The research report maps the global cloud-based payroll software market with respect to the latest trends that are coming up in the market. Important driving factors along with aspects that might impede the market growth and opportunities that may arise during the given forecast period are also studied in the report. The research report also provides an in-depth assessment of the current market dynamics and maps the competitive landscape of the global cloud-based payroll software market.
The study report gives out extensive information on both qualitative as well as quantitative assessment of the global cloud-based payroll software market by studying the data collected from key market players as well as industry professionals. The report also provides crucial information on the established market players that are presently plying their trade in the global cloud-based payroll software market. The report gives out the overall growth prospects of the market across the globe for the given forecast period of 2017 to 2021.
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The payroll software organizes, automates, simplifies the complex planning for compensation, and empowers the managers to optimize the allocation of budget. It also helps in enhancing the accuracy and aligning the compensation decisions with respect to guidelines of the organization. Companies are employing the payroll software to make efficient decisions for compensations which cutting down the cycle times time with accurate, up to date, and auditable procedures. Cloud-based payroll software is being set up by several companies as its very cost efficient and enhances the efficacy of the process of review and compensation. The increasing acceptance and adoption of these cloud-based payroll software can be associated to its benefits over the conventional processes of payroll. Cloud-based payroll software empowers companies to get hold of information and services remotely with the help of a web browser with any need of installing and monitoring application software. These cloud-based payroll software also offers flexibility in the implementation and has a short deployment time. This cuts down the overall cost of implementation and enhances the return on the capital investment. One of the key advantages of the cloud-based payroll software is its capacity to access the information or data from anywhere.
The global market for cloud-based payroll software is expected to grow at an impressive CAGR of 12.09% over the course of the given forecast period of 2017 to 2021.
One of the key trend being observed in the global cloud-based payroll software market is the increasing demand for integrated HCM solutions. The growth of the market is also expected to be driven due to the increasing adoption of these software owing to its ease of access and cost effective nature. However, challenges associated with security of data is expected to act as an impeding factor for the growth of the global cloud-based payroll software market.
In terms of the geography, the global market for cloud-based payroll software can be segmented into key regions such as the Americas, Asia Pacific, and the Middle East and Africa.
Some of the key players in the global market for cloud-based payroll software include names such as ADP, Oracle, CoreHR, Paychex, Ultimate Software, SAP Success Factors, Workday, Advanced, BenefitMall, Aditro, Affinity, Ascentis, CloudPay, Beqom, Datacom Group, Ceridian HCM, Payroo, Sage, SmartPayroll Australia Pty, iAdmin, and Execupay among others.
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