At 9.2% CAGR, the South America Cloud Based Payroll Software Market is projected to be worth US$ 776.96 million by 2028, says Business Market Insights

According to Business Market Insights research, the South America cloud based payroll software market was valued at US$ 458.42 million in 2022 and is expected to reach US$ 776.96 million by 2028, registering a CAGR of 9.2% 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 South America cloud based payroll software market expansion.        

A gig economy is a free market system in which organizations hire independent workers for short-term commitments. The payroll software provides companies with tailored processing of independent contractors. Companies are in the beginning stages of adopting to the demands of the gig economy, as more workforce members take on independent contractor roles. Furthermore, with the growing gig economy, payroll software has become essential in businesses to streamline compensation processes. As new types of work (and payment) become standard and regulations change, automated payroll processes become essential to businesses, which would act as a major market trend in the future.

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

Based on component, the South America cloud based payroll software market is segmented into software and services. The software segment held 84.6% share of South America Cloud Based Payroll Software Market in 2022, amassing US$ 387.98 million. It is projected to garner US$ 662.40 million by 2028 to expand at 9.3% CAGR during 2022–2028. 

Based on organization size, the South America cloud based payroll software market is segmented into small and medium enterprises and large enterprises. The large enterprises segment held 84.7% share of South America Cloud Based Payroll Software Market in 2022, amassing US$ 388.45 million. It is projected to garner US$ 651.77 million by 2028 to expand at 9.0% CAGR during 2022–2028.

Based on industry vertical, the South America cloud based payroll software market is segmented into BFSI, manufacturing, healthcare, telecom and it, retail, hospitality, and others. The BFSI segment held 34.6% share of South America Cloud Based Payroll Software Market in 2022, amassing US$ 158.72 million. It is projected to garner US$ 293.80 million by 2028 to expand at 10.8% CAGR during 2022–2028.

Based on country, the South America cloud based payroll software market has been categorized into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 66.5% share of South America Cloud Based Payroll Software Market in 2022. It was assessed at US$  304.88 million in 2022 and is likely to hit US$  530.83 million by 2028, exhibiting a CAGR of 9.7% during the forecast period.      

Key players dominating the South America cloud based payroll software market is Automatic Data Processing Inc. (ADP); Ceridian HCM, Inc; Sage Group Plc.; 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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