Technavio, a tech-focused market research firm, has published a new report on the global cloud-based payroll software market, which is expected to experience a slow but steady CAGR of close to 7% during the forecast period.
This latest report by Technavio covers the market outlook and growth prospects for the global cloud-based payroll software market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global cloud-based payroll software market into the following key regions: The Americas, APAC, and EMEA.
Geographical segmentation of the global cloud-based payroll software market for 2015 (market share %)
|
The Americas |
43.54% |
|
EMEA |
29.49% |
|
APAC |
26.97% |
Source: Technavio
The Americas: largest revenue generating region for cloud-based payroll software
The cloud-based payroll software market in the Americas was valued at around $3 billion in 2015 and will grow at a CAGR of almost 6% by 2020. Various vendors in the market are setting up new offices and R&D centers in emerging countries like Brazil, Mexico, Chile, and Argentina, which, in turn, will increase the requirement for this software in the American market. The adoption of cloud-based payroll software will increase with higher employment rate and organizations integrating HR processes across all locations. The US, Canada, and Brazil are the biggest adopters of cloud-based payroll software in the American market.
“Increasing investments by organizations to leverage new technology offerings to modernize their core HR and payroll systems will help in the growth of the American market. This software helps companies to integrate their payroll process across different locations. Cloud-based payroll software aid HR managers to perform functions efficiently and help with the operations management across all offices situated across various locations,” says Amrita Choudhury, a lead analyst at Technavio, specializing in research on an enterprise application.
Click here to request a free sample of this report
Cloud-based payroll software in EMEA
The cloud-based payroll software market in the EMEA was valued at around $2 billion in 2015 and will grow at a CAGR of about 8% by 2020. The increasing rate of globalization and growth in the centralization of services will help in the transformation of HR and payroll technology in this market. Primary end-users of this software are the manufacturing, energy, and utility enterprises. France, Germany, the UK, the UAE, and South Africa will emerge as the key revenue generating countries in the EMEA market. The implementation of this software will help the companies to integrate their HR process across all locations and make their HR operations efficient. The increasing number of regulatory compliance legislations in the region is encouraging various business to adopt these software solutions.
Cloud-based payroll software in APAC
The cloud-based payroll software market in APAC was valued at over $1 billion in 2015 and will grow at a CAGR of around 8% by 2020. The rapid growth of organizations and SMEs will help in the growth of the market in this region. The APAC market is witnessing constant legislative changes, which is encouraging companies to adopt cloud-based payroll software. The use of cloud-based software automates employee working hours and the payroll process. Countries like India, China, Indonesia, Malaysia, Vietnam, and the Philippines will emerge as the key revenue generating countries during the forecast period.
The top leading vendors operating in the global cloud-based payroll software market are:
- ADP
- BenefitMall
- Ceridian HCM
- CloudPay
- CoreHR
- Gusto
- Intuit
- Oracle
- Paychex
- SAP SuccessFactors
- Ultimate Software
- Workday
- Zenefits
Other prominent vendors in the market include AmCheck, Automatic Payroll Systems, IRIS Software, Interlogic Outsourcing, MyPayrollHR, Namely, Patriot Software, Sage Group, and Telepayroll.
A more detailed analysis is available in the Technavio report titled, ‘Global Cloud-Based Payroll Software Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Cloud Spending by SMBs Market 2016-2020
- Global Higher Education Financial and HRM Market 2016-2020
- Global Enterprise Cloud Services Market 2016-2020
To read more press releases- click here.
For any assistance or query, please contact our media team at:
media@technavio.com
US: +1 630 333 9501
UK: +44 208 123 1770
https://www.technavio.com/
