The global cloud based payroll software market size is expected to reach USD 20,355.22 Million by 2028; registering at a CAGR of 12.1% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Rapid Expansion of IT and Telecom Industry to Boost Cloud Based Payroll Software Market Growth
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.
Cloud Based Payroll Software Market – by Region, 2021 and 2028
Cloud Based Payroll Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Software and Services), Organization Size (Small and Medium Enterprises and Large Enterprises), and Industry Vertical (BFSI, Manufacturing, Healthcare, IT and Telecom, Retail, Hospitality, and Others)
Cloud Based Payroll Software Market Size & Share Report 2028
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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 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.
Impact of COVID-19 Pandemic on Cloud Based Payroll Software Market Growth
The COVID-19 pandemic accelerated the growth of the cloud-based payroll software market, as it compelled many companies to switch to advanced payroll solutions. The early stage of the pandemic witnessed a slow adoption of cloud payroll solutions and services; however, in the later stage, companies turned to analytics, collaboration applications, security solutions for payroll, and AI to sustain their business operations. The onset of the COVID-19 pandemic disrupted labor markets, and the short-term consequences were severe as people lost their jobs, small businesses struggled to generate revenue, and employees faced challenges adjusting to remote-working arrangements. However, organizations began adopting advanced solutions for payroll management. Digitalization, automated work processes, and flexible working arrangements were a few of the adjustments that organizations made to ensure employees were still paid their salaries in a timely and accurate manner. Considering the impacts of the pandemic on businesses and operations, organizations have identified limitations in HR operational processes due to the remote working model. As a result, many organizations adopted cloud-based payroll software to improve their payroll operations which is contributing to the cloud based payroll software market growth.
Sage Group Plc, Moorepay Ltd, Automatic Data Processing Inc, Xero Ltd, Ceridian HCM Holdings Inc, MYOB Australia Pty Ltd, Microkeeper Ltd, ELMO Software Ltd, Webscale Pty Ltd, and Talenox Pte Ltd are among the key players operating in the cloud based payroll software market.
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