Sarasota, FL -- (SBWIRE) -- 04/19/2019 -- Zion Market Research has published a new report titled "Cloud Based Payroll Software Market by Product Type (Free and Open-Source Software and Subscription-Based Software), by Organization Size (Small- and Medium-Sized Enterprises and Large Enterprises), by Application (Government, Banking, Financial Services, & Insurance, IT, Education, Defense, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026". According to the report, the global cloud based payroll software market was valued at approximately USD 7,884 million in 2018 and is expected to generate around USD 13,374 million by 2026, at a CAGR of around 6.8% between 2019 and 2026.

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Cloud based payroll software helps in automation, organization, and simplification of complex payment design and allows improving budget distributions, with upsurge accuracy and aligns payment decisions based on administrative guidelines. The introduction of cloud solutions in the payroll and HR domain is making revolutionary changes in services, for both the employees and employers. Cloud-based payroll systems have several advantages over on-premises systems that will boost the cloud based payroll software market globally over the forecast time period. Cloud-based payroll software is apt for business growth due to its high scalability. It endorses commercial growth as cloud storage eradicates traditional paper processes and its related costs. The users can opt to customize and upgrade their platforms according to their specific needs.

The global cloud based payroll software market is segmented based on product, organization size, and application. By product, the market includes free and open-source software and subscription-based software. The free and open-source software segment is anticipated to show the highest CAGR in the future, owing to its easy availability and the growing awareness about open-source software and cloud-based systems.

By organization size, the cloud based payroll software market includes small- and medium-sized enterprises and large enterprises. The large enterprise segment is expected to hold the maximum market share in the future. The small- and medium-sized enterprises segment is anticipated to show a higher CAGR over the forecast timeframe, owing to rapidly increasing penetration of these enterprises in emerging economies and the growing awareness about well-organized workflow and content management software.

By application, the market includes government, banking, financial services, and insurance, IT, education, defense, and others. The IT segment contributed the largest market share in 2018, due to the exponential growth of the IT industry in emerging economies and the rising need for payroll management in this sector. The BFSI segment is projected to contribute to the prominent market share in the global market. The other applications segment such as healthcare and life science, public utilities, telecommunications and other is anticipated to grow at the highest CAGR, owing to high technological development in healthcare infrastructures.

By region, North America held a dominant share of the global cloud based payroll software market in 2018 and is anticipated to continue its dominance over the forthcoming years as well. Available treatment options, high awareness regarding the cloud-based payroll software, and increasing adoption of advanced digital methods to smoothen the workflow will drive the North American market over the forecast time period. Europe is estimated to hold the second largest share of the global cloud based payroll software market in the future. The Asia Pacific region cloud based payroll software market is expected to show the highest CAGR in the future, owing to rising investments and focus in healthcare data management, increasing awareness about cloud-based payroll software, escalating research and development expenditure, and growing penetration of medium- and small-scale industrial base across the region.

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Some key players of the global cloud based payroll software market are Paycor, Inc., Paychex, Inc., Personnel Data Systems, Inc., Criterion, Inc., Sage Group, Lucerna, Accentra Technologies Limited, Workday, Inc., The Ultimate Software Group, Inc., Oracle Corporation, Zenefits Software, SAP Success Factors, Ascentis HR Software, FinancialForce Software, Kronos Software, IRIS Software Group, Ltd. and ADP.

This report segments the global cloud based payroll software market into:

Global Cloud Based Payroll Software Market: Product Type Analysis

Free and Open-Source Software
Subscription-Based Software

Global Cloud Based Payroll Software Market: Organization Size Analysis

Small- and Medium-Sized Enterprises
Large Enterprises

Global Cloud Based Payroll Software Market: Application Analysis

Government
Defense
Education

Banking, Financial Services, and Insurance (BFSI)
IT
Others

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Global Cloud Based Payroll Software Market: Regional Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa