The cloud based payroll software market is projected to grow from US$ 10,254.01 million in 2022 to US$ 20,355.22 million by 2028; it is estimated to register a CAGR of 12.1% from 2022 to 2028.

Rapid expansion of the IT and telecom industry and the advantages of cloud-based payroll software over on-premise solutions are driving the market.

The workforce and the responsibilities of HR management continue to become complicated and time-consuming with the consistently growing industries such as BFSI and IT & Telecom, and payroll is one of the major functions in the HR department. HR management adopts advanced technologies to fulfill the changing needs in the business environment. Payroll calculation consists of various components such as overtime pays, benefits regarding compensation, and legal compliances governed by different policies that must be followed closely to avoid legal issues. By utilizing payroll software, organizations have been standardizing and streamlining their global payroll operations to drive efficiencies, manage business continuity, and reduce costs. Furthermore, companies in the IT & telecom industry are heavily investing in designing and implementing a robust payroll operating model, complemented by utilizing cloud-based payroll software. Therefore, with the cost avoidance capability for managing payroll operations, demand for cloud- rapid expansion of the IT and telecom industry to boost cloud based payroll software market growth.

Based on organization size, the cloud based payroll software market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment dominated the cloud-based payroll software market in 2021. The large enterprise segment mainly includes companies having more than 1,000 employees, with annual revenue of over US$ 1 billion. These enterprises generally include full-time staff, so the demand for cloud-based payroll software among large enterprises has increased tremendously. As a result, they need a more flexible HR department that can adapt to changes easily. Furthermore, an integrated cloud-based payroll solution that merges HR and payroll for maximum efficiency and automates the admin tasks of HR and payroll teams in a single online database is increasingly adopted by large enterprises. Large enterprises generally have a complex organizational structure, making it more difficult for their HR department to manage employees. Also, there is a growing demand for more flexible HR payroll solutions. Large enterprises are integrating their large volume of data in the cloud mainly to augment their speed, accuracy, and value chain scalability, thereby contributing to the cloud based payroll software market growth.

Based on industry vertical, the cloud based payroll software market is segmented into BFSI, manufacturing, healthcare, telecom and IT, retail, hospitality, and others. The BFSI segment led the cloud-based payroll software market in 2021. The demand for payroll software continues to rise in this industry, mainly to review payroll data, process payroll, create salary accounts, and generate employee pay slips. Also, cloud-based payroll software plays a vital role across several areas, such as calculations, updating payroll data, transferring the monthly salary to the employee’s account, and verifying banking details.

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 cloud based payroll software market is segmented into healthcare, manufacturing, IT & telecom, BFSI, retail, hospitality, 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 overall cloud based payroll software market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the cloud based payroll software market. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the cloud based payroll software market.

