Cloud-based Payroll Software Market Scope
Payroll Software organize, automates and simplifies complex compensation planning and allows managers to improve budget allocations, increase accuracy, and align compensation decisions with organizational guidelines. It is being installed by companies as it is economical and improves the efficiency of the compensation and review processes.
According to AMA, the Global Cloud-based Payroll Software market is expected to see growth rate of 6.37%The companies are majorly focusing on providing innovative solutions in order to cater to the market's demands to remain competitive in the market. The recent industry crisis has hanged the operational dynamics of different enterprises that have impacted the cloud-based payroll software demand across the world. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Cloud-based Payroll Software market throughout the predicted period.
ADP (United States), Oracle (United States), Paychex (United States), Epicor (United States), Pay Focus (United States), Sage HRMS (United States), BambooHR Software (United States), Success Factors (United States), UltiPro (United States), SAP Success Factors (United States), Ultimate Software (United States), Workday Inc. (United States), Ascentis (California), CoreHR (Ireland), Hologen Software Inc. (U.A.E) and PauPro (United States) are some of the key players that are part of study coverage.
Segmentation Overview
The study have segmented the market of Global Cloud-based Payroll Software market by Type (Free and Open-Source Software and Non-Free Software), by Application (Government Sector, Defense Sector, Education and Academia Sectors, BFSI Sector and IT Sector) and Region with country level break-up.
On the basis of geography, the market of Cloud-based Payroll Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Cloud-based Payroll Software Market Dynamics:
Attributes | Details |
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Growth Drivers | - Reduction in TCO
- Rise in Adoption of Digital HR Technology
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Influencing Trends | - Rising Demand for Integrated HCM Solutions
- Increasing Accessibility to Mobile Applications
- Amalgamation of Artificial Intelligence (AI) in Cloud-Based Payroll Software
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Restraints | - Incompatibility With Other Systems and Access To Sensitive Data To Third-Party
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Road Blocks / Challenges | - Data Privacy and Security Concern
- Lack of Awareness of New Technologies and Capabilities in HR Software
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Gaps & Opportunities | - Increasing Adoptions of Cloud-Based Payroll Software by the SMEs
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In September 2020, ProPay announced that it will launch new cloud-based payroll software that will allow the systems to keep up with labor laws to ensure businesses stay compliant.
Key Target Audience
Cloud-based Payroll Software Provider, Enterprise users, Commercial users, Industrial users and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.