Payer payroll systems are advanced accounting techniques that are being adopted in various industry verticals, especially in the healthcare sector. These systems are efficient as they reduce paperwork, enable storage of large amounts of data, and also provide tax-related information such as tax deductions and tax-withholding. The need for payroll systems in Europe has been on the rise in recent years, mainly owing to an increase in the number of patients and a simultaneous increase in healthcare facilities in the region.
The European payer payroll market is the second largest contributor to the global payer payroll market, having accounted for a share of 23.30% in 2013. The European market is projected to grow at a CAGR of 5.2% from 2013 to 2018. The U.K. is the largest player in the European market, after recording a market share of 25.14% in 2013. France and Germany are the other major players in the payer payroll market in Europe. The French market segment is projected to grow at a CAGR of 5.4% during the given forecast period.
Europe is an industrially and technologically advanced region that houses some of the most advanced economies of the world. This has translated into various innovations and advancements in the healthcare sector. Moreover, there are a large number of stakeholders and healthcare equipment manufacturers who are pumping in huge investments in the European healthcare IT sector. Furthermore, there has been a significant rise in the number of healthcare facilities such as hospitals and clinics in Europe; thus, there is an inevitable need for more efficient accounting and recording systems in these facilities. These factors are expected to be the main drivers for the growth of the payer payroll market in Europe. The hospitals segment is the fastest-growing and largest end-user segment in the market; the segment had a share of 32.3% in 2013 that is projected to grow at a CAGR of 5.6% from 2013 to 2018. The major companies in the market are Infor (U.S.), Oracle Corporation (U.S.), and Aspect Software (U.S.), among others.
The European payer payroll market report provides an analysis on various segments of the concerned market. The European market has been segmented in terms of products, end-users, deployments, components, and major countries in the region. The payer payroll systems are deployed in three ways-cloud-based, on-premise, and web-based. The major consumers or end-users of the market are emergency healthcare providers, office-based physicians, nurses, and hospitals. In terms of components, the market has been segmented into hardware, software, and services. The main products of this market are integrated healthcare payer IT payroll and standalone healthcare payer IT payroll. The report also provides an analysis of the competitive scenario in Europe that also provides a strategic profiling of key players in the European payer payroll market.
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