Cloud Based Payroll Software Market to grow tremendously at a CAGR Value of 10.3% by 2027
The global cloud based payroll software market valued at US$ 7.34 Bn in 2018 and is expected to grow at a CAGR of 10.3% during the forecast period 2019 – 2027, to account to US$ 17.39 Bn by 2027.
The cloud-based payroll infrastructure is maintained and hosted by the third party server and the cost of implementation of cloud-based solutions is lower than that of the on-premise solutions. Further, the use of multiple platforms to manage different HR processes is impractical and time consuming. An edge that cloud-based payroll software have is their ability to offer just about any HR management need. Apart from payroll, these solutions also offer time and attendance along with HR and benefits administration competences all from a single platform. Such benefits are expected to fuel the cloud based payroll software market growth globally.
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Market Insights
Amalgamation of Artificial Intelligence (AI) in cloud-based payroll software is expected to be the trend in the coming years
Customized integration solutions are changing the way businesses operate. Connecting the cloud-based payroll software application with the Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Content Management System (CMS) software would further enhance the operations of the businesses. The user of a more technologically advanced software would then have a visibility into the different aspects of the company’s accounts and therefore, prepare a more deeply entrenched financial strategy for the organization.
High Cloud Based Payroll Software growth opportunity in ASEAN market
Several countries in the region have experienced the emergence of cloud infrastructure in Asia Pacific lately, which is anticipated to fuel the growth of cloud based payroll software market in Asia Pacific during the forecast period. Among the Asia Pacific countries, China contributed the maximum market share in 2018, owing to the presence of large number of industries with huge employee base per company.
Industry Vertical Insights
The Cloud Based Payroll Software market is segmented based on Healthcare, Manufacturing, Telecom & IT, BFSI, Retail, Hospitality, Public Sector, and others. The healthcare industry is foreseen to create significant space in the cloud based payroll software market during the forecast period. With an objective to simplify the payroll management systems, several hospitals and pharmaceutical companies are procuring cloud based payroll software. The future of cloud based payroll software market is prominent owing to the significant rising number of hospitals and pharmaceutical companies in the developed countries as well as the developing countries.
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Global Cloud Based Payroll Software Market – By Organizational Size
- SMEs (Employee Size <250)
- Employee Size <50
- Employee Size 50-99
- Employee Size 100-250
- Large Enterprises (Employee Size>250)
Global Cloud Based Payroll Software Market – By Industry Verticals
- Healthcare
- Manufacturing
- Telecom & IT
- BFSI
- Retail
- Hospitality
- Non-Profit Organizations
- Public Sector
- Others
Global Cloud Based Payroll Software Market – By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Russia
- UK
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- China
- India
- Australia
- Japan
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America (SAM)
Company Profiles
- Automatic Data Processing, Inc.
- Ceridian HCM, Inc
- Intuit, Inc
- Oracle Corporation
- Paychex, Inc.
- Paycom Software, Inc.
- The Sage Group plc
- SAP SE
- Xero Ltd.
- Zenefits
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