Facts and Factors Market Research has published a new report titled “Cloud Based Payroll Software Market By Product Type (Free & Open-source Software and Subscription based Software), By Organization Size (Small & Medium-Sized Enterprises and Large Enterprises), and By Application (Government, IT Sector, Defense, BFSI (Banking, Financial Services, and Insurance), Education, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.
According to the report, the global cloud based payroll software market was valued approximately USD 7,992 million in 2018 and is expected to reach a value of around USD 14,257 million by 2027, at a CAGR of around 6.6 % between 2019 and 2027.
Cloud-based software mechanizes, arranges, and simplifies complicated compensation planning and assists managers to enhance budget allocations, raise accuracy, and align compensation decisions with organizational structure & policies. The launching of cloud services in HR, as well as payroll domain, will boost the efficacy of both employees & employers. Today, firms are deploying payroll software that helps in delivering effective compensation decisions while minimizing cycle times through auditable, upgraded, and authentic methods. Moreover, cloud-based payroll software is being deployed by firms as it is cost-efficient and enhances the proficiency of reimbursement systems as well as review methods.
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Massive need for safe cloud backup of employee information to boost market trends
The HR department is able to calculate the employee working hours and thereby determine the salary compensation through the usage of the cloud based payroll software. The software product offers a high level of security to the payroll & HR data and this, in turn, is likely to boost the growth of the cloud based payroll software industry over the forecast timeline.
Furthermore, cost-effectiveness in deployment and up gradation with the latest anti-virus protection along with system improvements will further boost the market expansion over the forecast timeline. Apart from this, cloud-based payroll software also informs the users about their compliance status as well as changes in the regulations or rules of the firm. It also helps the firms provide the staff the access to their own information on the web portal. Nevertheless, growing concerns over security as well as the confidentiality of the employee data can pose a threat to the growth of the market over the forecast period.
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Subscription based software to dominate the product type segment
The growth of the segment is credited to subscription based software helping in effective planning of payroll methods as well as HR policies for both large firms as well as small & medium-sized firms.
Small & Medium-Sized Enterprises segment to record the highest CAGR over the forecast period
The small & medium-sized enterprises segment is predicted to register a CAGR of 7.2% over the forecast timeline. The growth of the regional market is credited to the high acceptance of the product by the small & medium-sized firms across the globe.
North America to majorly account for the overall regional market revenue share by 2027
The growth of the regional market is attributed to the high presence of the manufacturers and thriving IT sector in the countries like the U.S. In addition to this, huge customer preference for technologically innovative interface software will further boost the regional market growth over the forecast timeline.
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Key players involved in the cloud based payroll software industry includes The Ultimate Software Group, Inc., IRIS Software Group, Ltd., Sage Group plc, Lucerna, LLC, Paycor, Inc., Paychex, Inc., Ascentis HR Software, Accentra Technologies Limited, Kronos Software, Personnel Data Systems, Inc., SAP Success Factors, Criterion, Inc., Workday, Inc., Oracle Corporation, Zenefits Software, FinancialForce Software, and ADP, LLC.
This report segments the cloud based payroll software market as follows:
Global Cloud Based Payroll Software Market: By Product Type Segment Analysis
- Free & Open-source Software
- Subscription based Software
Global Cloud Based Payroll Software Market: By Organization Size Segment Analysis
- Small & Medium-Sized Enterprises
- Large Enterprises
Global Cloud Based Payroll Software Market: By Application Segment Analysis
- IT Sector
- BFSI (Banking, Financial Services, and Insurance)
Global Cloud Based Payroll Software Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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