TABLE OF CONTENTS

1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Cloud Based Payroll Software Market – By Component
1.3.2 Cloud Based Payroll Software Market – By Organization Size
1.3.3 Cloud Based Payroll Software Market – By Industry Vertical
1.3.4 Cloud Based Payroll Software Market- By Region
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Cloud Based Payroll Software Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Cloud Based Payroll Software Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rapid Expansion of IT and Telecom Industry
5.1.2 Advantages of Cloud-based Payroll Software Over On-premise Solutions
5.1.3 Ease of System Enhancements and Updates
5.2 Market Restraints
5.2.1 Data Security issues
5.3 Market Opportunities
5.3.1 Rise in the Adoption of Cloud-based Payroll Software Across SMEs
5.4 Future Trends
5.4.1 Rising Trends of AI-Powered Payroll Solutions
5.4.2 Growing Gig Economy Adopting Payroll Software
5.5 Impact Analysis of Drivers and Restraints
6. Cloud Based Payroll Software Market – Global Analysis
6.1 Global Cloud Based Payroll Software Market Overview
6.2 Cloud Based Payroll Software Market – Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning – Five Key Players
7. Cloud Based Payroll Software Market Analysis – By Component
7.1 Overview
7.2 Cloud Based Payroll Software Market, By Component (2021 and 2028)
7.3 Software
7.3.1 Overview
7.3.2 Software: Cloud Based Payroll Software Market – Revenue, and Forecast to 2028 (US$ Million)
7.4 Services
7.4.1 Overview
7.4.2 Services: Cloud Based Payroll Software Market – Revenue, and Forecast to 2028 (US$ Million)
7.4.2.1 Managed Services
7.4.2.1.1 Overview
7.4.2.1.2 Managed Services: Revenue Management System Market – Revenue, and Forecast to 2028 (US$ Million)
7.4.2.2 Professional Services
7.4.2.2.1 Overview
7.4.2.2.2 Professional Services: Revenue Management System Market – Revenue, and Forecast to 2028 (US$ Million)
8. Cloud Based Payroll Software Market Analysis – By Organization Size
8.1 Overview
8.2 Cloud Based Payroll Software Market, By Organization Size (2021 and 2028)
8.3 Large Enterprises
8.3.1 Overview
8.3.2 Large Enterprises: Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
8.4 Small and Medium Enterprises
8.4.1 Overview
8.4.2 Small and Medium Enterprises: Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
9. Cloud Based Payroll Software Market Analysis – By Industry Vertical
9.1 Overview
9.2 Cloud Based Payroll Software Market Breakdown, By Industry Vertical, 2021 & 2028
9.3 BFSI
9.3.1 Overview
9.3.2 BFSI Market Revenue and Forecast to 2028 (US$ Million)
9.4 Manufacturing
9.4.1 Overview
9.4.2 Manufacturing Market Revenue and Forecast to 2028 (US$ Million)
9.5 Telecom and IT
9.5.1 Overview
9.5.2 Telecom and IT Market Revenue and Forecast to 2028 (US$ Million)
9.6 Healthcare
9.6.1 Overview
9.6.2 Healthcare Market Revenue and Forecast to 2028 (US$ Million)
9.7 Retail
9.7.1 Overview
9.7.2 Retail Market Revenue and Forecast to 2028 (US$ Million)
9.8 Hospitality
9.8.1 Overview
9.8.2 Hospitality Market Revenue and Forecast to 2028 (US$ Million)
9.9 Others
9.9.1 Overview
9.9.2 Others Market Revenue and Forecast to 2028 (US$ Million)
10. Cloud Based Payroll Software Market – Geographic Analysis
10.1 Overview
10.2 North America: Cloud Based Payroll Software Market
10.2.1 Overview
10.2.2 North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
10.2.3 North America Cloud Based Payroll Software Market Breakdown, By Component
10.2.3.1 North America Cloud Based Payroll Software Market Breakdown, By Services
10.2.4 North America Cloud Based Payroll Software Market Breakdown, By Organization Size
10.2.5 North America Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.2.6 North America Cloud Based Payroll Software Market Breakdown, by Country
10.2.6.1 US Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.2.6.1.1 US Cloud Based Payroll Software Market Breakdown, By Component
10.2.6.1.1.1 US Cloud Based Payroll Software Market Breakdown, By Services
10.2.6.1.2 US Cloud Based Payroll Software Market Breakdown, By Organization Size
10.2.6.1.3 US Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.2.6.2 Canada Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.2.6.2.1 Canada Cloud Based Payroll Software Market Breakdown, By Component
10.2.6.2.1.2 Canada Cloud Based Payroll Software Market Breakdown, By Services
10.2.6.2.2 Canada Cloud Based Payroll Software Market Breakdown, By Organization Size
10.2.6.2.3 Canada Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.2.6.3 Mexico Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.2.6.3.1 Mexico Cloud Based Payroll Software Market Breakdown, By Component
10.2.6.3.1.1 Mexico Cloud Based Payroll Software Market Breakdown, By Services
10.2.6.3.2 Mexico Cloud Based Payroll Software Market Breakdown, By Organization Size
10.2.6.3.3 Mexico Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.3 Europe: Cloud Based Payroll Software Market
10.3.1 Overview
10.3.2 Europe Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
