Report : Middle East & Africa Cloud Based Payroll Software Market Forecast to 2028 – COVID-19 Impact and Regional Analysis– by Component (Software and Services), Organization Size (Small & Medium Enterprises and Large Enterprises), and Industry Vertical (BFSI, Manufacturing, Healthcare, Telecom and IT, Retail, Hospitality, and Others)
At 10.1% CAGR, the Middle East & Africa Cloud Based Payroll Software Market is speculated to be worth US$ 1,211.72 million by 2028, says Business Market Insights
According to Business Market Insights research, the Middle East & Africa cloud based payroll software market was valued at US$ 680.69 million in 2022 and is expected to reach US$ 1,211.72 million by 2028, registering a CAGR of 10.1% 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 Middle East & Africa cloud based payroll software market expansion.
Digital technologies such as cloud computing, AI, big data, and robotic process automation (RPA) have boosted payroll systems across several business verticals tremendously. AI plays a significant role in leading the movement of payroll from a highly transactional process to an analytical and decision-support focus. Moreover, AI is used for continuous data validation to ensure a fast and high-quality payroll process, and HR departments can also use chatbots to help employees with nonurgent requests. Digital transformation is increasingly driving the payroll function, adding strategic value to an organization by leveraging the valuable data in the payroll system. Many activities across the payroll process are routine and reoccurring with large amounts of data, like the data reconciliation process that occurred at different times before. AI technology provide insight and analytics to support overall labor management decisions, solving problems by looking at large amounts of data and acting based on those predictions. Therefore, the emergence of AI-powered payroll solutions is expected to become a major trend in the market during the forecast period.
On the contrary, data security issues hampers the Middle East & Africa Cloud Based Payroll Software Market.
Based on component, the Middle East & Africa cloud based payroll software market is segmented into software and services. The software segment held 81.6% share of Middle East & Africa Cloud Based Payroll Software Market in 2022, amassing US$ 555.15 million. It is projected to garner US$ 995.92 million by 2028 to expand at 10.2% CAGR during 2022–2028.
Based on organization size, the Middle East & Africa cloud based payroll software market is segmented into small and medium enterprises and large enterprises. The large enterprises segment held 70.8% share of Middle East & Africa Cloud Based Payroll Software Market in 2022, amassing US$ 481.68 million. It is projected to garner US$ 837.64 million by 2028 to expand at 9.7% CAGR during 2022–2028.
Based on industry vertical, the Middle East & Africa cloud based payroll software market is segmented into BFSI, manufacturing, healthcare, telecom and it, retail, hospitality, and others. The BFSI segment held 30.9% share of Middle East & Africa Cloud Based Payroll Software Market in 2022, amassing US$ 210.36 million. It is projected to garner US$ 410.64 million by 2028 to expand at 11.8% CAGR during 2022–2028.
Based on country, the Middle East & Africa cloud-based payroll software market has been categorized into the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 35.1% share of Middle East & Africa Cloud Based Payroll Software Market in 2022. It was assessed at US$ 238.69 million in 2022 and is likely to hit US$ 452.60 million by 2028, exhibiting a CAGR of 11.3% during the forecast period.
Key players dominating the Middle East & Africa cloud based payroll software market are Automatic Data Processing Inc; Ceridian HCM Holdings Inc; Sage Group Plc; and Xero Ltd, among others.
- 2022, Xero Ltd Single payroll, single touch payroll phase 2 is launched in the market. This will be used in the business to build on its existing STP reporting and share more information with the ATO and other government agencies.
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