Market Analysis and Insights: Global Accounting, BMS, Payroll and HCM Software Market

Accounting software is a foundational technology for many companies, and as a business grows having a powerful, effective accounting solution becomes increasingly critical. Most accounting software packages offer the same basic features necessary for managing finances: accounts receivable, accounts payable, general ledger, billing and invoicing, purchase and sales orders, and reporting. Beyond basic functionality, the top accounting solutions offer additional features to give users more power, flexibility and customization. Oftentimes accounting solutions are closely integrated with other key software solutions.

Business Management Software (BMS) is a broad classification for several integrated applications that help run a business. In this report, Business Management Software (BMS) includes ERP. Enterprise resource planning (ERP) is the integrated management of core business processes, often in real-time and mediated by software and technology.

Human capital management (HCM) is the comprehensive set of practices for recruiting, managing, developing and optimizing the human resources of an organization. HCM has come to be nearly synonymous with the human resources (HR) function in organizations. In HR technology, the comprehensive software systems for managing HR processes differ little from HCM suites.

Payroll software is a system that automates and streamlines the process of paying a company’s employees. It may sound straightforward, but the payroll process includes a lot of tasks such as calculating deductions and withholdings, producing pay slips and tax forms (and other reports), processing or depositing payment directly to employee’s bank account, voiding payments if need be, and even printing checks. Payroll software simplifies and automates the aforementioned tasks to shorten cycle times and reduce manual errors.

Due to the COVID-19 pandemic, the global Accounting, BMS, Payroll and HCM Software market size is estimated to be worth US$ million in 2022 and is forecast to a readjusted size of US$ million by 2029 with a CAGR of % during the forecast period 2023-2029. Fully considering the economic change by this health crisis, HCM Software accounting for % of the Accounting, BMS, Payroll and HCM Software global market in 2022, is projected to value US$ million by 2029, growing at a revised % CAGR from 2023 to 2029. While SSB segment is altered to an % CAGR throughout this forecast period.

In the Middle East and Africa region, the major players in accounting, BMS, compensation and human capital management software are SAP, Oracle(NetSuite), Automatic Data Processing,Inc., Pachex, Microsoft, Intuit, Sage, Workday and IBM Corporation.

Global Accounting, BMS, Payroll and HCM Software Scope and Market Size

The global Accounting, BMS, Payroll and HCM Software market is segmented by company, region (country), by Type and by Application. Players, stakeholders, and other participants in the global Accounting, BMS, Payroll and HCM Software market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on sales, revenue and forecast by region (country), by Type and by Application for the period 2018-2029.


Segment by Type


HCM Software

Accounting Software

Payroll Software

BMS Software


Segment by Application


SSB

SMB

Enterprise

By Region

United States

Europe

China

Japan

Southeast Asia

India

Other Regions


By Company


SAP

Oracle(NetSuite)

Automatic Data Processing,Inc.

Pachex

Microsoft

Intuit

Sage

Workday

IBM Corporation

Infor

Kronos

Yonyou

Epicor

Unit4

Xero