Report : Cloud Based Payroll Software Market to 2027 - Global Analysis and Forecasts by Organizational Size (Small & Medium Enterprises and Large Enterprises) and Industry Vertical (Healthcare, Manufacturing, Telecom & IT, BFSI, Retail, Hospitality, and Public Sector)
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.
The most prominent region in global cloud based payroll software market in 2018 accounted for North America, followed by Europe and Asia Pacific. Middle East and Africa, and South America held the fourth and fifth position in terms of market shares in cloud based payroll software market. The dominance of North America is majorly accountable for significantly large number of cloud based payroll software market players in the US. Also, the trend of adoption of newer technologies is consistently higher in the US, and pertaining to the industry scenario, the country is densely populated with numerous organizations from different industries. The large and SMEs constantly procure advanced technologies in order to streamline their business processes and gain profits.
The major companies operating in the cloud based payroll software market globally includes ADP LLC, Ceridian HCM, Inc., Intuit Inc., PAYCOM, Paychex Inc., Oracle Corporation, Sage Group Plc., SAP SE, XERO Limited, and ZENEFITS among others.
The report segments the global Cloud Based Payroll Software market as follows:
Global Cloud-Based Payroll Software Market – By Organizational Size
Global Cloud-Based Payroll Software Market – By Industry Verticals
Global Cloud-Based Payroll Software Market – By Geography
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