June 25, 2020
According to the research report titled ‘Global Cloud-based Payroll Software Market Size study with COVID-19 Impact, by Product Type (Free and Open-Source Software and Subscription-Based Software ), Organization Size (Small- and Medium-Sized Enterprises and Large Enterprises), by Application (Government , Defense, Education, Banking, Financial Services, and Insurance (BFSI), IT and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global cloud-based payroll software market is expected to register substantial growth through 2026.
Notably, payroll software simplifies & organizes complex income planning and allows managers to enhance budget allocations and align compensation decisions with improved accuracy according to the organizational guidelines. It enables organizations to access services and data remotely via a web browser without the need of installing application software.
Rising adoption of cloud-based payroll software solutions in order to help managers improve accuracy during employee compensation as well as review processes is a major factor driving the market growth. Considering worldwide lockdown due to COVID-19, numerous organizations have adopted work from home policies, hence exploiting the advantages of cloud-based payroll systems. In addition, regular system enhancements & updates are further aiding the market expansion.
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In November 2017, for instance, FinancialForce entered into a joint venture with ADP in order to access the latter’s portfolio of HCM cloud solutions such as payroll services. However, rising concerns regarding the data security may act as a hindering factor to the overall market growth.
As per product type, cloud-based payroll software industry is split into subscription-based software as well as free & open-source software. In terms of organization size, the market is divided into large enterprises and small & medium-sized enterprises. With respect to application spectrum, the industry is bifurcated into IT, BSFI, education, defense and government sectors.
Regionally, cloud-based payroll software industry is classified into Asia-Pacific, Latin America, Europe, North America and Rest of the World. Asia-Pacific market is poised to accumulate considerable returns in the forthcoming years, primarily driven by high concentration of various industries with large employee base.
IRIS Software Group Ltd., FinancialForce Software, Ceridian HCM Inc. (Morneau Shepell Inc.), Paycom Software Inc., Oracle Corp., Ascentis HR Software, Kronos Inc., Zenefits Software, Sage Group and ADP Inc. are the prominent companies operating in worldwide cloud-based payroll software industry.