small businesses. Gusto is one such company offering dedicated payroll software.

According to the payroll software industry analysis, North America is estimated to maintain the dominant position in the global payroll software market. The Asia Pacific region is expected to witness the fastest growth rate during the forecast period, owing to the increasing geographical presence and employee headcount of organizations in this region, which are demanding for fast and accurate payroll process.

Payroll Software Market Research Competitive Analysis and Key Vendors

The report covers and analyzes the global payroll software market. Major vendors across different verticals are planning for high investments in this market, and as a result, the payroll software market is expected to grow at an impressive rate in the coming years. The key players in this market are adopting various organic as well as inorganic growth strategies, such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies, to be in a strong position in the market.

Few of the Key Vendors in the Payroll software Market Research:

  • SAP
  • Oracle
  • BambooHR
  • Workday, Inc.
  • ADP
  • Dayforce
  • Gusto
  • Sage
  • greytHR
  • Zenefits


  • ADP, an HRM software and service provider, offers easy and affordable cloud-based payroll software, which includes payroll tax calculations, integrations with other HR tasks, regulations support, and many others. SAP also offers SAP SuccessFactors, an HCM Suite that helps organizations in simplifying their HR processes.

    There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.

    Payroll Software Market Research, By Components
    • Software
    • Services
    The services segment is expected to witness significant growth at the highest CAGR, allowing enterprises to integrate payroll software as per their business requirements.

    Payroll Software Market Research, By Organization Size
    • MSMEs
    • Large Enterprises
    The large enterprises segment is estimated to hold the largest market share, owing to the growing demand for organizing and simplifying complex payment decisions. Automating the tax filing for huge number of employees is also one of the significant factors leading toward the adoption of payroll software among large enterprises.

    Payroll Software Market Research, By Deployment Mode
    • On-premise
    • On-cloud
    The on-cloud deployment mode is expected to grow at the highest rate during the forecast period. Cloud-based payroll software is one of the key strategies followed by enterprises as it is more energy-efficient and reduces IT & labor costs.

    Payroll Software Market Research, By Verticals
    • BFSI
    • Government
    • Healthcare
    • IT & Telecom
    • Retail & CPG
    • Manufacturing
    • Others
    The BFSI vertical is estimated to hold the largest market share in 2019. The retail & CPG vertical is expected to grow at the highest rate for effectively capturing the employee time worked and reducing the staffing gaps.

    Payroll Software Market Research Benefits

    The report by Infoholic Research provides an in-depth analysis of the global payroll software market. Organizations are investing in various payroll software and services to meet tax regulations and reduce payment errors. The report discusses the market in terms of software, services, organization size, deployment mode, verticals, and regions. The report covers the present scenario and growth prospects of the payroll software market during 2018–2025. Further, the report provides details about the major challenges impacting the market growth.