10.3.3 Europe Cloud Based Payroll Software Market Breakdown, By Component
10.3.3.1 Europe Cloud Based Payroll Software Market Breakdown, By Services
10.3.4 Europe Cloud Based Payroll Software Market Breakdown, By Organization Size
10.3.5 Europe Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.3.6 Europe Cloud Based Payroll Software Market Breakdown, by Country
10.3.6.1 Germany Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.3.6.1.1 Germany Cloud Based Payroll Software Market Breakdown, By Component
10.3.6.1.1.1 Germany Cloud Based Payroll Software Market Breakdown, By Services
10.3.6.1.2 Germany Cloud Based Payroll Software Market Breakdown, By Organization Size
10.3.6.1.3 Germany Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.3.6.2 UK Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.3.6.2.1 UK Cloud Based Payroll Software Market Breakdown, By Component
10.3.6.2.1.1 UK Cloud Based Payroll Software Market Breakdown, By Services
10.3.6.2.2 UK Cloud Based Payroll Software Market Breakdown, By Organization Size
10.3.6.2.3 UK Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.3.6.3 France Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.3.6.3.1 France Cloud Based Payroll Software Market Breakdown, By Component
10.3.6.3.1.1 France Cloud Based Payroll Software Market Breakdown, By Services
10.3.6.3.2 France Cloud Based Payroll Software Market Breakdown, By Organization Size
10.3.6.3.3 France Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.3.6.4 Italy Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.3.6.4.1 Italy Cloud Based Payroll Software Market Breakdown, By Component
10.3.6.4.1.1 Italy Cloud Based Payroll Software Market Breakdown, By Services
10.3.6.4.2 Italy Cloud Based Payroll Software Market Breakdown, By Organization Size
10.3.6.4.3 Italy Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.3.6.5 Rest of Europe Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.3.6.5.1 Rest of Europe Cloud Based Payroll Software Market Breakdown, By Component
10.3.6.5.1.1 Rest of Europe Cloud Based Payroll Software Market Breakdown, By Services
10.3.6.5.2 Rest of Europe Cloud Based Payroll Software Market Breakdown, By Organization Size
10.3.6.5.3 Rest of Europe Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.4 Asia Pacific: Cloud Based Payroll Software Market
10.4.1 Overview
10.4.2 Asia Pacific Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
10.4.3 Asia Pacific Cloud Based Payroll Software Market Breakdown, By Component
10.4.3.1 Asia Pacific Cloud Based Payroll Software Market Breakdown, By Services
10.4.4 Asia Pacific Cloud Based Payroll Software Market Breakdown, By Organization Size
10.4.5 Asia Pacific Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.4.6 Asia Pacific Cloud Based Payroll Software Market Breakdown, by Country
10.4.6.1 South Korea Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.4.6.1.1 South Korea Cloud Based Payroll Software Market Breakdown, By Component
10.4.6.1.1.1 South Korea Cloud Based Payroll Software Market Breakdown, By Services
10.4.6.1.2 South Korea Cloud Based Payroll Software Market Breakdown, By Organization Size
10.4.6.1.3 South Korea Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.4.6.2 Australia Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.4.6.2.1 Australia Cloud Based Payroll Software Market Breakdown, By Component
10.4.6.2.1.1 Australia Cloud Based Payroll Software Market Breakdown, By Services
10.4.6.2.2 Australia Cloud Based Payroll Software Market Breakdown, By Organization Size
10.4.6.2.3 Australia Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.4.6.3 Singapore Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.4.6.3.1 Singapore Cloud Based Payroll Software Market Breakdown, By Component
10.4.6.3.1.1 Singapore Cloud Based Payroll Software Market Breakdown, By Services
10.4.6.3.2 Singapore Cloud Based Payroll Software Market Breakdown, By Organization Size
10.4.6.3.3 Singapore Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.4.6.4 New Zealand Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.4.6.4.1 New Zealand Cloud Based Payroll Software Market Breakdown, By Component
10.4.6.4.1.1 New Zealand Cloud Based Payroll Software Market Breakdown, By Services
10.4.6.4.2 New Zealand Cloud Based Payroll Software Market Breakdown, By Organization Size
10.4.6.4.3 New Zealand Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.4.6.5 Malaysia Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.4.6.5.1 Malaysia Cloud Based Payroll Software Market Breakdown, By Component
10.4.6.5.1.1 Malaysia Cloud Based Payroll Software Market Breakdown, By Services
10.4.6.5.2 Malaysia Cloud Based Payroll Software Market Breakdown, By Organization Size
10.4.6.5.3 Malaysia Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.4.6.6 Rest of APAC Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.4.6.6.1 Rest of APAC Cloud Based Payroll Software Market Breakdown, By Component
10.4.6.6.1.1 Rest of APAC Cloud Based Payroll Software Market Breakdown, By Services
10.4.6.6.2 Rest of APAC Cloud Based Payroll Software Market Breakdown, By Organization Size
