PUBLISHER: IMARC | PRODUCT CODE: 1347732
PUBLISHER: IMARC | PRODUCT CODE: 1347732
Cloud-Based Payroll Software Market Report by Component, Organization Size (Large Enterprises, Small and Medium-sized Enterprises ), Industry Vertical, and Region 2023-2028
Market Overview:
The global cloud-based payroll software market size reached US$ 8.52 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.06 Billion by 2028, exhibiting a growth rate (CAGR) of 8.62% during 2023-2028. The increasing threat of data breaches, rising demand for efficient and accurate payroll processing, the surging need to ensure regulatory compliance among organizations, and continual technological innovations represent some of the key factors driving the market.
Cloud-based payroll software is a contemporary solution designed to manage, organize, and automate the process of paying the salaries of a company's employees. This software is hosted on remote servers operated by the software provider, ensuring the data is accessible from anywhere with an internet connection. Unlike traditional payroll systems that require in-house management and constant updates, cloud-based payroll software offers flexibility and scalability. It provides automated calculations of salaries, tax withholdings, and deductions, saving time and reducing the potential for human error. It also facilitates compliance with local, state, and federal laws, assisting in generating necessary reports and forms. It usually features user-friendly interfaces and integrates with other business systems, such as human resources and accounting, to ensure seamless data flow. Additionally, real-time updates allow payroll queries and changes to be addressed promptly and effectively. As a result, cloud-based payroll software has gained immense traction as a comprehensive, secure, and scalable solution for improving payroll management efficiency and enabling businesses to focus more on their core operations.
Cloud-Based Payroll Software Market Trends:
Cloud-based payroll software employs robust security measures, such as encryption and multi-factor authentication, to facilitate the secure storage of sensitive employee information. Consequently, the increasing threat of data breaches across the globe represents one of the key factors driving market growth. Moreover, the rising need for efficient and accurate payroll processing, coupled with the surging adoption of cloud technologies, has led to a significant shift toward cloud-based payroll systems among businesses. Along with this, amid the sudden outbreak of the coronavirus (COVID-19) pandemic, a rise in remote work that necessitates more flexible and accessible solutions for managing payroll has augmented the demand for cloud-based software as it can be easily accessed and operated from anywhere. Additionally, the increasing product utilization by organizations, especially small and medium-sized businesses, owing to its cost-effectiveness and scalability, has accelerated the product adoption rate. Besides this, the surging need to ensure regulatory compliance among organizations is contributing to market growth as cloud-based payroll software can effectively navigate complex and ever-changing payroll tax laws and regulations. Furthermore, the leading players are integrating payroll software with other business applications, such as human resource management systems (HRMS), enterprise resource planning (ERP), and accounting software, to enable a seamless data flow between systems, boost efficiency, and minimize the chances of errors. In line with this, the incorporation of artificial intelligence (AI) and machine learning (ML) into cloud-based payroll software to make the systems more intelligent and automated, allowing them to predict trends, detect anomalies, and make suggestions while streamlining the payroll process has propelled the market growth. Other factors, including the advent of Industry 4.0, growing awareness about the benefits of automation and reduced reliance on manual processes, escalating demand for mobile access, rapid digitization, and continual technological advancements, are also creating a positive market outlook.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global cloud-based payroll software market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on component, organization size, and industry vertical.
Component Insights:
Software
Services
The report has provided a detailed breakup and analysis of the cloud-based payroll software market based on the component. This includes software and services. According to the report, software represented the largest segment.
Organization Size Insights:
Large Enterprises
Small and Medium-sized Enterprises (SMEs)
A detailed breakup and analysis of the cloud-based payroll software market based on the organization size has also been provided in the report. This includes large enterprises and small and medium-sized enterprises (SMEs). According to the report, large enterprises accounted for the largest market share.
Industry Vertical Insights:
BFSI
Manufacturing
Telecom and IT
Healthcare
Retail
Hospitality
Others
The report has provided a detailed breakup and analysis of the cloud-based payroll software market based on the industry vertical. This includes BFSI, manufacturing, telecom and IT, healthcare, retail, hospitality, and others. According to the report, BFSI represented the largest segment.
Regional Insights:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for cloud-based payroll software. Some of the factors driving the North America cloud-based payroll software market included the increasing adoption of app-based payroll software, rising penetration of cloud-based technologies, rapid digitization across end use sectors, technological advancements, etc.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global cloud-based payroll software market. Detailed profiles of all major companies have been provided. Some of the companies covered include Automatic Data Processing Inc., Ceridian Hcm Holding Inc., Elmo Software Limited, Oracle Corporation, SAP SE, The Sage Group Plc, Ukg Inc., Xero Limited, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
- How has the global cloud-based payroll software market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global cloud-based payroll software market?
- What is the impact of each driver, restraint, and opportunity on the global cloud-based payroll software market?
- What are the key regional markets?
- Which countries represent the most attractive cloud-based payroll software market?
- What is the breakup of the market based on the component?
- Which is the most attractive component in the cloud-based payroll software market?
- What is the breakup of the market based on the organization size?
- Which is the most attractive organization size in the cloud-based payroll software market?
- What is the breakup of the market based on the industry vertical?
- Which is the most attractive industry vertical in the cloud-based payroll software market?
- What is the competitive structure of the global cloud-based payroll software market?
