Payroll, HR Solutions, and Services Market Size

Payroll and HR Solutions & Services Market size is poised to reach USD 110 Billion by the end of 2036, growing at a CAGR of 9% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of the payroll and HR solutions & services was USD 39 Billion, and the growth is propelled by the increasing adaptation of digitization technology by several businesses to streamline their operations and improve their efficiency, as about 89% of the companies have already adopted the digital-first in their business strategy or are either planning to do so. This acts as a surge in the growing demand for cloud-based HR solutions that offer automation, and improved accessibility for employees as well as the HR personnel.

For instance, according to a report, 91% of businesses are mainly engaged in a form of digital initiative, and about 87% of senior business leaders say digitalization is a priority for their business.

Furthermore, the modern workforce is highly diverse and has an extremely shifting expectation. HR solutions that cater to these needs, such as mobile access, and talent management tools, are in high demand. Furthermore, the rise of SMEs has created a large market segment, seeking a cost-effective and scalable HR solution.