    1 Executive Summary
    1.1 Synopsis of Key Findings
    2 Industry Outlook
    2.1 Overview
    2.2 Key Industry Trends
    3 Market Snapshot
    3.1 Total Addressable Market
    3.2 Segmented Addressable Market
    3.2.1 PEST Analysis
    3.2.2 Porter’s Five Force Analysis
    3.3 Related Markets
    4 Market Characteristics
    4.1 Market Ecosystem
    4.2 Market Segmentation
    4.3 Market Dynamics
    4.3.1 Market Drivers
    4.3.2 Market Restraints
    4.3.3 Market Opportunities
    4.3.4 DRO – Impact Analysis
    5 Global Payroll Software Market, By Component
    5.1 Overview
    5.2 Software
    5.3 Services
    6 Global Payroll Software Market, By Organization Size
    6.1 Overview
    6.2 MSMEs
    6.3 Large Enterprises
    7 Global Payroll Software Market, By Deployment Mode
    7.1 Overview
    7.2 On-premise
    7.3 On-cloud
    8 Global Payroll Software Market, By Vertical
    8.1 Overview
    8.2 BFSI
    8.3 Government
    8.4 Healthcare
    8.5 IT & Telecom
    8.6 Retail & CPG
    8.7 Manufacturing
    8.8 Others
    9 Global Payroll Software Market, By Region
    9.1 Overview
    9.2 North America
    8.2.1 US
    8.2.2 Canada
    8.3 Europe
    8.3.1 Germany
    8.3.2 UK
    8.3.3 Rest of Europe
    8.4 APAC
    8.4.1 China
    8.4.2 India
    8.4.3 Rest of APAC
    8.5 RoW
    9.5.1 MEA
    9.5.2 Latin America
    10 Competitive Landscape
    10.1 Competitor Analysis
    10.2 Product/Offerings Portfolio Analysis
    10.3 Market Developments
    10.3.1 Mergers & Acquisitions (M&A), Expansions, Partnerships
    10.3.2 Business Restructuring
    10.3.3 Product Launches & Exhibitions
    11 Vendors Profile
    11.1 SAP
    11.1.1 Analyst Opinion
    11.1.2 Business Analysis
    11.2 Oracle
    11.2.1 Analyst Opinion
    11.2.2 Business Analysis
    11.3 BambooHR
    11.3.1 Analyst Opinion
    11.3.2 Business Analysis
    11.4 Workday
    11.4.1 Analyst Opinion
    11.4.2 Business Analysis
    11.5 ADP
    11.5.1 Analyst Opinion
    11.5.2 Business Analysis
    11.6 Dayforce
    11.6.1 Analyst Opinion
    11.6.2 Business Analysis
    11.7 Gusto
    11.7.1 Analyst Opinion
    11.7.2 Business Analysis
    11.8 Sage
    11.8.1 Analyst Opinion
    11.8.2 Business Analysis
    11.9 greytHR
    11.9.1 Analyst Opinion
    11.9.2 Business Analysis
    11.10 Zenefits
    11.10.1 Analyst Opinion
    11.10.2 Business Analysis
    11.11 Xero
    11.12 Patriot Software
    11.13 Paycor
    11.14 OnPay
    12 Annexure
    12.1 Report Scope
    12.2 Market Definition
    12.3 Research Methodology
    12.3.1 Data Collation & In-house Estimation
    12.3.2 Market Triangulation
    12.3.3 Forecasting
    12.4 Study Declarations
    12.5 Report Assumptions
    12.6 Stakeholders
    12.7 Abbreviations
    Tables
    TABLE X GLOBAL PAYROLL SOFTWARE MARKET REVENUE, BY COMPONENT, 2018–2025 ($BILLION)
    TABLE X GLOBAL PAYROLL SOFTWARE MARKET REVENUE, BY ORGANIZATION SIZE, 2018–2025 ($BILLION)
    TABLE X GLOBAL PAYROLL SOFTWARE MARKET REVENUE, BY DEPLOYMENT MODE, 2018–2025 ($BILLION)
    TABLE X GLOBAL PAYROLL SOFTWARE MARKET REVENUE, BY VERTICAL, 2018–2025 ($BILLION)
    TABLE X GLOBAL PAYROLL SOFTWARE MARKET REVENUE, BY REGION, 2018–2025 ($BILLION)
    TABLE X MAJOR COMPANIES AND THEIR OPERATIONS
    TABLE 7 PRODUCT/OFFERINGS: GLOBAL PAYROLL SOFTWARE MARKET
    TABLE X MERGERS & ACQUISITIONS, 2018–2019
    TABLE X EXPANSIONS, 2018–2019
    TABLE X BUSINESS RESTRUCTURING, 2018–2019
    TABLE X SAP: OVERVIEW
    TABLE X SAP: STRATEGIC SNAPSHOT
    TABLE X SAP: PRODUCT/SERVICE PORTFOLIO
    TABLE X RESEARCH METHODOLOGY OF GLOBAL PAYROLL SOFTWARE MARKET: DATA COLLATION
    TABLE X RESEARCH METHODOLOGY OF GLOBAL PAYROLL SOFTWARE MARKET: TRIANGULATION
    TABLE X RESEARCH METHODOLOGY OF GLOBAL PAYROLL SOFTWARE MARKET: FORECASTING
    Charts
    CHART X GLOBAL PAYROLL SOFTWARE MARKET REVENUE, 2018–2025 ($BILLION)
    CHART X GLOBAL PAYROLL SOFTWARE MARKET SEGMENTATION
    CHART X PEST ANALYSIS: GLOBAL PAYROLL SOFTWARE MARKET
    CHART X PORTER’S 5 FORCE ANALYSIS: GLOBAL PAYROLL SOFTWARE MARKET
    CHART X PAYROLL SOFTWARE MARKET ECOSYSTEM
    CHART X MARKET DYNAMICS – DRIVERS, RESTRAINTS & OPPORTUNITIES
    CHART X DRO – IMPACT ANALYSIS: GLOBAL PAYROLL SOFTWARE MARKET
    CHART X GLOBAL PAYROLL SOFTWARE MARKET REVENUE, BY COMPONENT, 2018-2025 ($BILLION)
    CHART X GLOBAL PAYROLL SOFTWARE MARKET REVENUE, BY DEPLOYMENT MODE, 2018-2025 ($BILLION)
    CHART X GLOBAL PAYROLL SOFTWARE MARKET REVENUE, BY ORGANIZATION SIZE, 2018-2025 ($BILLION)
    CHART X GLOBAL PAYROLL SOFTWARE MARKET REVENUE, BY VERTICAL, 2018-2025 ($BILLION)
    CHART X GLOBAL PAYROLL SOFTWARE MARKET REVENUE, BY REGION, 2018-2025 ($BILLION)
    CHART X PAYROLL SOFTWARE MARKET REVENUE IN NORTH AMERICA, 2018–2025 ($BILLION)
    CHART X PAYROLL SOFTWARE MARKET REVENUE IN EUROPE, 2018–2025 ($BILLION)
    CHART X PAYROLL SOFTWARE MARKET REVENUE IN APAC, 2018–2025 ($BILLION)
    CHART X PAYROLL SOFTWARE MARKET REVENUE IN ROW, 2018–2025 ($BILLION)
    CHART X MAJOR STAKEHOLDERS IN THE MARKET

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