Technology has changed the way human resources departments operate for the better, and the HR payroll software market is likely to continue growing at an impressive rate, according to a report from ResearchAndMarkets.com. The report claims that the HR payroll software market was valued at $23.55 billion in 2021, and could reach more than $55 billion by 2031, growing at a compound annual growth rate (CAGR) of 9.16%.
HR payroll software has become an invaluable component of modern business, managing financial records, benefits, salaries, bonuses, and much more. With the rise of remote work, as well as companies always looking to cut costs where they can, these systems have become indispensable for maximizing the operational efficiency of enterprises large and small. Companies such as ADP, Paycom, and SumTotal Systems are among the companies vying for market dominance, in addition to tech giants like Oracle.
Digital transformation across industries is one factor in the proliferation of HR payroll software, and although on-site solutions have dominated the market, the cloud segment is predicted to grow at an impressive CAGR of 11.5%. This is likely due to the ease of maintenance, lower costs, and possible scalability, in addition to potential future innovations.