10.4.6.6.3 Rest of APAC Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.5 Middle East & Africa: Cloud Based Payroll Software Market
10.5.1 Overview
10.5.2 Middle East & Africa Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
10.5.3 Middle East & Africa Cloud Based Payroll Software Market Breakdown, By Component
10.5.3.1 Middle East & Africa Cloud Based Payroll Software Market Breakdown, By Services
10.5.4 Middle East & Africa Cloud Based Payroll Software Market Breakdown, By Organization Size
10.5.5 Middle East & Africa Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.5.6 Middle East & Africa Cloud Based Payroll Software Market Breakdown, by Country
10.5.6.1 UAE Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.5.6.1.1 UAE Cloud Based Payroll Software Market Breakdown, By Component
10.5.6.1.1.1 UAE Cloud Based Payroll Software Market Breakdown, By Services
10.5.6.1.2 UAE Cloud Based Payroll Software Market Breakdown, By Organization Size
10.5.6.1.3 UAE Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.5.6.2 Saudi Arabia Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.5.6.2.1 Saudi Arabia Cloud Based Payroll Software Market Breakdown, By Component
10.5.6.2.1.1 Saudi Arabia Cloud Based Payroll Software Market Breakdown, By Services
10.5.6.2.2 Saudi Arabia Cloud Based Payroll Software Market Breakdown, By Organization Size
10.5.6.2.3 Saudi Arabia Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.5.6.3 South Africa Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.5.6.3.1 South Africa Cloud Based Payroll Software Market Breakdown, By Component
10.5.6.3.1.1 South Africa Cloud Based Payroll Software Market Breakdown, By Services
10.5.6.3.2 South Africa Cloud Based Payroll Software Market Breakdown, By Organization Size
10.5.6.3.3 South Africa Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.5.6.4 Rest of Middle East & Africa Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.5.6.4.1 Rest of Middle East & Africa Cloud Based Payroll Software Market Breakdown, By Component
10.5.6.4.1.1 Rest of Middle East & Africa Cloud Based Payroll Software Market Breakdown, By Services
10.5.6.4.2 Rest of Middle East & Africa Cloud Based Payroll Software Market Breakdown, By Organization Size
10.5.6.4.3 Rest of Middle East & Africa Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.6 South America: Cloud Based Payroll Software Market
10.6.1 Overview
10.6.2 South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
10.6.3 South America Cloud Based Payroll Software Market Breakdown, By Component
10.6.3.1 South America Cloud Based Payroll Software Market Breakdown, By Services
10.6.4 South America Cloud Based Payroll Software Market Breakdown, By Organization Size
10.6.5 South America Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.6.6 South America Cloud Based Payroll Software Market Breakdown, by Country
10.6.6.1 Brazil Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.6.6.1.1 Brazil Cloud Based Payroll Software Market Breakdown, By Component
10.6.6.1.1.1 Brazil Cloud Based Payroll Software Market Breakdown, By Services
10.6.6.1.2 Brazil Cloud Based Payroll Software Market Breakdown, By Organization Size
10.6.6.1.3 Brazil Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.6.6.2 Argentina Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.6.6.2.1 Argentina Cloud Based Payroll Software Market Breakdown, By Component
10.6.6.2.1.1 Argentina Cloud Based Payroll Software Market Breakdown, By Services
10.6.6.2.2 Argentina Cloud Based Payroll Software Market Breakdown, By Organization Size
10.6.6.2.3 Argentina Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.6.6.3 Rest of SAM Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.6.6.3.1 Rest of SAM Cloud Based Payroll Software Market Breakdown, By Component
10.6.6.3.1.1 Rest of SAM Cloud Based Payroll Software Market Breakdown, By Services
10.6.6.3.2 Rest of SAM Cloud Based Payroll Software Market Breakdown, By Organization Size
10.6.6.3.3 Rest of SAM Cloud Based Payroll Software Market Breakdown, By Industry Vertical
11. Impact of COVID-19 Pandemic on Global Cloud Based Payroll Software Market
11.1 Overview
11.2 North America
11.3 Europe
11.4 APAC
11.5 MEA
11.6 SAM Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions
13. Company Profiles
13.1 Ceridian HCM Holdings Inc
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 MYOB Australia Pty Ltd
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Microkeeper Ltd
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Sage Group Plc
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Moorepay Ltd
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Automatic Data Processing Inc
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Xero Ltd
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 ELMO Software Ltd
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Talenox Pte Ltd
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Webscale Pty Ltd
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index

