Global Cloud-based Payroll Software Market is valued approximately at USD XX billion in 2019 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2020-2026. The global Cloud-based Payroll Software Market is being affected due to the coronavirus pandemic as employees are asked to work from home and organizations are temporary shutdown. So various companies have temporarily stopped all new hiring and some have reduced team size. Payroll software organizes, and simplifies complex compensation planning and enables managers to improve budget allocations, increase accuracy, and align compensation decisions with organizational guidelines. Cloud-based payroll software is being installed by companies as it helps managers to improve accuracy as well as compensation and review processes. The cloud-based payroll software can be accessed from anywhere and helps organizations to access data and services remotely through a web browser without installing and managing application software. The secured cloud-backup of employee data, advantages over on-premise solutions and ease of system enhancements & updates are the few factors responsible for growth of the market over the forecast period. Furthermore, the rising advancements and other strategic alliance by market key players will create a lucrative demand for this market. For instance: as per Company’s news release in November 2017, FinancialForce agreed a partnership with ADP. This partnership provided the access to ADP’s portfolio of HCM cloud solution including payroll services across the globe. However, security issue is the major factor restraining the growth of global Cloud-based Payroll Software market during the forecast period.
The regional analysis of global Cloud-based Payroll Software market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world owing to the presence of large number of industries with huge employee base per company. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026.
Major market player included in this report are:
ADP Inc.
Sage Group
Zenefits Software
Kronos Incorporated
Ascentis HR Software
Oracle Corporation
Paycom Software Inc.
Ceridian HCM Inc. (Morneau Sheppell Inc.)
FinancialForce Software
IRIS Software Group Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type:
Free and Open-Source Software
Subscription-Based Software
By Organization Size:
Small- and Medium-Sized Enterprises
Large Enterprises
By Application:
Government
Defense
Education
Banking, Financial Services, and Insurance (BFSI)
IT
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global Cloud-based Payroll Software Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
