The global HR payroll processing was valued at almost USD 18 billion during 2016 and is expected to surpass USD 24 billion by 2021.
Procurement market intelligence analysts have released a new procurement report on HR payroll processing for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that influence the growth of the HR payroll processing market during the forecast period. Some of the top vendors listed in this industry analysis include ADP, Paychex, Ceridian, NGA HR, and Intuit.
In terms of geographical analysis, North America dominated the global market by accounting for around 64% of the overall market share during 2016.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The demand for integration of HR processes among organizations is on the rise. The integration of HR processes into a single system helps reduce the complexity of using multiple tools and software for different functions such as recruitment, benefits administration, and payroll processing. It also helps reduce the time consumed in performing such activities.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Need to reduce operational costs
Organizations are increasingly preferring to employ payroll service providers to bring about cost efficiency in terms of maintaining payrolls as well as investing in payroll-related technologies and software. Outsourcing their payroll helps buyers reduce overall costs by more than 30%.
Demand for dedicated payroll specialists
Payslip processing becomes more complex as the organization grows, resulting in payslip errors and delays in issuance. As a result, the demand for payroll specialists that can handle such complexities efficiently without errors is on the rise.
Need for multi-country payroll services
Many MNCs find it difficult to comply with various countries’ industry regulations and keep payroll integration costs in check. This creates the demand for multi-country payroll services provided by a single supplier that can help companies centralize and standardize their core payroll activities, deal with regulatory requirements of different regions, and reduce operational risks.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global HR Payroll Processing – Procurement Market Intelligence 2017’.
