At 12.5% CAGR, the North America Cloud Based Payroll Software Market is projected to be worth US$ 7,875.65 million by 2028, says Business Market Insights

According to Business Market Insights research, the North America cloud based payroll software market was valued at US$ 3,883.75 million in 2022 and is expected to reach US$ 7,875.65 million by 2028, registering a CAGR of 12.5% 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 North America cloud based payroll software market expansion. 

Cloud-based payroll systems make it easy for enterprises to organize and customize workflows according to the changes in the business. In addition, the cloud-based systems scale quickly, keeping simplicity irrespective of the number of deadlines, dependencies, task owners, and approvals included in a given payroll process. Moreover, with the use of cloud-based payroll software, data can be accessed from anywhere on any device. As working from home has become popular, cloud-based payroll system plays a vital role in managing payroll remotely. Furthermore, cloud-based software allows payroll staff and other employees to access their payroll information, such as annual leaves and pension letters, in real time. Cloud-based payroll software calculates bonuses and expenses, allows easy setup of new clients, and adds employees to the payroll systems. On-premises deployments provide high data safety and security levels. However, protecting information in on-premise payroll software from hacking and cybercrime can be costly in comparison to cloud deployment. All these benefits of cloud-based payroll software propel the growth of the North America cloud-based payroll software market.

On the contrary, data security issues hampers the North America Cloud Based Payroll Software Market.  

Based on component , the North America cloud based payroll software market is segmented into software and services. The software segment held 75.0% share of North America Cloud Based Payroll Software Market in 2022, amassing US$ 2,911.34 million. It is projected to garner US$ 5,973.37 million by 2028 to expand at 12.7% CAGR during 2022–2028. 

Based on organization size, the North America cloud based payroll software market is segmented into small and medium enterprises and large enterprises. The large enterprises segment held 60.2% share of North America Cloud Based Payroll Software Market in 2022, amassing US$ 2,337.55 million. It is projected to garner US$ 4,562.78 million by 2028 to expand at 11.8% CAGR during 2022–2028.

Based on industry vertical, the North America cloud based payroll software market is segmented into BFSI, manufacturing, healthcare, telecom and it, retail, hospitality, and others. The BFSI segment held 27.6% share of North America Cloud Based Payroll Software Market in 2022, amassing US$ 1,072.76 million. It is projected to garner US$ 2,407.71 million by 2028 to expand at 14.4% CAGR during 2022–2028.

Based on country, the North America cloud based payroll software market has been categorized into US, Canada, and Mexico. Our regional analysis states that the US captured 75.7% share of North America Cloud Based Payroll Software Market in 2022. It was assessed at US$ 2,938.75 million in 2022 and is likely to hit US$ 6,061.32 million by 2028, exhibiting a CAGR of 12.8% during the forecast period.      

Key players dominating the North America cloud based payroll software market are Automatic Data Processing Inc; Ceridian HCM Holdings Inc; Sage Group Plc; Webscale Pty Ltd; and Xero Ltd, among others.   

• In 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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