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PAYROLL & HR SOLUTIONS & SERVICES

Global Market Trajectory & Analytics

MCP16672

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  •  DATE

    JULY 2020

  •  TABLES

    204

  •  PAGES

    280

  •  EDITION

    6

  •  PRICE

    USD $5450

COVID-19 IMPACT SURVEY
Amid the COVID-19 crisis, the global market for Payroll & HR Solutions and Services estimated at US$21.9 Billion in the year 2020, is projected to reach a revised size of US$38.4 Billion by 2027, growing at a CAGR of 8.3% over the analysis period 2020-2027.Cloud, one of the segments analyzed in the report, is projected to grow at a 9% CAGR to reach US$18.3 Billion by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the On-Premise segment is readjusted to a revised 8.1% CAGR for the next 7-year period. This segment currently accounts for a 34.8% share of the global Payroll & HR Solutions and Services market.
The Payroll & HR Solutions and Services market in the U.S. is estimated at US$5.9 Billion in the year 2020. The country currently accounts for a 27% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$8.8 Billion in the year 2027 trailing a CAGR of 12.6% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.5% and 7.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 5.4% CAGR while Rest of European market (as defined in the study) will reach US$8.8 Billion by the year 2027.
In the global Hybrid segment, USA, Canada, Japan, China and Europe will drive the 6.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3.3 Billion in the year 2020 will reach a projected size of US$5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$5.3 Billion by the year 2027, while Latin America will expand at a 8.3% CAGR through the analysis period. We bring years of research experience to this 6th edition of our report. The 280-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Competitors identified in this market include, among others, Automatic Data Processing, Inc. (ADP); Intuit, Inc.; Jobvite, Inc.; Kronos, Inc.; Oracle Corporation; Paychex, Inc.; Paycom; Paycor, Inc.; Paylocity; Ramco Systems Ltd.; Sage Group plc; SAP SE; TMF Group B.V.; TriNet Group, Inc.; Ultimate Software Group, Inc.
» Deployment (Cloud, On-Premise, Hybrid) » Enterprise Size (Small & Medium Enterprises (SMEs), Large Enterprises)
» World » United States » Canada » Japan » China » Europe » France » Germany » Italy » United Kingdom » Spain » Russia » and Rest of Europe » Asia-Pacific » Australia » India » South Korea » and Rest of Asia-Pacific » Latin America » Argentina » Brazil » Mexico » and Rest of Latin America » Middle East » Iran » Israel » Saudi Arabia » United Arab Emirates » and Rest of Middle East » and Africa

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