LIST OF TABLES

Table 1. Cloud Based Payroll Software Market – Revenue and Forecast to 2028 (US$ Million)
Table 2. North America Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Component (US$ Million)
Table 3. North America Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Services (US$ Million)
Table 4. North America Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Organization Size (US$ Million)
Table 5. North America Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Industry Vertical (US$ Million)
Table 6. North America Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Country (US$ Million)
Table 7. US Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 8. US Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 9. US Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 10. US Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 11. Canada Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 12. Canada Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 13. Canada Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 14. Canada Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 15. Mexico Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 16. Mexico Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 17. Mexico Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 18. Mexico Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 19. Europe Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Component (US$ Million)
Table 20. Europe Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Services (US$ Million)
Table 21. Europe Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Organization Size (US$ Million)
Table 22. Europe Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Industry Vertical (US$ Million)
Table 23. Europe Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Country (US$ Million)
Table 24. Germany Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 25. Germany Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 26. Germany Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 27. Germany Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 28. UK Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 29. UK Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 30. UK Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 31. UK Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 32. France Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 33. France Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 34. France Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 35. France Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 36. Italy Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 37. Italy Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 38. Italy Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 39. Italy Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 40. Rest of Europe Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 41. Rest of Europe Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 42. Rest of Europe Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 43. Rest of Europe Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 44. Asia Pacific Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Component (US$ Million)
Table 45. Asia Pacific Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Services (US$ Million)
Table 46. Asia Pacific Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Organization Size US$ Million)
Table 47. Asia Pacific Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Industry Vertical (US$ Million)
Table 48. Asia Pacific Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Country (US$ Million)
Table 49. South Korea Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 50. South Korea Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 51. South Korea Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 52. South Korea Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 53. Australia Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 54. Australia Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 55. Australia Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 56. Australia Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 57. Singapore Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 58. Singapore Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 59. Singapore Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 60. Singapore Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 61. New Zealand Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 62. New Zealand Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 63. New Zealand Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 64. New Zealand Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 65. Malaysia Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 66. Malaysia Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 67. Malaysia Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 68. Malaysia Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 69. Rest of APAC Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 70. Rest of APAC Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 71. Rest of APAC Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 72. Rest of APAC Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 73. Middle East & Africa Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Component (US$ Million)
Table 74. Middle East & Africa Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Services (US$ Million)
Table 75. Middle East & Africa Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Organization Size (US$ Million)
Table 76. Middle East & Africa Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Industry Vertical (US$ Million)
Table 77. Middle East & Africa Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Country (US$ Million)
Table 78. UAE Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 79. UAE Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 80. UAE Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 81. UAE Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 82. Saudi Arabia Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 83. Saudi Arabia Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 84. Saudi Arabia Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 85. Saudi Arabia Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 86. South Africa Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 87. South Africa Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 88. South Africa Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 89. South Africa Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 90. Rest of Middle East & Africa Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 91. Rest of Middle East & Africa Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 92. Rest of Middle East & Africa Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 93. Rest of Middle East & Africa Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 94. South America Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Component (US$ Million)
Table 95. South America Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Services (US$ Million)
Table 96. South America Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Organization Size (US$ Million)
Table 97. South America Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Industry Vertical (US$ Million)
Table 98. South America Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Country (US$ Million)
Table 99. Brazil Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 100. Brazil Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 101. Brazil Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 102. Brazil Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 103. Argentina Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 104. Argentina Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 105. Argentina Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 106. Argentina Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 107. Rest of SAM Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 108. Rest of SAM Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 109. Rest of SAM Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 110. Rest of SAM Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 111. List of Abbreviation

