Cloud-Based Payroll Software Market 2024 - Industry Size, Future Insights, Growth Drivers And Top Players

Overview and Scope

Cloud-based payroll software refers to payroll management systems that enhance traditional payroll management by moving processes to distant servers accessible via the Internet. This software is used to streamline and automate the process of managing employee payroll and allow firms to efficiently manage employee pay, tax deductions, and related chores online, providing unparalleled flexibility and scalability.

Sizing and Forecast

The cloud-based payroll software market size has grown rapidly in recent years. It will grow from $11.56 billion in 2023 to $12.85 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%.  The growth in the historic period can be attributed to increased adoption of cloud computing technologies, growth in the demand for streamlined payroll processes, growth of the gig economy, increased focus on cost reduction, and growth of subscription-based software models.

The cloud-based payroll software market size is expected to see rapid growth in the next few years. It will grow to $19.87 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%.  The growth in the forecast period can be attributed to rising adoption of advanced AI, increasing demand for predictive analytics, rising demand for integrated forecasting solutions, increasing use of IoT devices, and the increasing reliance on big data analytics. Major trends in the forecast period include cloud-based payroll solutions, technological advancements, integration of artificial intelligence, adoption of integrated HR and payroll systems, and adoption of blockchain technology.

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Segmentation & Regional Insights

The cloud-based payroll software market covered in this report is segmented –

1) By Product Type: Free And Open-Source Software, Subscription-Based Software

2) By Organization Size:  Small And Medium-Sized Enterprises, Large Enterprises

3) By Industry: Manufacturing, Information Technology And Telecommunications, Healthcare, Retail, Banking, Financial Services, And Insurance, Government , Other Industries

North America was the largest region in the cloud-based payroll software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud-based payroll software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The growing trend of remote workforce is expected to propel the growth of the cloud-based payroll software market going forward. A remote workforce is defined as employees who operate outside of a traditional office setting, generally from home or other locations far from a central office. The growing trend of remote workforce can be attributed to several factors, including access to global talent, flexibility, and increasing demand for work-life balance. Cloud-based payroll software streamlines remote workforce management by integrating seamlessly with other tools like time tracking and HR systems, while its automation features simplify complex processes like tax calculations and direct deposits, reducing manual workload and errors for HR and payroll teams. For instance, in May 2022, according to the Office For National Statistics, a UK-based non-ministerial department, the proportion of workers hybrid working has risen from 13% in early February 2022 to 24% in May 2022. The proportion who planned to return to their place of work permanently fell from 11% in April 2021 to 8% in February 2022. The number of people who work from home and want to do so largely increased by 12% between April 2021 and February 2022. Therefore, the growing trend of remote workforce is driving the growth of the cloud-based payroll software market.

Key Industry Players

Major companies operating in the cloud-based payroll software market are  Oracle Corporation, SAP SE, ADP Inc., Intuit Inc., Paychex Inc., TriNet Group Inc., Sage Group, Kronos Incorporated, Paycom Software Inc., Dayforce Inc., Xero Ltd., MYOB Australia Pty. Ltd., Gusto, IRIS Software Group Ltd., Certinia, Zenefits Software, ELMO Software Ltd., Moorepay Ltd., Webscale Pty Ltd., Vibe HCM Software, onPay Inc, Ascentis Corporation, Microkeeper Ltd., Personnel Data Systems Inc., Talenox Pte Ltd.

The cloud-based payroll software market report table of contents includes:

1. Executive Summary

2. Cloud-Based Payroll Software Market Characteristics

3. Cloud-Based Payroll Software Market Trends And Strategies

4. Cloud-Based Payroll Software Market - Macro Economic Scenario

5. Global Cloud-Based Payroll Software Market Size and Growth

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32. Global Cloud-Based Payroll Software Market Competitive Benchmarking

33. Global Cloud-Based Payroll Software Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Cloud-Based Payroll Software Market

35. Cloud-Based Payroll Software Market Future Outlook and Potential Analysis

36. Appendix

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