Cloud Based Payroll Software Market Size Estimates and Forecasts by Key Players – ADP LLC, Ceridian HCM, Inc., Intuit Inc., PAYCOM, Paychex Inc., Oracle Corporation, Sage Group Plc., SAP SE, XERO Limited

The global cloud based payroll software market was valued at US$ 7.34 Bn in 2018 and is expected to grow at a CAGR of 10.3% during the forecast period 2019 – 2027, to account to US$ 17.39 Bn by 2027. Factors such as advancements in cloud technology and high adoption among by SMEs are driving the cloud based payroll software market growth.

The market has of large number well-recognized as well as medium and smaller companies across the globe which are involved in the development of robust software and offer services to their clients. Also, the advancements in cloud technology have accelerated the procurement of cloud based payroll software among numerous companies across industries.

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Also, owing to low entry barrier to the cloud based payroll software market, the emerging companies are also experiencing significant growth in terms of clientele and revenue, which is smoothening the growth path of cloud based payroll software market in the emerging countries. In addition, the cost competitiveness among the cloud based payroll market players is increasing the quest to adopt the advanced technology, thereby projecting a significant future for cloud based payroll software market.

The major companies operating in the cloud based payroll software market globally includes ADP LLC, Ceridian HCM, Inc., Intuit Inc., PAYCOM, Paychex Inc., Oracle Corporation, Sage Group Plc., SAP SE, XERO Limited, and ZENEFITS among others.

The most prominent region in global cloud based payroll software market in 2018 accounted for North America, followed by Europe and the Asia Pacific. The Middle East and Africa, and South America held the fourth and fifth position in terms of market shares in cloud based payroll software market. The dominance of North America is majorly accountable for significantly large number of cloud based payroll software market players in the US. Also, the trend of adoption of newer technologies is consistently higher in the US and pertaining to the industry scenario, the country is densely populated with numerous organizations from different industries. Asia Pacific, is estimated to be the fastest growing geography during the forecast period from 2019 – 2027. The countries in the Asia Pacific are constantly witnessing the establishments of different multi-national companies as well as the emergence of national or local companies.

The overall cloud based payroll software market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the cloud based payroll software market. It also provides the overview and forecast for the global cloud based payroll software market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the cloud based payroll software industry.

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Posted by on Monday October 21 2019, 3:15 AM EST. All trademarks acknowledged. Filed under Business & Financial Services, Business Services, Featured Press Release, Software & Services, Technology Hardware & Equipment, Technology, Media, & Telecommunications. Comments and Trackbacks closed. Follow responses: RSS 2.0

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