Cloud Based Payroll Software Market Outlook to 2027 - Paychex, Paycom Software, Ceridian HCM, Intuit, Zenefits, Xero, Automatic Data Processing, Oracle, The Sage Group, SAP SE

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.

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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.

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.

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.

Global Cloud Based Payroll Software Market - By Organizational Size
• SMEs (Employee Size

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