Cloud-based Payroll Software Market Size and Competitive Analysis | Top Players Such as - ADP, Kronos and Ceridian

According to the report published by Allied Market Research, The Cloud-based Payroll Software Market Size and Competitive Analysis | Top Players Such as - ADP, Kronos and Ceridian. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Surge in demand for secured cloud-backup of employee data from corporate organizations drives the growth of the global cloud-based payroll software market. However, issues related to employee data security are anticipated to restrain the market growth. Furthermore, growing adoption of cloud-based payroll software from small and medium enterprise is expected to provide new growth opportunities during the forecast period.

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The global cloud-based payroll software market size was valued at USD 6,738 million in 2016, and is projected to reach at USD 10,336 million by 2023, growing at a CAGR of 6.5% from 2017 to 2023.

The global cloud-based payroll software market is segmented based on organizational size, industry vertical, and geography. Based on organizational size, it is bifurcated into large enterprises and small & medium enterprises (SMEs). Based on industry vertical, it is classified into retail, healthcare, manufacturing, banking, financial services, and insurance (BFSI), and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA, including country-level analysis for each region.

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Based on organization size, the large enterprises segment contributed the largest share in 2016 and is estimated to maintain its dominant position during the forecast period. However, the small & medium enterprises segment is estimated to portray the highest CAGR during the forecast period.

Based on industry vertical, the other industries segment accounted for the largest share in 2016 and is expected to maintain the largest share throughout the forecast period. However, the retail segment is expected to register the highest CAGR of 8.2% from 2017 to 2023.

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North America dominated the global market in 2016 and is expected to remain dominant during the forecast period. Moreover, the North American vendors are expanding in the emerging countries, such as Brazil, Chile, Argentina, and others. However, Asia-Pacific is expected to grow at the highest CAGR, owing to an increase in the number of SMEs seeking cost-effective solutions for payroll.

Key players operating in the global cloud-based payroll software market are ADP, Sage Group, Zenefits Software, Kronos Incorporated, Ascentis HR Software, Oracle Corporation, Paycom Software Inc., Ceridian HCM, Inc. (Morneau Sheppell Inc.), FinancialForce Software, and IRIS Software Group, Ltd.

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Key Findings of the Cloud-based Payroll Software Market:

● The large enterprises segment is expected to exhibit a significant increase in the global cloud-based payroll software market during the forecast period.

● In 2016, the other industries segment accounted for the highest revenue among the industry verticals.

● Asia-Pacific is anticipated to exhibit a substantial growth rate of 7.3% during the forecast period.

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