05-Aug-2022 | Facts and Factors
According to Facts and Factors, the global cloud based payroll software market size was worth around USD 8,429.50 million in 2021 and is estimated to grow to about USD 12161.90 million by 2028, with a compound annual growth rate (CAGR) of approximately 6.30%over the forecast period. The report analyzes the Cloud-based payroll software market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the cloud based payroll software market.
Cloud based payroll software is a system that monitors, maintains, and automates employee payments through the use of commercial cloud deployment. It also interfaces with other essential company systems to guarantee that employees are paid correctly and on schedule. Cloud payroll software is frequently used to generate tax forms, calculate income garnishment, and make direct salary payments. It also provides real-time insights, analytics, and aggregated payroll data. With the effective adoption of cloud-based payroll software, an organization's HR department may measure the hours each employee has worked. This data is used to compute salary compensation. Owing to the rise in demand for cloud based payroll software, the global cloud based payroll software market is estimated to grow at a CAGR of 6.30% during the forecast period.
Browse the full “Cloud Based Payroll Software Market Size, Share, Growth Analysis Report By Product Type(Free & Open-source Software and Subscription-based Software), By Organization Size (Small & Medium-Sized Enterprises and Large Enterprises), By Application (Government, I.T. Sector, Defense, BFSI (Banking, Financial Services, and Insurance), Education and Others ), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/cloud-based-payroll-software-market
The cost-effectiveness of cloud-based payroll software over on-premises software drives demand for cloud-based payroll software. Over on-premise systems, cloud-based payroll software delivers smooth payroll outsourcing, including leave management solutions, workers compensation administration, and lower tax liability. Such advantages are expected to increase the usage of cloud-based payroll software throughout the forecast period. Increased demand for payroll software among small and medium-sized businesses to improve work efficiency is another driver driving market expansion. These solutions include time, attendance, and HR and benefits administration capabilities from a single platform. Such advantages are projected to propel the global development of the cloud based payroll software market.
The emerging companies are also seeing considerable growth in clientele and revenue due to the low entry barrier to the cloud-based payroll software market, smoothing the growth path of the market in emerging nations. The market for cloud-based payroll software is expected to grow significantly in the future due to the competitive cost of businesses in this sector and their increased desire to use advanced technologies. Giving regulatory authorities a correct economic or monetary value for ecological damage is difficult, especially when employing environmental assessment techniques. Although mitigation banks must be located in the same watershed as the effect to be considered appropriate compensation, mitigation banks are typically located far from the actual impact location.
The global cloud based payroll software market is segregated based on product type, organization size, application, and region. Based on product type, the market is divided into free &open-source software and subscription-based software. Among these, the subscription-basedsoftwaresegment dominated the market in 2021. Based on organization size, the market is divided into small &medium-sized enterprises and large enterprises. Among these, the small &medium-sized enterprises segment dominated the market in 2021. The market is divided into government, IT sector, defense, BFSI (banking, financial services, and insurance), and education. Over the forecast period, the government segment is expected to develop at the fastest rate in 2021.
The global cloud based payroll software market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to dominate the global cloud based payroll software market in 2021. North America's supremacy is primarily responsible for the significant number of cloud-based payroll software market players in the US. The trend of adopting newer technology is continually higher in the United States. Multiple organizations from various industries densely inhabit the country regarding the industry landscape.
Market Size in 2021
USD 8,429.50 Million
Projected Market Size in 2028
USD 12161.90 Million
CAGR Growth Rate
Key Market Players
Abbott Laboratories, Sage Group, Oracle Corporation, Paycom Software Inc., FinancialForceSoftware, Ascentis H.R. Software, IRIS Software Group Ltd., Kronos Incorporated, Zenefits Software, Ceridian HCM Inc., ADP, SAP SE, and Others
By Product Type, Organization Size, Applications, and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
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Key players in the global cloud-based payroll software market include Abbott Laboratories, Sage Group, Oracle Corporation, Paycom Software Inc., FinancialForceSoftware, Ascentis HR Software, IRIS Software Group Ltd., Kronos Incorporated, Zenefits Software, Ceridian HCM Inc., ADP, SAP SE and Others.
- In July 2021, with improved skill-based scheduling and AI-enabled forecasting, ADP helped businesses of all sizes adapt to the continuously changing needs of their employees by growing its workforce management (WFM) customer base to more than 100,000 clients.
- In September 2020, three new solutions, including covid19 leave tracking, covid19 screening, and health attestation support, will be made available in paychexflex to help its customers meet evolving business and wellness needs, according to Paychex Inc., a leading provider of HR, payroll, benefits, and insurance solutions.
The global cloud based payroll software market is segmented as follows:
By Product Type
- Free & Open-source Software
- Subscription-based Software
By Organization Size
- Small & Medium-Sized Enterprises
- Large Enterprises
- I.T. Sector
- BFSI (Banking, Financial Services, and Insurance)
- North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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