LIST OF FIGURES

Figure 1. Cloud Based Payroll Software Market Segmentation
Figure 2. Cloud Based Payroll Software Market Segmentation – By Geography
Figure 3. Global Cloud Based Payroll Software Market Overview
Figure 4. Software Segment held the Largest Share of Cloud Based Payroll Software Market
Figure 5. Large Enterprises Segment held the Largest Share of Cloud Based Payroll Software Market
Figure 6. BFSI segment held the Largest Share of Cloud Based Payroll Software Market
Figure 7. Asia Pacific to Show Great Traction During Forecast Period
Figure 8. North America: PEST Analysis
Figure 9. Europe: PEST Analysis
Figure 10. APAC: PEST Analysis
Figure 11. MEA: PEST Analysis
Figure 12. SAM: PEST Analysis
Figure 13. Expert Opinion
Figure 14. Cloud Based Payroll Software Market Impact Analysis of Drivers and Restraints
Figure 15. Geographic Overview of Cloud Based Payroll Software Market
Figure 16. Cloud Based Payroll Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Cloud Based Payroll Software Market Revenue Share, By Component (2021 and 2028)
Figure 18. Software: Cloud Based Payroll Software Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 19. Services: Cloud Based Payroll Software Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 20. Managed Services: Revenue Management System Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 21. Professional Services: Revenue Management System Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 22. Cloud Based Payroll Software Market Revenue Share, By Organization Size (2021 and 2028)
Figure 23. Large Enterprises: Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 24. Small and Medium Enterprises: Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 25. Cloud Based Payroll Software Market Revenue Share, By Industry Vertical (2021 and 2028)
Figure 26. BFSI Market Revenue and Forecast to 2028 (US$ Million)
Figure 27. Manufacturing Market Revenue and Forecast to 2028 (US$ Million)
Figure 28. Telecom and IT Market Revenue and Forecast to 2028 (US$ Million)
Figure 29. Healthcare Market Revenue and Forecast to 2028 (US$ Million)
Figure 30. Retail Market Revenue and Forecast to 2028 (US$ Million)
Figure 31. Hospitality Market Revenue and Forecast to 2028 (US$ Million)
Figure 32. Others Market Revenue and Forecast to 2028 (US$ Million)
Figure 33. Global Cloud Based Payroll Software Market Breakdown, by Region, 2021 & 2028 (%)
Figure 34. North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 35. North America Cloud Based Payroll Software Market Breakdown, By Component, 2021 & 2028 (%)
Figure 36. North America Cloud Based Payroll Software Market Breakdown, By Organization Size, 2021 & 2028 (%)
Figure 37. North America Cloud Based Payroll Software Market Breakdown, By Industry Vertical, 2021 & 2028 (%)
Figure 38. North America Cloud Based Payroll Software Market Breakdown, by Country, 2021 & 2028 (%)
Figure 39. US Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 40. Canada Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 41. Mexico Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 42. Europe Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 43. Europe Cloud Based Payroll Software Market Breakdown, By Component, 2021 & 2028 (%)
Figure 44. Europe Cloud Based Payroll Software Market Breakdown, By Organization Size, 2021 & 2028 (%)
Figure 45. Europe Cloud Based Payroll Software Market Breakdown, By Industry Vertical, 2021 & 2028 (%)
Figure 46. Europe Cloud Based Payroll Software Market Breakdown, by Country, 2021 & 2028 (%)
Figure 47. Germany Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 48. UK Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 49. France Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 50. Italy Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 51. Rest of Europe Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 52. Asia Pacific Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 53. Asia Pacific Cloud Based Payroll Software Market Breakdown, By Component, 2021 & 2028 (%)
Figure 54. Asia Pacific Cloud Based Payroll Software Market Breakdown, By Organization Size, 2021 & 2028 (%)
Figure 55. Asia Pacific Cloud Based Payroll Software Market Breakdown, By Industry Vertical, 2021 & 2028 (%)
Figure 56. Asia Pacific Cloud Based Payroll Software Market Breakdown, by Country, 2021 & 2028 (%)
Figure 57. South Korea Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 58. Australia Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 59. Singapore Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 60. New Zealand Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 61. Malaysia Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 62. Rest of APAC Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 63. Middle East & Africa Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 64. Middle East & Africa Cloud Based Payroll Software Market Breakdown, By Component, 2021 & 2028 (%)
Figure 65. Middle East & Africa Cloud Based Payroll Software Market Breakdown, By Organization Size, 2021 & 2028 (%)
Figure 66. Middle East & Africa Cloud Based Payroll Software Market Breakdown, By Industry Vertical, 2021 & 2028 (%)
Figure 67. Middle East & Africa Cloud Based Payroll Software Market Breakdown, by Country, 2021 & 2028 (%)
Figure 68. UAE Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 69. Saudi Arabia Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 70. South Africa Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 71. Rest of Middle East & Africa Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 72. South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 73. South America Cloud Based Payroll Software Market Breakdown, By Component, 2021 & 2028 (%)
Figure 74. South America Cloud Based Payroll Software Market Breakdown, By Organization Size, 2021 & 2028 (%)
Figure 75. South America Cloud Based Payroll Software Market Breakdown, By Industry Vertical, 2021 & 2028 (%)
Figure 76. South America Cloud Based Payroll Software Market Breakdown, by Country, 2021 & 2028 (%)
Figure 77. Brazil Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 78. Argentina Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 79. Rest of SAM Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 80. Impact of COVID-19 Pandemic in North American Country Markets
Figure 81. Impact of COVID-19 Pandemic in Europe Country Markets
Figure 82. Impact of COVID-19 Pandemic in APAC Country Markets
Figure 83. Impact of COVID-19 Pandemic in MEA Country Markets
Figure 84. Impact of COVID-19 Pandemic in South America Country Markets

