HR and Payroll Software in the US Industry Market Research Report from IBISWorld Has Been Updated

A rise in the volume of administrative work, resulting from improvements in the labor market, will increase industry demand over the next five years. For these reasons, industry research firm IBISWorld has updated a report on the HR and Payroll Software industry in its growing industry report collection.

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend
A rise in the volume of administrative work will increase industry demand.

New York, NY (PRWEB) August 18, 2014

Over the five years to 2014, the HR and Payroll Software industry has experienced robust growth. The industry has benefited from increased private investment in software and the need for businesses to cut costs as a result of the slow recovery following the recession. According to IBISWorld Industry Analyst Leah Goddard, “more companies are now performing back-office duties in-house, including HR and payroll services.” While higher corporate profit will enable companies to outsource more HR and payroll services in 2014, growth in the number of businesses and the level of software investment will continue to bolster industry demand. For these reasons, industry revenue is forecast to increase in 2014.

The industry generates revenue through the sale of new software, software license updates and subscription fees for online applications. Businesses use the software to automate administrative processes, while reducing the risk of litigation and other compliance issues. Companies also use the software to control labor costs, minimize risk and manage personnel. Large software companies rely on acquisitions to fine-tune their product portfolios. Software companies have increasingly acquired smaller, niche operators to fill gaps in their product portfolios. For instance, in 2012, both SAP SE and Oracle Corporation expanded their market share through the respective acquisitions of SuccessFactors and Taleo Corporation. Nevertheless, more software companies are continuing to enter the market through cloud computing to take advantage of rapidly rising demand for HR and payroll software.

Over the five years to 2019, revenue for the HR and Payroll Software industry is forecast to increase. The industry will benefit from increasing investment in software and widespread adoption of the software as a service (SaaS) business model. Using cloud computing, providers license their applications to customers on a subscription basis. “Some companies will return to outsourced HR and payroll providers as corporate profit increases,” says Goddard. Nevertheless, a rise in the volume of administrative work, resulting from improvements in the labor market, will increase industry demand over the next five years.

For more information, visit IBISWorld’s HR and Payroll Software in the US industry report page.

Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld.
Friend IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189.

IBISWorld industry Report Key Topics

The HR and Payroll Software industry develops software for the purpose of human resource and payroll management. This service is provided online or through proprietary software.

Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
Globalization & Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Major Companies
Operating Conditions
Capital Intensity
Key Statistics
Industry Data
Annual Change
Key Ratios

About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.


Contact