Small & Medium Enterprises (SMEs) Segment Dominates the Cloud Based Payroll Software Market
Latest market study on “Cloud Based Payroll Software Market to 2027 by Organizational Size (Small & Medium Enterprises and Large Enterprises) and Industry Vertical (Healthcare, Manufacturing, Telecom & IT, BFSI, Retail, Hospitality, and Public Sector) – Global Analysis and Forecast”, the Cloud Based Payroll Software market is estimated at 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 report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
The global cloud based payroll software market is experiencing significant growth in the current market scenario. This is due to the presence of large number of well-recognized as well as medium and smaller companies across the globe, which are involved in development of robust software and offer services to their clients. Also the advancements in cloud technology has accelerated the adoption of cloud based payroll software, among numerous companies across industries. Due to low entry barrier to the cloud based payroll software market, the emerging companies are also experiencing significant growth in terms of clientele, which is smoothening the growth path of cloud based payroll software market in the emerging countries.
SMEs are more impacted due to the lack of resources, and lower budgets. As, SMEs are more budget conscious and investing in complex software solutions can put extra burden on its operations. Many of the market players in the cloud-based payroll software market are more inclined towards delivering a cost effective solution to SMEs to help them manage their business. Currently, SMEs are also opting for cloud-based solutions in order to bring efficiency to work. SME’s are considered as a significant part of the economy of any country. The easy in use, deployments and operability as compared to on-premise payroll management systems is another key parameter which has increased the procurement of cloud based payroll software among the SMEs over the years.
Asia Pacific, is estimated to be the fastest growing geography during the forecast period from 2019 – 2027. The countries in Asia Pacific are constantly witnessing the establishments of different multi-national companies as well as emergence of national or local companies. This factor is playing a significant role in driving the cloud based payroll software market in the Asia Pacific region. Also, several countries in the region have experienced the emergence of cloud infrastructure 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.
The major companies operating in the cloud based payroll software market globally includes ADP LLC, Ceridian HCM, Inc., Intuit Inc., PAYCOM, Paychex Inc., Oracle Corporation, Sage Group Plc., SAP SE, XERO Limited, and ZENEFITS among others. Several well-established and tier2 companies are operating in this market with local and multi-national geographic locations also contribute substantial market share year on year, by innovating robust technologies and solutions.
The report segments the global Cloud Based Payroll Software market as follows:
Global Cloud-Based Payroll Software Market – By Organizational Size
Global Cloud-Based Payroll Software Market – By Geography
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