Cloud-Based Payroll Software Market Report by Component, Organization Size (Large Enterprises, Small and Medium-sized Enterprises ), Industry Vertical, and Region 2023-2028
雲端基礎薪資軟體採用強大的安全措施，例如加密和多因素身份驗證，以促進敏感員工資訊的安全存儲。因此，全球範圍內日益嚴重的數據洩露威脅是推動市場成長的關鍵因素之一。此外，對高效、準確的薪資處理的需求不斷成長，加上雲端技術的大量採用，導致企業向雲端基礎薪資系統的重大轉變。與此同時，在冠狀病毒（COVID-19）大流行突然爆發的情況下，遠程工作的增加需要更靈活、更易於訪問的薪資管理解決方案，這增加了對雲端基礎軟體的需求，因為它可以輕鬆訪問和操作來自任何地方。此外，由於其成本效益和可擴展性，組織（尤其是中小型企業）對產品的使用不斷增加，從而加快了產品的採用率。除此之外，確保組織之間監管合規性的日益成長的需求正在促進市場成長，因為雲端基礎薪資軟體可以有效地應對複雜且不斷變化的薪資稅法律和法規。此外，領先的參與者正在將薪資軟體與其他業務應用程式整合，例如人力資源管理系統（HRMS）、企業資源規劃（ERP）和會計軟體，以實現系統之間的無縫數據流，提高效率並最大限度地減少成本。發生錯誤的機會。為此，將人工智慧（AI）和機器學習（ML）融入雲端基礎薪資軟體中，使系統更加智慧和自動化，使其能夠預測趨勢、檢測異常並提出建議，同時簡化薪資過程推動了市場的成長。其他因素，包括工業 4.0 的出現、人們對自動化優勢的認知不斷增強、對手動流程依賴的減少、移動訪問需求的不斷增加、快速數位化以及持續的技術進步，也正在創造積極的市場前景。
The global cloud-based payroll software market size reached US$ 8.52 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.06 Billion by 2028, exhibiting a growth rate (CAGR) of 8.62% during 2023-2028. The increasing threat of data breaches, rising demand for efficient and accurate payroll processing, the surging need to ensure regulatory compliance among organizations, and continual technological innovations represent some of the key factors driving the market.
Cloud-based payroll software is a contemporary solution designed to manage, organize, and automate the process of paying the salaries of a company's employees. This software is hosted on remote servers operated by the software provider, ensuring the data is accessible from anywhere with an internet connection. Unlike traditional payroll systems that require in-house management and constant updates, cloud-based payroll software offers flexibility and scalability. It provides automated calculations of salaries, tax withholdings, and deductions, saving time and reducing the potential for human error. It also facilitates compliance with local, state, and federal laws, assisting in generating necessary reports and forms. It usually features user-friendly interfaces and integrates with other business systems, such as human resources and accounting, to ensure seamless data flow. Additionally, real-time updates allow payroll queries and changes to be addressed promptly and effectively. As a result, cloud-based payroll software has gained immense traction as a comprehensive, secure, and scalable solution for improving payroll management efficiency and enabling businesses to focus more on their core operations.
Cloud-based payroll software employs robust security measures, such as encryption and multi-factor authentication, to facilitate the secure storage of sensitive employee information. Consequently, the increasing threat of data breaches across the globe represents one of the key factors driving market growth. Moreover, the rising need for efficient and accurate payroll processing, coupled with the surging adoption of cloud technologies, has led to a significant shift toward cloud-based payroll systems among businesses. Along with this, amid the sudden outbreak of the coronavirus (COVID-19) pandemic, a rise in remote work that necessitates more flexible and accessible solutions for managing payroll has augmented the demand for cloud-based software as it can be easily accessed and operated from anywhere. Additionally, the increasing product utilization by organizations, especially small and medium-sized businesses, owing to its cost-effectiveness and scalability, has accelerated the product adoption rate. Besides this, the surging need to ensure regulatory compliance among organizations is contributing to market growth as cloud-based payroll software can effectively navigate complex and ever-changing payroll tax laws and regulations. Furthermore, the leading players are integrating payroll software with other business applications, such as human resource management systems (HRMS), enterprise resource planning (ERP), and accounting software, to enable a seamless data flow between systems, boost efficiency, and minimize the chances of errors. In line with this, the incorporation of artificial intelligence (AI) and machine learning (ML) into cloud-based payroll software to make the systems more intelligent and automated, allowing them to predict trends, detect anomalies, and make suggestions while streamlining the payroll process has propelled the market growth. Other factors, including the advent of Industry 4.0, growing awareness about the benefits of automation and reduced reliance on manual processes, escalating demand for mobile access, rapid digitization, and continual technological advancements, are also creating a positive market outlook.
IMARC Group provides an analysis of the key trends in each segment of the global cloud-based payroll software market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on component, organization size, and industry vertical.
The report has provided a detailed breakup and analysis of the cloud-based payroll software market based on the component. This includes software and services. According to the report, software represented the largest segment.
Small and Medium-sized Enterprises (SMEs)
A detailed breakup and analysis of the cloud-based payroll software market based on the organization size has also been provided in the report. This includes large enterprises and small and medium-sized enterprises (SMEs). According to the report, large enterprises accounted for the largest market share.
Telecom and IT
The report has provided a detailed breakup and analysis of the cloud-based payroll software market based on the industry vertical. This includes BFSI, manufacturing, telecom and IT, healthcare, retail, hospitality, and others. According to the report, BFSI represented the largest segment.
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for cloud-based payroll software. Some of the factors driving the North America cloud-based payroll software market included the increasing adoption of app-based payroll software, rising penetration of cloud-based technologies, rapid digitization across end use sectors, technological advancements, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the global cloud-based payroll software market. Detailed profiles of all major companies have been provided. Some of the companies covered include Automatic Data Processing Inc., Ceridian Hcm Holding Inc., Elmo Software Limited, Oracle Corporation, SAP SE, The Sage Group Plc, Ukg Inc., Xero Limited, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.