Cloud Based Payroll Software Market Forecast and CAGR
The cloud-based payroll software market is estimated to reach around US$ 13 Bn in 2031 with an expected CAGR of 10% from 2021-2031. Cloud based payroll software is a solution that manages, maintains and automates payments to employees, utilizing the enterprise cloud deployment. It also integrates with other core business system and ensure that employees receive accurate and on-time compensation in appropriate manner. Cloud based payroll software commonly generates tax forms, deducts wage garnishment, and processes direct paycheck deposits. It also delivers insights, information, and consolidated payroll metrics in real-time.
AI-powered Payroll Solution to Drive the Market Growth
Demand for AI-powered payroll solution is increasing as artificial intelligence and machine learning capabilities helps in reducing the severity of human errors and improve the compliance performance. AI payroll solution can interpret data and leverage it to make decisions, and strategically solve problems, proactively.
AI payroll solutions also flag systematic issues by monitoring how thedata is collected and processed and provides strategies to improve efficiency. AI features compute and track employees working hours and pay rates and then send information to payroll for processing without employees having to input certain data.
AI predictive tools helps the organization to forecast whether the company is likely to exceed its payroll budget so that organization can take preventive measures. AI provides different solutions for solving the payroll problems and also demonstrate the implication of each suggestions. It also helps organizations to find out the reason behind the payroll mistakes so new incidences can be avoided or minimized.
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Rise in Adoption of Cloud-based Payroll Software Across SMEs
Payroll software based on cloud data storage are emerging in the market. Advantages related to data storage and increased safety and security measures with regard to cloud technologies are resulting in a shift in the outlook of small and medium enterprises (SMEs) towards cloud based payroll software. Cloud-based payroll solution offers SMEs benefits such over traditional systems like on-premises payroll software and spreadsheets. End users prefer cloud-based payroll, as they help in managing their payroll operations end-to-end, over cloud infrastructure.
Cloud-based payroll with employee self-service portals allow to delegate some routine work back to employees. Employees can do their work of submitting the proofs by themselves and employers validate and verify the proof submitted and approves or rejects the submitted proof online.
APAC Cloud Based Payroll Software Market Outlook
Asia Pacific countries such as India, China, Japan, and South Korea have been moving towards becoming digital economies. Corresponding governments in these countries are taking initiatives to develop smart cities, promoting electronic industries, and investing a huge amount to develop digital infrastructure.
Due to digitization in workspaces, many payroll software vendors are focusing on developing more dynamic and collaborative solutions to meet the demands of customers. Most of the organizations in the region are outsourcing the payroll management process as it enables access to data on any device anytime. Organizations are also adopting cognitive Robotic Process Automation (RPA) in their payroll system for eliminating the mistakes and increase accuracy and process automation.
Organizations in the APAC region are also focusing on adopting technologies like optical character recognition and intelligent character recognition to automate the payroll functions. These technologies can be used to automate travel bills and income tax proof submitted by the employees. Organizations are integrating payroll software with HR software to track the performance of individual employees in real time. Payroll software vendors arealso focusing on offering customized payroll processing software as the customized software can help HR to manage payroll for different types of employees like part-time, contract employees and regular employee.
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Who are the Key Providers of Cloud Based Payroll Software?
Some of the leading Cloud Based Payroll Software providers include
- Sage Group
- Oracle Corporation
- Paycom Software Inc.
- Ascentis HR Software
- IRIS Software Group Ltd.
- Kronos Incorporated
- Ceridian HCM Inc.
- Zenefits Software
- SAP SE
Cloud Based Payroll Software vendors adopt various expansion strategies for enhancing their presence and increasing the market share in the global market. The strategies that cloud based payroll software vendors follow include new product launches, upgrades, technology partnerships and strengthening of in-direct sales channels, globally.
Cloud Based Payroll Software Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
An Adaptive Approach to Modern-day Research Needs
By Enterprise Size
- Small & Medium Enterprises (SMEs)
- Large Enterprises
- IT & Telecom
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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