Global Cloud-based Payroll Software Market Will Reach A Revised Size Of Us$ 10830 Million By 2028, Growing At A Cagr Of 5.5% During 2022-2028

Payroll software automates, organizes, and simplifies complex compensation planning and enables managers to improve budget allocations, increase accuracy, and align compensation decisions with organizational guidelines. Enterprises are implementing payroll software to make better compensation decisions while reducing cycle times with up-to-date, accurate, and auditable processes. Cloud-based payroll software is being installed by companies as it is economical and improves the efficiency of the compensation and review processes. The growing acceptance of cloud-based payroll software can be attributed to its advantages over the traditional payroll process. Cloud-based payroll software enables organizations to access data and services remotely through a web-browser without installing and managing application software. Cloud-based payroll software also provides flexibility in the deployment and has a short implementation time. This reduces implementation cost and improves the return on investment. One of the main benefits of cloud-based payroll software is the ability to access it from anywhere.

Market Overview

Due to the COVID-19 pandemic and Russia-Ukraine War Influence, the global market for Cloud-based Payroll Software estimated at US$ 7857.9 million in the year 2022, is projected to reach a revised size of US$ 10830 million by 2028, growing at a CAGR of 5.5% during the forecast period 2022-2028.

According to the report, one of the major drivers for this market is Reduction in TCO. For traditional on-site security software, TCO includes a high upfront software license cost and software implementation cost coupled with a high maintenance cost. In the case of cloud, cloud vendors are responsible for the implementation, maintenance, updates, and backup of software, thereby reducing the need for internal IT administration. In addition, the pricing model of cloud-based payroll software is based on the pay-per-use model, where customers pay according to their use of the services, as opposed to a traditional on-site model that requires a one-time substantial capital investment and ongoing operational costs.

Los Angeles, United States November 2022,- The research study presented here is a brilliant compilation of different types of analysis of critical aspects of the global Cloud-based Payroll Software market. It sheds light on how the global Cloud-based Payroll Software market is expected to grow during the course of the forecast period. With SWOT analysis and Porter's Five Forces analysis, it gives a deep explanation of the strengths and weaknesses of the global Cloud-based Payroll Software market and the different players operating therein. The authors of the report have also provided qualitative and quantitative analyses of several microeconomic and macroeconomic factors impacting the global Cloud-based Payroll Software market. In addition, the research study helps to understand the changes in the industry supply chain, manufacturing process and cost, sales scenarios, and dynamics of the global Cloud-based Payroll Software market.

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Report Scope

This report aims to provide a comprehensive presentation of the global market for Cloud-based Payroll Software, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Cloud-based Payroll Software.

The Cloud-based Payroll Software market size, estimations, and forecasts are provided in terms of revenue ($ millions), considering 2021 as the base year, with history and forecast data for the period from 2017 to 2028. This report segments the global Cloud-based Payroll Software market comprehensively. Regional market sizes, concerning products by types, by application, and by players, are also provided. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.

For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.

This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Cloud-based Payroll Software market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.

Market Segmentation

This report covers the Cloud-based Payroll Software segments by manufacturers, by type, by application, by region and country, and provides market size and CAGR for the history and forecast period (2017-2022, 2023-2028), considering 2021 as the base year. It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.

By Company

ADP

CoreHR

Oracle

Paychex

SAP Success Factors

Ultimate Software

Workday

Aditro

Advanced

Affinity

Ascentis

BenefitMall

beqom

Ceridian HCM

CloudPay

Datacom

Execupay

Gusto

iAdmin

IRIS Software

Paycom

Payroo

Sage (UK)

SmartPayroll Australia

Cloud-based Payroll Software Segment by Type

Business Software

Cloud ERP Software

Services Automation

Cloud-based Payroll Software Segment by Application

SMEs

Large Enterprises

Cloud-based Payroll Software Segment by Region

North America (USA, Canada, Mexico)

Europe (Germany, the U.K., France, Russia, Italy, Rest of Europe)

Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)

South America (Brazil, Rest of South America)

Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)

Reasons to Buy This Report

Informative and detailed data, historical and forecast revenue data, which is analyzed to tell you why your market is set to change. Provision of market value (USD million) data for each segment and sub-segment.

This report will help stakeholders to understand the global industry status and trends of Cloud-based Payroll Software and provides them with information on key market drivers, restraints, challenges, and opportunities. This enables you to anticipate market changes to remain ahead of your competitors.

This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition. This concise analysis, clear graph, and table format will enable you to pinpoint the information you require quickly.

This report helps stakeholders to understand the COVID-19 and Russia-Ukraine War Influence on the Cloud-based Payroll Software industry. Keeping in mind the uncertainties of COVID-19 and Russia-Ukraine War, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Core Chapters

Chapter One: Introduces the

Report Scope of the report, executive summary of global and regional market size and CAGR for the history and forecast period (2017-2022, 2023-2028). It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.

Chapter Two: Provides the analysis of various market segments according to product types, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.

Chapter Three: Provides the analysis of various market segments according to application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.

Chapter Four: Detailed analysis of Cloud-based Payroll Software companies' competitive landscape, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.

Chapter Five: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product introduction, revenue, recent development, etc.

Chapter Six, Seven, Eight, Nine and Ten: North America, Europe, Asia Pacific, Latin America, Middle East & Africa, revenue by country.

Chapter Eleven: this section also introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by companies in the industry, and the analysis of relevant policies in the industry.

Chapter Twelve: Research Finding/Conclusion

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