Asia Pacific Cloud Based Payroll Software Market
Published On: May 2023
Published On: May 2023
According to Business Market Insights research, the Asia Pacific cloud based payroll software market was valued at US$ 2,236.52 million in 2022 and is expected to reach US$ 4,825.94 million by 2028, registering a CAGR of 13.7% from 2022 to 2028. Rapid expansion of it and telecom industry and ease of system enhancements and updates are the critical factors attributed to the Asia Pacific cloud based payroll software market expansion.
SMEs increasingly focus on expanding their businesses, and HR teams support enterprises to attain their goals by automating the payroll system. The cloud-based payroll system automates complicated payroll scenarios for accurate and efficient payroll processing. Employees can access all payroll information using self-service portals, even on their mobile phones. Therefore, with a cloud-based payroll system, the HR department can provide a timely response to employee requests regarding salary information, benefits, and information updates. Moreover, business is a dynamic process that is constantly changing, and many small businesses have been utilizing the benefits of cloud-based payroll systems. As cloud software handles all HR administrative responsibilities, SMEs are increasingly focused on adding benefits to the company, mainly across tax calculations. In addition, the software alerts about future tax deadlines and protects organizations from costly litigation and fines by calculating tax liability and making timely payments to employees. Therefore, with a growing number of SMEs, the demand for cloud-based payroll software is anticipated to offer lucrative opportunities to the Asia Pacific cloud-based payroll software market in the coming years.
On the contrary, data security issues hampers the Asia Pacific Cloud Based Payroll Software Market.
Based on component , the Asia Pacific cloud based payroll software market is segmented into software and services. The software segment held 79.3% share of Asia Pacific Cloud Based Payroll Software Market in 2022, amassing US$ 1,773.90 million. It is projected to garner US$ 3,863.86 million by 2028 to expand at 13.9% CAGR during 2022–2028.
Based on organization size, the Asia Pacific cloud based payroll software market is segmented into small and medium enterprises and large enterprises. The large enterprises segment held 68.4% share of Asia Pacific Cloud Based Payroll Software Market in 2022, amassing US$ 1,530.26 million. It is projected to garner US$ 3,199.38 million by 2028 to expand at 13.1% CAGR during 2022–2028.
Based on industry vertical, the Asia Pacific cloud based payroll software market is segmented into BFSI, manufacturing, healthcare, telecom and it, retail, hospitality, and others. The BFSI segment held 30.3% share of Asia Pacific Cloud Based Payroll Software Market in 2022, amassing US$ 678.06 million. It is projected to garner US$ 1,603.74 million by 2028 to expand at 15.4% CAGR during 2022–2028.
Based on country, the Asia Pacific cloud-based payroll software market has been categorized into South Korea, Australia, Singapore, New Zealand, Malaysia, and the Rest of Asia Pacific. Our regional analysis states that the Rest of Asia Pacific captured 58.8% share of Asia Pacific Cloud Based Payroll Software Market in 2022. It was assessed at US$ 1,315.76 million in 2022 and is likely to hit US$ 2,942.90 million by 2028, exhibiting a CAGR of 14.4% during the forecast period.
Key players dominating the Asia Pacific cloud based payroll software market are Automatic Data Processing Inc; Ceridian HCM Holdings Inc; ELMO Software Ltd; Microkeeper Ltd; MYOB Australia Pty Ltd; Sage Group Plc; Talenox Pte Ltd; Webscale Pty Ltd; and Xero Ltd, among others.
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