BSH Speculates Payroll Software Market To Witness Massive Growth By 2026

It’s no surprise that many medium and large-scale businesses have been utilizing payroll software instead of manual processing for quite some time now. But until recently, despite widespread use, the significance of payroll software for organizations has been influenced by different controversial views. This has kept the payroll software market relatively low in performance, especially in traditional countries that present severe resistance to shifting from manual payroll processing to the integration of payroll software.

But surprisingly contradicting these patterns, payroll experts at BSH, one of the leading firms in the fast-growing global payroll business in the Middle East, speculate the payroll software market to witness massive growth by 2026.

Upon asking the reason for this speculation, the BSH experts said, “There are three main drivers that will drive growth in the payroll software market by 2026: Awareness, Adoption, and Development Of Payroll Technology.”

Addressing these drivers, the experts said, “The pandemic has been a wake-up call for the business world, where remote working has become the new normal. In such a context, businesses of all scales were forced to incorporate digital modes of payroll processing as a temporary solution. This increased the awareness of digital payroll concepts to employees in a much better way than any training program could as they were left with no option than adopting and using it.”

“The increasing digital adoption characteristics among employees during the pandemic has also made organizations take on digital initiatives, such as payroll software integration, and execute them effectively with employee engagement which we believe acts as a significant driver in surging demand and growth in the payroll software market”, they added.

Besides these influences, the experts also believe that businesses saw substantial benefits in terms of efficiency, cost-effectiveness, and productivity with the temporary digital payroll solutions they executed during the early pandemic phases. Adding to that, with the development of payroll technology, the payroll software market is continuously introducing new features that address all the specific payroll challenges that businesses of all scales and types are facing.

Data-friendly & audit-ready features, AI-powered payroll functions, integration of HR & payroll systems and improved data security & payroll transparency as part of the payroll software are some developments that have been implemented or are under the process of being integrated into future payroll software solutions.

“All these promising technological developments within the payroll market, added with increasing awareness, acceptance, and easy adoption to digital solutions, have effectively persuaded businesses to take the first-mover advantage of using payroll software and as a result is expected to drive massive growth in the market by 2026.” They concluded.

About BSH
Since 1993, BSH has been delivering state-of-the-art proprietary solutions to companies across the Middle East, enabling streamlined HCM processing and cost-effective practices. Their 12-year partnership with the world-leading ADP, coupled with a clientele spanning 300 multinational corporations operating in the Middle East, have made them a trusted leading regional figure in the fast-growing global payroll service.

For more information about BSH, please visit - https://bshsoft.com/

Business Systems House FZ-LLC
1412 Grosvenor Business Tower
Al Fosool St, Barsha Heights
P.O. Box 500090
Dubai, United Arab Emirates

Your trusted partner for Payroll and HCM services across the Middle East