Cloud Based Payroll Software Market to Hit $20.35 Billion, Globally, by 2028 with 12.1% CAGR | Growth Report by The Insight Partners
The global cloud based payroll software market growth is impelled by rising trends of AI-powered payroll solutions, rapid expansion of IT and telecom industry and ease of system enhancements and updates
New York, Feb. 20, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Cloud Based Payroll Software Market Size, Share, Growth, Trends and Global 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)”, the global cloud based payroll software market size to register a CAGR of 12.1% from 2022 to 2028, it is projected to grow from USD 10.25 billion in 2022 to USD 20.35 billion by 2028.
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Global Cloud Based Payroll Software Market – Report Scope:
|Market Size Value in||USD 10.25 Billion in 2022|
|Market Size Value by||USD 20.35 Billion by 2028|
|Growth rate||CAGR of 12.1% from 2022 to 2028|
|No. of Pages||200|
|No. of Tables||111|
|No. of Charts & Figures||84|
|Historical data available||Yes|
|Segments covered||Component, Organization Size, and Industry Vertical|
Global Cloud Based Payroll Software Market: Competitive Landscape and Key Developments
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 leading players profiled in the cloud based payroll software market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments are mentioned below:
In March 2022, MYOB announced the upgrade of product STP as an STP phase 2 for the smooth functioning of the businesses. This upgrade will report additional information to the ATO and clarify the company’s payments.
In January 2022, Moorepay Ltd partnered with Bizimply. Together they provide a complete and comprehensive operational service designed to power multi-location businesses with a superb level of quality and dedication.
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Rise in Adoption of Cloud-based Payroll Software Across SMEs to Provide Lucrative Opportunities for Global Cloud Based Payroll Software Market Growth During (2022-2028):
SMEs increasingly focus on expanding their businesses, and HR teams support enterprises to attain their goals by automating the payroll system. The cloud-based payroll system automates complicated payroll scenarios for accurate and efficient payroll processing. Employees can access all payroll information using self-service portals, even on their mobile phones. Therefore, with a cloud-based payroll system, the HR department can provide a timely response to employee requests regarding salary information, benefits, and information updates. Moreover, business is a dynamic process that is constantly changing, and many small businesses have been utilizing the benefits of cloud-based payroll systems. As cloud software handles all HR administrative responsibilities, SMEs are increasingly focused on adding benefits to the company, mainly across tax calculations. In addition, the software alerts about future tax deadlines and protects organizations from costly litigation and fines by calculating tax liability and making timely payments to employees. Therefore, with a growing number of SMEs, the demand for cloud-based payroll software is anticipated to offer lucrative opportunities to the cloud-based payroll software market in the coming years.
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Global Cloud Based Payroll Software Market: Industry Overview
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, public sectors, 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.
The cloud based payroll software market in North America is projected to witness significant growth from 2022 to 2028. The cloud based payroll software market in North America is segmented into the US, Canada, and Mexico. The market growth in this region is attributed to the increasing demand for cloud based payroll software due to the growing IT & telecom industry. According to the International Trade Administration, US Department of Commerce, the US accounts for one-third of the global IT industry, making the country the largest tech market in the world. The IT industry in the US accounts for US$ 1.9 trillion of the country’s value-added GDP, which is more than 10% of the national economy. In addition, according to CompTIA, more than 557,000 software and IT services companies have been established in the US. Furthermore, the tech industry is growing continuously in the region. In 2019, ~307,000 new jobs were added, leading to 4.9 million postings for tech occupation jobs. Thus, the growing IT industry in the region is fueling the cloud based payroll software market growth in North America.
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