According to the report published by Allied Market Research, the global cloud-based payroll software market generated $6.73 billion in 2016, and is estimated to reach $10.33 billion by 2023, registering a CAGR of 6.5% from 2017 to 2023. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
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 is 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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Based on organization size, the large enterprises segment contributed to 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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Based on region, North America contributed the highest share in 2016, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 7.3% from 2017 to 2023.
Leading market players analyzed in the research include Sage Group, ADP, Inc., Kronos Incorporated, Zenefits Software, Oracle Corporation, Ascentis HR Software, Ceridian HCM, Paycom Software, Inc., IRIS Software Group, Ltd., and Financial Force Software.
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Key Findings of the Cloud-based Payroll Software Market:
- The large enterprises segment is expected to exhibit 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 substantial growth rate of 7.3% during the forecast period.
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