Global Cloud-based Payroll Software Market 2017-2021

Overview of the global cloud-based payroll software market

Research analysis on the global cloud-based payroll software market identifies that reduction in TCO will be one of the major factors that will have a positive impact on the growth of the market. TCO comprise of high upfront software license cost and software implementation cost which also includes high maintenance cost. This will lead the vendors to implement, maintain, update, and backup of software, which will reduce the need for internal IT administration. Technavio's market research analysts predict that this market will grow at a CAGR of about 12% by 2021.

The rising demand for integrated HCM solutions will be one of the latest trends that will gain traction in the cloud-based payroll software market during the next four years. The vendors in the market are offering software with better integration ability and support other functions. The integrated HCM software provide enterprises to manage its workforce and allow HRs to take a more strategic decision in the company.

Competitive landscape and key vendors

Owing to the presence of a considerable number of vendors, this market appears to be highly competitive. According to the cloud based payroll software market analysis research report, the vendors in the market are competing based on geographical presence, product portfolio, financials, and R&D. The key vendors in this payroll management software market are categorized based on based on the high market visibility, high market penetration, and strong market momentum.

The leading vendors in the market are -

• ADP
• CoreHR
• Oracle
• Paychex
• SAP Success Factors
• Ultimate Software
• Workday

The other prominent vendors in the market are Aditro, Advanced, Affinity, Ascentis, BenefitMall, beqom, Ceridian HCM, CloudPay, Datacom Group, Execupay, Gusto, iAdmin, IRIS Software Group, Paycom, Payroo, Sage (UK), and SmartPayroll Australia Pty.

Segmentation by end-user and analysis of the cloud-based payroll software market

• Large enterprise
• SMEs

During 2016, the large enterprises were the major end-users to the cloud-based payroll software market. The easy availability of this software at low monthly rates without any further investments is one of the major factors inducing  large enterprises to adopt this software. This will have a positive impact on the cloud based payroll software market size.

Geographical segmentation and analysis of the cloud-based payroll software market

• Americas
• APAC
• EMEA

The cloud based payroll software market trends study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to this payroll management software market by 2021. The region has wide availability of many enterprise software providers which includes large and mid-size enterprises. The cloud-based payroll software is likely to increase in small-scale companies. The organization are seeking for efficient management and reduced upfront IT-related capital expenditure, which will increase adoption of automated software solutions.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global cloud-based payroll software market?
• What are the key market trends impacting the growth of the global cloud-based payroll software market?
• What are the challenges to market growth?
• Who are the key vendors in the global cloud-based payroll software market?
• What are the market opportunities and threats faced by the vendors in the global cloud-based payroll software market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global cloud-based payroll software market? 

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Technavio's market research reports on the ICT industry provide valuable information on market dynamics that are shaping the industry and the ways in which IT giants are influencing markets in the ICT domain. Our reports help clients analyze the various subindustries within ICT including cloud computing, data center, enterprise application, IT hardware, IT security, automatic identification system, IT professional services, BPO and ITO, product lifecycle management, data center, M2M and connected devices, and IT spending by industry and region.

This upcoming market research report on the global cloud-based payroll software market offers valuable insights into the factors influencing this market's growth during the forecast period. According to the market research analysts, factors such as the increasing applications of cloud payroll-based software and its impact on organizational drivers and employee engagement is likely to propel this market's growth over the coming years. Our analysis also covers a detailed overview of the competitive landscape of the market including vendors operating in this market space such as ADP, CloudPay, Sage One, Payroo, and GreyHR, among others.

To predict the growth prospects of the cloud-based payroll software market, the analysts follow the growth prospects of similar markets such as the debt collection software market   , which is expected to grow a CAGR of 6% until the end of 2021. Over the last few years, several organizations across APAC have paid heavy penalties for being non-compliant in payroll, which is expected to restrain this market's growth over the coming years.  

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