Payroll software automates, organizes, and simplifies complex compensation planning and enables managers to improve budget allocations, increase accuracy, and align compensation decisions with organizational guidelines. Enterprises are implementing payroll software to make better compensation decisions while reducing cycle times with up-to-date, accurate, and auditable processes. Cloud-based payroll software is being installed by companies as it is economical and improves the efficiency of the compensation and review processes. The growing acceptance of cloud-based payroll software can be attributed to its advantages over the traditional payroll process. Cloud-based payroll software enables organizations to access data and services remotely through a web-browser without installing and managing application software. Cloud-based payroll software also provides flexibility in the deployment and has a short implementation time. This reduces implementation cost and improves the return on investment. One of the main benefits of cloud-based payroll software is the ability to access it from anywhere.
Scope of the Report:This report studies the Cloud-based Payroll Software market status and outlook of Global and major regions, from angles of players, countries, product types and end industries; this report analyzes the top players in global market, and splits the Cloud-based Payroll Software market by product type and applications/end industries.
According to the report, one of the major drivers for this market is Reduction in TCO. For traditional on-site security software, TCO includes a high upfront software license cost and software implementation cost coupled with a high maintenance cost. In the case of cloud, cloud vendors are responsible for the implementation, maintenance, updates, and backup of software, thereby reducing the need for internal IT administration. In addition, the pricing model of cloud-based payroll software is based on the pay-per-use model, where customers pay according to their use of the services, as opposed to a traditional on-site model that requires a one-time substantial capital investment and ongoing operational costs.
The global Cloud-based Payroll Software market is valued at xx million USD in 2020 and is expected to reach xx million USD by the end of 2026, growing at a CAGR of xx% between 2020 and 2026.
The Asia-Pacific will occupy for more market share in following years, especially in China, also fast growing India and Southeast Asia regions.
North America, especially The United States, will still play an important role which cannot be ignored. Any changes from United States might affect the development trend of Cloud-based Payroll Software.
Europe also play important roles in global market, with market size of xx million USD in 2020 and will be xx million USD in 2026, with a CAGR of xx%.
Market Segment by Companies, this report covers ADP
CoreHR
Oracle
Paychex
SAP Success Factors
Ultimate Software
Workday
Aditro
Advanced
Affinity
Ascentis
BenefitMall
beqom
Ceridian HCM
CloudPay
Datacom
Execupay
Gusto
iAdmin
IRIS Software
Paycom
Payroo
Sage (UK)
SmartPayroll Australia
Market Segment by Regions, regional analysis covers North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Market Segment by Type, covers Business Software
Cloud ERP Software
Services Automation
Market Segment by Applications, can be divided into SMEs
Large Enterprises
Frequently Asked Questions
The base year for the study has been considered 2019, historic year 2014 and 2018, the forecast period considered is from 2020 to 2027. The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. These regions are further analyzed at the country-level. The study also includes attractiveness analysis of type, application and regions which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunity for understanding the future growth of the market.
Market is segmented on the basis:
- By Type
- By Application
- By Region
- By Country
- By Manufacturer
The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2019 to 2026.
The report provides company profile of the key players operating in the market and a comparative analysis based on their business overviews industry offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
