Cloud Based Payroll Software Market Outlook to 2027: Ceridian, Intuit, Oracle,Paychex, Paycom, SAGE Group, Xero, Zenefits

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Some of The Leading Players of CLOUD BASED PAYROLL SOFTWARE Market
• Automatic Data Processing Insurance Agency, Inc.
• Ceridian
• Intuit
• Oracle
• Paychex
• Paycom
• SAGE Group
• Xero
• Zenefits

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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.

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.

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