CLOUD BASED PAYROLL SOFTWARE MARKET IS EXPECTED TO GROW AT A CAGR OF 10.3% DURING THE FORECAST PERIOD 2019 – 2027
The key factor influencing the global cloud based payroll software market is the cost efficiency of the software. The easy availability and cost effectiveness of the cloud based payroll software has enabled the market players operating in cloud based payroll software market to gain customer attraction. Irrespective of enterprise size, several organizations are adopting the cloud based payroll software attributing to the benefits offered by the software. Some of the benefits include; the software automatically updates all the information and continues to update the same routinely, and also reduces the time and labor to back up data of every employee, thereby mitigating the risk of data loss or damage. Additionally, these software are easy to integrate with other software, which enables the human resource teams to update an employee’s information in one place and the same information is fetched by cloud based payroll software for further functions. This factor also reduces the risk associated with human error.
Large organizations have massive workforce, and to maintain such huge database, update the same routinely is a laborious process, which is heavily reduced by the usage of cloud based payroll software. This factor has increased the procurement of cloud based payroll software which has facilitated the cloud based payroll software market to witness upsurge in the recent years. The cloud based payroll software market is poised to propel in the coming years owing to constant up gradation of cloud technology in the current market scenario. The software developers operating in cloud based payroll software market is also engaging themselves in advancement of their solutions. The continuous up gradation is anticipated to create substantial market space for cloud based payroll software market to grow.
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Several well-established and Tier 2 companies are operating in cloud based payroll software market with local and multi-national geographic locations also contribute substantial market share year on year, by innovating robust technologies and solutions. Few on the important developments from the industry are mentioned below:
CERIDIAN, PAYCOM, AND SAP – Notable Market Participants In Cloud Based Payroll Software Market
Payroll management is among the crucial part of human resource teams across industries. The traditional methods of payroll management are time-consuming and also involves human risks. In the recent time, various software developing companies have innovated robust payroll management software, which has eased the human resource teams to streamline their payroll management task. Cloud based payroll software are very adaptable and helps the teams to easily manage different accounts at a time. These cloud based payroll software also enables employees to access their accounts to view work hours, pay slips and leave status among others. These benefits have impressed several large organizations as well as SMEs operating in various industries globally. The cloud based payroll software market is experiencing significant demand in the current market scenario, attributing to the increasing awareness of its benefits among the enterprises.
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
- Telecom & IT
- Non-Profit Organizations
- Public Sector
Global Cloud Based Payroll Software Market – By Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America (SAM)
- Automatic Data Processing, Inc.
- Ceridian HCM, Inc
- Intuit, Inc
- Oracle Corporation
- Paychex, Inc.
- Paycom Software, Inc.
- The Sage Group plc
- SAP SE
- Xero Ltd.
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