Cloud Based Payroll Software Market Trends 2021-2031
The cloud based payroll software market size is projected to reach US$ 28307.94 million by 2031 from US$ 11354.83 million in 2023. The market is expected to register a CAGR of 12.1% during 2023–2031. Increasing adoption of cloud integration for cloud operations is likely to remain a key trend in the market.
Cloud Based Payroll Software Market Analysis
A payroll management system has increasingly become essential to operate and control employees' salaries, and a cloud-based payroll system is a massive support for organizations operating remotely, including the payroll department. Cloud-based payroll software collects, manages, and maintains employee data to automate employee payments remotely. Also, it helps businesses reduce their operational costs while staying aligned with the latest financial and legal obligations. By using cloud-based payroll software, employees' salaries can be disbursed from anywhere securely. Also, businesses can improve their efficiency by deploying new software with reduced internal staffing requirements and minimum risk. Owing to the cost-avoidance approach for managing payroll operations through effective governance structures and adopting leading practice processes and controls, the demand for cloud-based payroll software is growing significantly with the expansion of BFSI and IT & telecom industries. Many SMEs are expected to boost the demand for cloud-based payroll software in the coming years. Thus, the growing number of SMEs is projected to offer lucrative opportunities for the cloud-based payroll software market in the future.
Cloud Based Payroll Software Market Overview
Payroll software is a cloud-based platform that maintains, manages, and automates payments to employees. Integrated, Robust, and properly configured payroll software can help organizations of all sizes maintain other financial regulations, and compliance with tax laws and reduce costs. This frees human resources (HR) teams from routine tasks so that they can focus more on budgeting, planning, and other business-forward initiatives. One of the fundamental benefits of cloud-based payroll systems is that information can be retrieved from anywhere via a mobile or desktop computer device.
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Cloud Based Payroll Software Market: Strategic Insights
Cloud Based Payroll Software Market
-
CAGR (2023 - 2031)
12.1%
-
Market Size 2023
US$ 11354.83 Million
-
Market Size 2031
US$ 28307.94 Million
Market Dynamics
GROWTH DRIVERS
- Ease of System Enhancements and Updates
FUTURE TRENDS
- Increasing adoption of cloud integration for cloud operations
OPPORTUNITIES
- Increasing security measures for security
Key Players
- The Sage Group plc
- Moorepay Limited
- Automatic Data Processing Inc
- Xero Limited
- Ceridian HCM Inc
- MYOB Australia Pty Ltd
- Microkeeper
- ELMO Software
- Webscale Pty Ltd
- Telenox Pte Ltd
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Component
- Software
- Services
Organization Size
- Small and Medium Enterprises
- Large Enterprises
Industry Vertical
- BFSI
- Manufacturing
- Healthcare
- IT and Telecom
- Retail
- Hospitality
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Cloud Based Payroll Software Market: Strategic Insights
-
CAGR (2023 - 2031)12.1% -
Market Size 2023
US$ 11354.83 Million -
Market Size 2031
US$ 28307.94 Million
Market Dynamics
- Ease of System Enhancements and Updates
- Increasing adoption of cloud integration for cloud operations
- Increasing security measures for security
Key Players
- The Sage Group plc
- Moorepay Limited
- Automatic Data Processing Inc
- Xero Limited
- Ceridian HCM Inc
- MYOB Australia Pty Ltd
- Microkeeper
- ELMO Software
- Webscale Pty Ltd
- Telenox Pte Ltd
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Software
- Services
- Small and Medium Enterprises
- Large Enterprises
- BFSI
- Manufacturing
- Healthcare
- IT and Telecom
- Retail
- Hospitality
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Cloud Based Payroll Software Market Drivers and Opportunities
Ease of System Enhancements and Updates
Payroll should be managed efficiently, as inaccuracies in payroll calculation and processing might hamper employees' experience in the organization. Furthermore, cloud-based payroll management software is generally easy to set up and execute timely updates. Employees can easily utilize this software, and the vendors also provide a training guide to understand the software. Since the software is easy to install and update, the implementation of this software has increased significantly to ease the employees' work. As online payroll software is easy to use and helps navigate quickly, payroll software vendors allow end users to pay as per business requirements in terms of increasing or decreasing the number of users. Finance is a crucial tool for any organization, regardless of its size, size, or industry. To enhance payroll management, the increasing demand for payroll software increases the growth of the cloud-based payroll software market.
