Cloud Based Payroll Software Market Growth, Future Prospects And Competitive Analysis (2022--2028)

The "Cloud Based Payroll Software Market" is projected to grow from US$ 10,254.01 million in 2022 to US$ 20,355.22 million by 2028; it is estimated to register a CAGR of 12.1% from 2022 to 2028.

Based on industry vertical, the cloud based payroll software market is segmented into BFSI, manufacturing, healthcare, telecom and IT, retail, hospitality, and others. The BFSI segment led the cloud-based payroll software market in 2021. The demand for payroll software continues to rise in this industry, mainly to review payroll data, process payroll, create salary accounts, and generate employee pay slips. Also, cloud-based payroll software plays a vital role across several areas, such as calculations, updating payroll data, transferring the monthly salary to the employee's account, and verifying banking details.

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The List of Companies -
- The Sage Group plc
- Moorepay Limited
- Automatic Data Processing, Inc.
- Xero Limited
- Ceridian HCM, Inc
- MYOB Australia Pty Ltd
- Microkeeper
- ELMO Software
- Webscale Pty Ltd
- Telenox Pte Ltd.

The cloud based payroll software market is segmented based on component, organization size, industry verticals, and geography. Based on component, the cloud based payroll software market is bifurcated into software and services. Based on organizational size, the cloud based payroll software market is bifurcated into small and medium enterprises and large enterprises. Based on industry vertical, the cloud based payroll software market is segmented into healthcare, manufacturing, IT & telecom, BFSI, retail, hospitality, and others. By region, the cloud based payroll software market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.

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Rapid expansion of the IT and telecom industry and the advantages of cloud-based payroll software over on-premise solutions are driving the market.

The workforce and the responsibilities of HR management continue to become complicated and time-consuming with the consistently growing industries such as BFSI and IT & Telecom, and payroll is one of the major functions in the HR department. HR management adopts advanced technologies to fulfill the changing needs in the business environment. Payroll calculation consists of various components such as overtime pays, benefits regarding compensation, and legal compliances governed by different policies that must be followed closely to avoid legal issues.

By utilizing payroll software, organizations have been standardizing and streamlining their global payroll operations to drive efficiencies, manage business continuity, and reduce costs. Furthermore, companies in the IT & telecom industry are heavily investing in designing and implementing a robust payroll operating model, complemented by utilizing cloud-based payroll software. Therefore, with the cost avoidance capability for managing payroll operations, demand for cloud- rapid expansion of the IT and telecom industry to boost cloud based payroll software market growth.

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