In 2022, the global Human Capital Management (HCM) and payroll applications software market grew by 11.7%, maintaining steady growth despite economic challenges. The top seven vendors, including Workday, UKG, SAP, ADP, and others, captured 49.1% of the market, similar to 2021. Workday led with a 12.8% market share and 20.5% growth, followed by UKG and ADP. Paycom surged to the top of the payroll applications market with 10.1% share and 33.1% growth. The strong performance of cloud-based solutions, particularly in the SMB sector, indicates a shift in market dynamics, with newer entrants gaining ground.

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