Global Cloud-based Payroll Software Market to Exhibit at Strong CAGR from 2018 to 2025

Published On : Dec 2021

The global cloud-based payroll software market has been analyzed in great depths in a market research report recently added to the vast research report portfolio of Vision Research Reports. The report, titled “Global Cloud-based Payroll Software Market Report, History and Forecast 2013-2025, Breakdown Data by Companies, Key Regions, Types and Application,” presents a thorough analytical overview of the future growth prospects of the market over the period between 2018 and 2025.

The report offers vast and valuable insights into the key factors that are expected to have a significant influence on the overall development of the global cloud-based payroll software market over the next few years. The report presents an overview of the factors that will drive demand, rein in demand, trends that define consumer preferences, and regulations that compel the market to follow the required set of guidelines to be able to operational in the overall market.

The report states that some of the key factors that will drive the market include the increasing awareness regarding the cost and flexibility benefits that the cloud model offers and the vast impact on factors such as employee engagement and organizational drivers. The increased demand for integrated human capital management solutions is one of the key trends that will gather speed in the global cloud-based payroll software market over the report’s forecast period.

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On the basis of end-user, the report segments the global cloud-based payroll software market into small- and medium-sized enterprises and large enterprises. The report states that the segment of large enterprises will emerge as the leading end-user for cloud-based payroll software products in the next few years. The fact that the cloud model allows the easy and cost-effectively provision of payroll software without the need for any upfront investments will compel large enterprises to shift to cloud-based payroll software over the report’s forecast period.

From a geographical perspective, the report analyzes the global cloud-based payroll software market across regions such as Asia Pacific (APAC), North and South America (Americas), and Europe and Middle East and Africa (EMEA). Of these, the market in Americas is presently the leading revenue contributor to the global market and is likely to remain at the top when it comes to revenue potential over the report’s forecast period. The region provides vast growth potential to the cloud-based payroll software market as it features a large number of large and mid-sized software companies. The rising demand from the enterprise sector, especially from small-scale companies, to improve operational efficiency and bring down the upfront capital required for maintaining the IT-infrastructure are expected to fuel the adoption of automated software solutions in the region in the near future.

The presence of a considerable number of companies has rendered the cloud-based payroll software market highly competitive. Leading companies in the market compete on the basis of factors such as product portfolio, geographical presence, R&D potential, recent developments, and financials. Some of the leading companies operating in the market are CoreHR,Oracle, SAP Success Factors, Ultimate Software, Paychex,Workday, ADP, Advanced, Affinity, Aditro, IRIS Software Group,Datacom Group, Ascentis, SmartPayroll Australia Pty., BenefitMall, CloudPay, Execupay, Sage (UK), Ceridian HCM, iAdmin, beqom, Gusto,Payroo, andPaycom.

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