– Automatic Data Processing, Inc.
– Ceridian HCM, Inc
– Intuit, Inc
– Oracle Corporation
– Paychex, Inc.
– Paycom Software, Inc.
– The Sage Group plc
– SAP SE
– Xero Ltd.
– Zene”
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.
The cloud-based payroll solution operates on a pay-as-you-grow subscription model, which makes the planning of payroll processes and HR policies much easier in comparison with on-premise implementation. Cloud-based implementation also enables the import and storage of huge amount of payroll data, tax, and employee details. Hence, cloud-based deployment is cost-effective and provides a more predictable and flexible budgeting for large enterprises and SMEs.
The biggest advantage of implementing cloud-based payroll software for organizations is the reduction in the CAPEX for organizations. With the cloud-based deployment, organizations need to pay as per their usage of software on a subscription basis. The end-user using the software does not have to pay for owning the software, instead the software is owned, maintained and upgraded by a third-party vendor. This further allows organizations to improve their technological aspects and focus more on their core competencies.
The cloud based payroll software market by organizational size is dominated by the SMEs segment in 2018. Over the last few years, the cloud-based payroll software was presumed to be used only by the larger organizations based on hosted on-premises model. The rapid expansion of cloud-based services later on paved the way for development of a highly dynamic and competitive software industry. Advent of cloud in the payroll software changed the business dynamics as the SMEs showed high interest in the implementations of these software owing to the cost saving achieved with the cloud based model.
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.
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Organizational Size Insights
The global cloud based payroll software market by organizational size was led by SMEs. Today, many accountants, payroll bureaus and small business owners manage payments to employees and suppliers. This process can be highly manual and involve insecure file transfers between different software solutions and systems. Accountants and payroll bureaus that manage this process on behalf of several clients and across multiple bank accounts find this manually intensive process time-consuming and error prone. Currently, SMEs are also opting for cloud-based solutions in order to bring efficiency to work, which is driving the global cloud based payroll software market.
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.
Exhibit: Asia Cloud Based Payroll Software Market by Industry Vertical
Strategic Insights
Several well-established and tier2 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 of the recent developments are listed below:
2018: Paycom Software, Inc. announced expansion in Columbus with the opening of its new office. The new office would be led by the sales manager and the new office would feature additional personnel for client relations and implementation.
2018: Paychex announced acquisition of Lessor Group provider of payroll and human capital management (HCM) software solutions headquartered in Denmark. The acquisition is expected to provide client and revenue growth opportunities to the company.
2018: SAP SE unveiled updated and new features to the SAP SuccessFactors HCM Suite. These new and updated features will make it easier for HR leaders around the world to comply with privacy laws and data protection.
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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)
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– The key findings and recommendations highlight crucial progressive industry trends in the Cloud Based Payroll Software Market, thereby allowing players to develop effective long term strategies.
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– Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
– Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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