- Who are the key players/companies in the global cloud-based payroll software market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Cloud-Based Payroll Software Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Component
- 6.1 Software
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Services
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
7 Market Breakup by Organization Size
- 7.1 Large Enterprises
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Small and Medium-sized Enterprises (SMEs)
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Industry Vertical
- 8.1 BFSI
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Manufacturing
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Telecom and IT
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Healthcare
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
- 8.5 Retail
- 8.5.1 Market Trends
- 8.5.2 Market Forecast
- 8.6 Hospitality
- 8.6.1 Market Trends
- 8.6.2 Market Forecast
- 8.7 Others
- 8.7.1 Market Trends
- 8.7.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 Drivers, Restraints, and Opportunities
- 10.1 Overview
- 10.2 Drivers
- 10.3 Restraints
- 10.4 Opportunities
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Automatic Data Processing Inc.
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.1.4 SWOT Analysis
- 14.3.2 Ceridian Hcm Holding Inc.
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.2.3 Financials
- 14.3.3 Elmo Software Limited
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.4 Oracle Corporation
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.4.3 Financials
- 14.3.4.4 SWOT Analysis
- 14.3.5 SAP SE
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 Financials
- 14.3.5.4 SWOT Analysis
- 14.3.6 The Sage Group Plc.
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 Financials
- 14.3.6.4 SWOT Analysis
- 14.3.7 Ukg Inc.
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 SWOT Analysis
- 14.3.8 Xero Limited
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.8.3 Financials
- 14.3.8.4 SWOT Analysis
- 14.3.1 Automatic Data Processing Inc.
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
List of Figures
- Figure 1: Global: Cloud-Based Payroll Software Market: Major Drivers and Challenges
- Figure 2: Global: Cloud-Based Payroll Software Market: Sales Value (in Billion US$), 2017-2022
- Figure 3: Global: Cloud-Based Payroll Software Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 4: Global: Cloud-Based Payroll Software Market: Breakup by Component (in %), 2022
- Figure 5: Global: Cloud-Based Payroll Software Market: Breakup by Organization Size (in %), 2022
- Figure 6: Global: Cloud-Based Payroll Software Market: Breakup by Industry Vertical (in %), 2022
- Figure 7: Global: Cloud-Based Payroll Software Market: Breakup by Region (in %), 2022
- Figure 8: Global: Cloud-Based Payroll Software (Software) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 9: Global: Cloud-Based Payroll Software (Software) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 10: Global: Cloud-Based Payroll Software (Services) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 11: Global: Cloud-Based Payroll Software (Services) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 12: Global: Cloud-Based Payroll Software (Large Enterprises) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 13: Global: Cloud-Based Payroll Software (Large Enterprises) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 14: Global: Cloud-Based Payroll Software (Small and Medium-sized Enterprises (SMEs)) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 15: Global: Cloud-Based Payroll Software (Small and Medium-sized Enterprises (SMEs)) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 16: Global: Cloud-Based Payroll Software (BFSI) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 17: Global: Cloud-Based Payroll Software (BFSI) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 18: Global: Cloud-Based Payroll Software (Manufacturing) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 19: Global: Cloud-Based Payroll Software (Manufacturing) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 20: Global: Cloud-Based Payroll Software (Telecom and IT) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 21: Global: Cloud-Based Payroll Software (Telecom and IT) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 22: Global: Cloud-Based Payroll Software (Healthcare) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 23: Global: Cloud-Based Payroll Software (Healthcare) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 24: Global: Cloud-Based Payroll Software (Retail) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 25: Global: Cloud-Based Payroll Software (Retail) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 26: Global: Cloud-Based Payroll Software (Hospitality) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 27: Global: Cloud-Based Payroll Software (Hospitality) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 28: Global: Cloud-Based Payroll Software (Other Industry Verticals) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 29: Global: Cloud-Based Payroll Software (Other Industry Verticals) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 30: North America: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 31: North America: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 32: United States: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 33: United States: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 34: Canada: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 35: Canada: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 36: Asia-Pacific: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 37: Asia-Pacific: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 38: China: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 39: China: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 40: Japan: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 41: Japan: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 42: India: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 43: India: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 44: South Korea: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 45: South Korea: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 46: Australia: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 47: Australia: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 48: Indonesia: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 49: Indonesia: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 50: Others: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 51: Others: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 52: Europe: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 53: Europe: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 54: Germany: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 55: Germany: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 56: France: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 57: France: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 58: United Kingdom: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 59: United Kingdom: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 60: Italy: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 61: Italy: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 62: Spain: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 63: Spain: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 64: Russia: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 65: Russia: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 66: Others: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 67: Others: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 68: Latin America: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 69: Latin America: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 70: Brazil: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 71: Brazil: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 72: Mexico: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 73: Mexico: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 74: Others: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 75: Others: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 76: Middle East and Africa: Cloud-Based Payroll Software Market: Sales Value (in Million US$), 2017 & 2022
- Figure 77: Middle East and Africa: Cloud-Based Payroll Software Market: Breakup by Country (in %), 2022
- Figure 78: Middle East and Africa: Cloud-Based Payroll Software Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 79: Global: Cloud-Based Payroll Software Industry: Drivers, Restraints, and Opportunities
- Figure 80: Global: Cloud-Based Payroll Software Industry: Value Chain Analysis
- Figure 81: Global: Cloud-Based Payroll Software Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Cloud-Based Payroll Software Market: Key Industry Highlights, 2022 & 2028
- Table 2: Global: Cloud-Based Payroll Software Market Forecast: Breakup by Component (in Million US$), 2023-2028
- Table 3: Global: Cloud-Based Payroll Software Market Forecast: Breakup by Organization Size (in Million US$), 2023-2028
- Table 4: Global: Cloud-Based Payroll Software Market Forecast: Breakup by Industry Vertical (in Million US$), 2023-2028
- Table 5: Global: Cloud-Based Payroll Software Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 6: Global: Cloud-Based Payroll Software Market: Competitive Structure
- Table 7: Global: Cloud-Based Payroll Software Market: Key Players
