Global Cloud Based Payroll Software Market Analysis (2017-2023)

LONDON, Sept. 28, 2017 /PRNewswire/ -- The Global Cloud-based Payroll Software Market size is expected to reach $9.9 billion by 2023, rising at a market growth of 6% CAGR during the forecast period.

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The HR department is the department that tracks the number of hours an employee has worked. Cloud-based payroll software is used to track the data so gathered, which is then used to calculate salary compensation of the employees. The cloud-based payroll software is superior to on-premises software, and offers benefits such as cost-effectiveness. The on-premise solution is a highly cost-effective solution, and the initial investments are much lower as compared to on-premises model. The end users of cloud-based payroll software market are retail, healthcare, manufacturing, BFSI, and others. The manufacturing sector has witnessed the highest adoption of cloud-based payroll software over other end-users.

Based on Organization Sizes, the market report segments the market into Small & Medium Enterprises and Large Enterprises. Based on Verticals, the Global Cloud-based Payroll Software market segments the market into Retail, BFSI, Healthcare, Manufacturing, Telecom & IT, and Others. Based on Regions, the Global Cloud-based Payroll Software market segments the market into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.

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