(MENAFN- EIN Presswire) Cloud-based Payroll Software Market
Rising frequency of cloud and mobile deployment , increase in automation in HR processes and flexible solutions are key drivers enhancing the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, April 24, 2023 /einpresswire.com / -- Allied Market Research published a new report, titled, " The cloud-based payroll software market Hit USD 10,336 Million by 2023 | Top Players such as - ADP, Paycom and Ceridian." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global cloud-based payroll software market size was valued at USD 6,738 million in 2016, and is projected to reach at USD 10,336 million by 2023, growing at a CAGR of 6.5% from 2017 to 2023.
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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.
The global cloud-based payroll software market is segmented based on organizational size, industry vertical, and geography. Based on organizational size, it is bifurcated into large enterprises and small & medium enterprises (SMEs). Based on industry vertical, it is classified into retail; healthcare; manufacturing; banking, financial services, and insurance (BFSI); and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA, including country-level analysis for each region.
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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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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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