The payroll department plays a crucial role in human resources, wherein its primary task is to ensure that all the employees are paid accurately after the necessary deductions. Further, with the deployment of payroll software, the HR department is able to track the number of hours that each employee has worked; this data is utilized for calculating the salary compensation.

The cloud-based payroll software market is driven by the secured cloud backup of employee data, ease of system enhancements & updates, and advantages over on-premise solutions. However, regulatory compliances and synchronizing domestic HR processes with global HR standards impede the market growth. Integration of various modules & software is opportunistic for the cloud-based payroll software market growth.

The global cloud-based payroll software market is segmented based on organizational size, industry vertical, and geography. The organizational size segment includes large enterprises and small & medium enterprises (SMEs). Based on industry vertical, the market 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.

Key players operating in the global cloud-based payroll software market that are profiled in the report include ADP, Inc., Sage Group, Zenefits Software, Kronos Incorporated, Ascentis HR Software, Oracle Corporation, Paycom Software, Inc., Ceridian HCM, Inc.(Morneau Sheppell Inc.), FinancialForce Software, and IRIS Software Group, Ltd.

KEY BENEFITS FOR STAKEHOLDERS

This study offers an analytical depiction of the global cloud-based payroll software market along with current trends and future estimations to determine the imminent investment pockets.
It presents information related to key drivers, restraints, and opportunities.
The current market is quantitatively analyzed from 2016 to 2023 to highlight the financial competency of the cloud-based payroll software industry.
Porter's Five Forces analysis illustrates the potency of buyers & suppliers in the industry.

KEY MARKET SEGMENTS

BY ORGANIZATION SIZE

Large Enterprises
SMEs

BY INDUSTRY VERTICAL

Retail
Healthcare
Manufacturing
BFSI
Others

BY GEOGRAPHY

North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa

KEY MARKET PLAYERS

ADP, Inc.
Sage Group
Zenefits Software
Kronos Incorporated
Ascentis HR Software
Oracle Corporation
Paycom Software, Inc.
Ceridian HCM, Inc. (Morneau Sheppell Inc.)
FinancialForce Software
IRIS Software Group, Ltd.