[FURL=https://www.industryarc.com/Research/Cloud-based-Payroll-Software-Market-Research-5025991?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Cloud-based Payroll Software Market[/FURL] The global Cloud-Based Payroll Market is forecast to reach $11.4 billion by 2026, advancing at CAGR 6.0% during the forecast period 2021-2026. Globally, increasing demand for secured cloud backup of employee data among various organizations is set to be the major driver of the Cloud-Based Payroll Market. Cloud-based payroll software provides seamless payroll outsourcing which includes leave management solution, workers compensation management as well as better tax liability over on-premise systems. Such benefits are set to accelerate the Cloud-Based Payroll Software adoption during the forecast period 2021-2026. Moreover growing demand for payroll software among small and medium enterprises for increasing work efficiency is another factor that has been contributing to the growth of the market.Key Takeaways
Large enterprises are analyzed to hold highest share in Cloud-Based Payroll Software Market.
Retail and E-commerce is the fastest growing segment in Cloud-based Payroll Software Market and is estimated to grow at around CAGR of 7.9% during the forecast period.
North America dominated the Cloud-Based Payroll Software Market in terms of value $2.9 Billion in 2020 owing to the adoption of cloud based payroll software.
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Cloud-Based Payroll Market Segment Analysis- By Geography
North America held the highest Cloud-Based Payroll Market share of around 32.6% in the global Cloud-Based Payroll Market in 2020 and is further set to grow at a significant rate during the forecast period 2021-2026. The factor such as presence of large number of organizations with enormous employee base has been contributing to the market growth across the region in long run. As per IndustryARC recent study, USA based Walmart had the highest number of employees base i.e. 2.2 million globally, thereby increasing the demand for cloud based payroll software to keep track of the employees. Moreover, growing payroll start ups will create opportunities for the growth of the market. In January 2021, Payroll Infrastructure startup Check announced its launch publicly and raised $35 Million from Stripe and Thrive Capital.
Cloud-Based Payroll Market Drivers
Rise in demand in IT and Telecommunication sector
Compliance is simplified
Cloud-Based Payroll Software Market Landscape
The Cloud-Based Payroll Software Market top 10 companies include ADP Inc, Gusto, Ascentis Hr Software, Oracle Corporation, onPay, PAYCHEX Inc, Intuit QuickBooks Payroll, Zenefits, Ceredian Dayforce Corporation and TriNet.
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