The Quadrant Knowledge Solutions SPARK Matrix™ includes a detailed analysis of global multi-country payroll market dynamics, major trends, vendor landscape, and competitive positioning. The study provides a competitive analysis and ranking of the leading multi-country payroll vendors in the form of its SPARK Matrix, providing strategic information for users to evaluate different vendor capabilities, competitive differentiation, and market position.
The multi-country payroll market is currently transitioning from early adoption to the rapid growth stage of the overall product lifecycle. While multi-country payroll is essentially around for several years, the current advanced solutions powered by robotic process automation (RPA), advanced analytics, artificial intelligence, and machine learning is increasingly gaining market traction across industry verticals and various geographical regions. Businesses around the world are turning to multi-country payroll solutions to effectively navigate their way through the global pandemic by ensuring that the employee payroll cycles are getting streamlined, and that the organizations are remaining competitive through their pursuit of payroll processing excellence.
Driven by the impact of Covid-19 on the global economy, major industries across diversified areas, are facing significant challenges and a negative growth rate. Covid-19 has also impacted the market for overall digital transformation and enterprise software, including the multi-country payroll (MCP) technology market. The multi-country payroll platform market which has grown by 18.5% in 2019 and is expected to grow at a CAGR of 13.4% from 2020-2025. Despite of the fact that the majority of the technology market is witnessing negative growth due to the on-going pandemic across the global regions, the market growth for multi-country platforms still has a positive growth in the year 2020. Global multi-country payroll vendors continue to gain significant market traction with direct inquiries from various medium to large-sized organizations and their partner networks.
The multi-country payroll platform’s key value proposition of designing, visualizing, and delivering payroll through comprehensive employee information is obtained through various data sources. The global demand for multi-country payroll is increasing due to the capability of the platform to seamlessly process the payroll activity automatically, resulting in uniformity and reduction in discrepancies apart from reducing the risk of human error. Additionally, the platform’s ability to adapt to the frequent & dynamic improvements in compliances, ensures adherence to the latest legal regulations, safeguarding them from future legal actions. The multi-country payroll platforms are governed by the requirement of global payroll, which would rise with the market adoption of third-party payroll solutions against in-house processing of payroll. This can only happen when the payroll vendors provide a scalable, customized, yet standardized payroll platform, as per requirement.
“Sopra HR, with its comprehensive payroll, talent & HR management solutions equipped with an innovative digital transformation capability, has received strong ratings across the parameters of technology excellence and customer impact, and has been positioned as the technology leader in the 2020 SPARK Matrix of the multi-country payroll solution market,” said Pallavi Bothra, Analyst at Quadrant Knowledge Solutions.
“Sopra HR solution comes with an in-built core HR, payroll, time & attendance, HR administration and robust interoperability, along with strong UI/UX tools and real-time consolidated reporting capability – helping enterprises transform their HR strategy by digitalizing HR transactions, improving operational processes, and driving business benefits across functions. With its robust technology platform, comprehensive functional capabilities, and compelling product strategy and roadmap, Sopra HR is well positioned to expand its market share in the global multi-country payroll market,” adds Pallavi.
“We are delighted to be positioned as a leader in Multi-Country Payroll Solutions by Quadrant Knowledge Solutions. Innovation, employee experience and multi-country payroll are at the heart of our strategy. We are continuously investing and innovating to improve and extend our solution to accompany our customers on their HR digital transformation journey, alongside meeting the right compliance rules wherever they are needed,” said Mauricio Potente, Deputy EMEA Managing Director at Sopra HR.
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