Leading Global Payroll software provider, Ramco Systems announced that it has been named as a 2020 Technology Leader in Quadrant Knowledge Solutions‘ SPARK Matrix Analysis of the global Multi-Country Payroll Solution (MCP) market.
The Quadrant Knowledge Solutions SPARK Matrix includes a detailed analysis of global retail execution market dynamics, major trends, vendor landscape, and competitive positioning. The study provides a competitive analysis and ranking of 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.
According to Quadrant Knowledge Solutions, 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, advanced analytics, artificial intelligence, and machine learning is increasingly gaining market traction across industry verticals and various geographical regions.
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 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.
“Ramco, with its comprehensive payroll solution equipped with AI-driven and end-to-end payroll execution, has received strong ratings across the parameters of technology excellence and customer impact, and has been positioned amongst the top 3 technology leaders in the 2020 SPARK Matrix of the multi-country payroll solution market”, said Pallavi Bothra, Analyst at Quadrant Knowledge Solutions. “The company’s platform is equipped with advanced NLP-based intelligent chatbot service, machine learning, and RPA powered services to help enterprises transform Payroll strategy by automating traditional 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, Ramco is well positioned to expand its market share in the global multi-country payroll market”.
Commenting on being positioned as a leader in the Multi Country Payroll SPARK Matrix, Virender Aggarwal, CEO, Ramco Systems, said, “Our focus on leveraging artificial intelligence and machine learning in areas such as anomaly detection, reasoning engine and self-explaining pay slip have helped us stay ahead of others in the global payroll market. With compliance across 50+ countries and a roadmap to add 12 more in the coming year, we continue to win the trust of Fortune 500 & MNCs looking for a seamless payroll experience. We thank our customers and partners for supporting us in this journey which has cemented us as a leading payroll provider with innovative edge and delivering customer impact in the 2020 SPARK Matrix for Multi-Country Payroll.”
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, yet standardized payroll platform, as per requirement.