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global cloud-based payroll software market.
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the global cloud-based payroll software market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

The List of Companies – Cloud Based Payroll Software Market
• The Sage Group plc
• Moorepay Limited
• Automatic Data Processing, Inc.
• Xero Limited
• Ceridian HCM, Inc
• MYOB Australia Pty Ltd
• Microkeeper
• ELMO Software
• Webscale Pty Ltd
• Telenox Pte Ltd.

According to our latest study on “Cloud Based Payroll Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Organization Size, and Industry Vertical,” the cloud based payroll software market is projected to grow from US$ 10,254.01 million in 2022 to US$ 20,355.22 million by 2028; it is estimated to register a CAGR of 12.1% from 2022 to 2028.

Advantages of Cloud-Based Payroll Software Over On-Premise Solutions Fuel Cloud Based Payroll Software Market Growth

Cloud-based payroll systems make it easy for enterprises to organize and customize workflows according to the changes in the business. In addition, cloud-based systems scale quickly, keeping simplicity irrespective of the number of deadlines, dependencies, task owners, and approvals included in a given payroll process. Moreover, cloud-based payroll software allows data to be accessed from anywhere on any device. As working from home has become popular, cloud-based payroll system plays a vital role in managing payroll remotely. Furthermore, cloud-based software allows payroll staff and other employees to access their payroll information, such as annual leaves and pension letters, in real-time. Cloud-based payroll software calculates bonuses and expenses, allows easy setup of new clients, and adds employees to the payroll systems. On-premise deployments provide high data safety and security levels. However, protecting information in on-premise payroll software from hacking and cybercrime can be costly compared to cloud deployment. All these benefits of cloud-based software propel the cloud based payroll software market growth.

North America has the highest rate of advanced cloud-based payroll technology adoption owing to favorable government policies that foster innovation and enhance the infrastructural abilities of payroll management. The COVID-19 pandemic severely impacted several industry verticals, including the shutdown of construction activities and maintenance projects at several locations after state governors issued multiple “stay at home” orders and allowed enterprises sufficient time to examine their existing business operations. Therefore, organizations supported the digital transformation and aggressively switched to the cloud-based payroll system due to uncertainties created in business operations by the pandemic. The lack of accessibility of payroll staff to physically visit the office and use the organization’s payroll software and data security issues with payroll, as it contains sensitive and confidential information, were a few challenges faced by the organizations. Thus, the COVID-19 pandemic boosted the North America cloud based payroll software market growth.

Key Findings of Study:

The cloud based payroll software market is segmented based on component, organization size, industry vertical, 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 cloud based payroll software market is segmented into healthcare, manufacturing, IT & telecom, BFSI, retail, hospitality, 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.

Based on component, the cloud based payroll software market is bifurcated into software and services. The services segment is further bifurcated into professional services and managed services. The software segment led the cloud-based payroll software market in 2021. Along with the increasing digitalization, businesses of all sizes are focusing on adopting automated payroll software to ease their workforce management process. A robust, integrated, and properly configured payroll software helps organizations of all sizes maintain compliance with tax laws and other financial regulations and reduce costs. Also, it frees human resources (HR) teams from routine tasks so they can spend more time planning, budgeting, and other business-forward initiatives. Moreover, cloud-based payroll software integrates with other core business systems to ensure that employees receive accurate, on-time compensation (such as direct deposit, check, or payment card). In addition, it ensures accurate and timely payments and tax deductions by locality, automatically adjusting to different rules and regulations as employees move and offices open or close.