Increasing security measures for security
Workplace safety is a requirement, not an option. It is more important than ever for firms to prioritize workplace security as they transition to a hybrid working paradigm. The emergence of the digital age has led to an increase in the frequency of data breaches and cyberattacks. Sensitive data is protected in part by cyber security tools, including firewalls, antivirus programs, and encrypted communication channels. To guarantee that these systems are capable of fending off the most recent attacks, regular updates are necessary. Cloud based payroll software has a plethora of security features that provide a strong barrier against the threat of data exposure. It is a fortress with multi-factor authentication at the entry, protecting vital payroll data with encryption. Therefore, increasing security measures for security are creasing various opportunities for the market.
Cloud Based Payroll Software Market Report Segmentation Analysis
Key segments that contributed to the derivation of the cloud based payroll software market analysis are component, organization size, and industry vertical.
- Based on the component, the cloud based payroll software market is divided into software and services. The software segment held a larger market share in 2023.
- By organization size, the market is segmented into small and medium enterprises and large enterprises. The large enterprises segment held a larger market share in 2023.
By industry vertical, the market is segmented into BFSI, manufacturing, healthcare, it and telecom, retail, hospitality, and others.
Cloud Based Payroll Software Market Share Analysis by Geography
The geographic scope of the cloud based payroll software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America dominates the cloud based payroll software market. The US accounted for the largest share of the North America cloud based payroll software market. Various businesses in the US are increasingly adopting advanced payroll solutions for workforce management. The use of outdated payroll systems such as spreadsheets has decreased due to the increasing popularity of automated payroll processes based on a centralized system. These processes help them to maintain compliance standards. It has been a difficult task for human resources (HR) departments to manage payroll processes manually.
Cloud Based Payroll Software Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 11354.83 Million |
Market Size by 2031 | US$ 28307.94 Million |
Global CAGR (2023 - 2031) | 12.1% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Component
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Cloud Based Payroll Software Market News and Recent Developments
The cloud based payroll software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the cloud based payroll software market are listed below:
- Oracle announced plans to deliver Oracle Payroll for Ireland, part of Oracle Fusion Cloud Human Capital Management (HCM). Expanding on the power of Oracle’s global payroll solution, the new localisation will deliver intelligent capabilities like AI-driven risk mitigation, automated workflows, built-in compliance support, improved data insights, and rapid payroll processes for employees working in Ireland. (Source: Oracle, Press Release, March 2024)
- Ramco Systems announced the launch of Ramco Payce, a platform-based payroll software designed to redefine how businesses manage payroll. Payce capitalizes on advanced technologies such as serverless in-memory, artificial intelligence, data analytics, and machine learning. Ramco's two decades of exceptional performance to help enterprises process payroll faster, effortlessly and accurately. (Source: Ramco Systems, Press Release, February 2024)
Cloud Based Payroll Software Market Report Coverage and Deliverables
The “Cloud Based Payroll Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Cloud based payroll software market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Cloud based payroll software market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- cloud based payroll software market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the cloud based payroll software market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Organization Size, and Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, France, Germany, Italy, Malaysia, Mexico, New Zealand, Saudi Arabia, Singapore, South Africa, South Korea, UAE, United Kingdom, United States
Frequently Asked Questions
North America dominates the cloud based payroll software market.
Ease of system enhancements and the increasing security measures for security are the major factors that propel the global cloud based payroll software market.
Increasing adoption of cloud integration for cloud operations is anticipated to play a significant role in the global cloud based payroll software market in the coming years.
The key players holding majority shares in the global cloud based payroll software market are The Sage Group plc, Moorepay Limited, Automatic Data Processing, Inc, Xero Limited, Ceridian HCM, Inc, MYOB Australia Pty Ltd, Microkeeper, ELMO Software, Webscale Pty Ltd, and Telenox Pte Ltd.
The global cloud based payroll software market is expected to reach US$ 28307.94 million by 2031.
The expected CAGR of the global cloud based payroll software market is 12.1%.