Surge in demand for secured cloud-backup of employee data from corporate organizations drives the growth of the global Cloud-based Payroll Software Market. North America contributed the highest share in 2016, and will maintain its dominance throughout the forecast period. The demand for cloud based payroll software is expected to surge during the Covid-19 as this software enables employees to access all the tools and documents while working remotely.
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The report offers a detailed segmentation of the global cloud-based payroll software market based on organization size, industry vertical, and region.
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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Covid-19 Scenario:
- The Covid-19 pandemic is anticipated to have positive impact on the growth of cloud based payroll software due to growing adoption of this technology for productive and efficient management of the workforce.
- In addition, the norm of remote working system has augmented the demand for cloud based payroll software during the Covid-19 as this software enables employees to access all the tools and documents easily.
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