North America 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)
The North America cloud based payroll software market is expected to grow from US$ 3,883.75 million in 2022 to US$ 7,875.65 million by 2028. It is estimated to grow at a CAGR of 12.5% from 2022 to 2028.
Rapid Expansion of IT and Telecom Industry Fuels North America Cloud Based Payroll Software Market
The workforce and the responsibilities of HR management continue to become complicated and time-consuming with the consistently growing industries such as BFSI, IT & Telecom and others, and payroll is one of the major functions in the HR department. HR management adopts advanced technologies to fulfil the changing needs in the business environment. Payroll calculation consists of various components such as overtime pays, benefits regarding compensation, and legal compliances governed by different policies that must be followed closely to avoid legal issues. By utilizing payroll technology, organizations have been standardizing and streamlining their global payroll operations to drive efficiencies, manage business continuity, and reduce costs. Furthermore, companies in the IT & telecom industry are largely investing in designing and implementing a robust payroll operating model, complemented by utilizing cloud-based payroll software. Therefore, with the cost avoidance approach for managing payroll operations through effective governance structures and adopting leading practice processes and controls, demand for North America cloud-based payroll software market is growing significantly with the expansion of the IT & telecom industry.
North America Cloud Based Payroll Software Market Overview
The cloud-based payroll software market in North America is segmented into the US, Canada, and Mexico. The market growth in this region is attributed to the increasing demand for cloud-based payroll software due to the growing telecom & IT industry. According to the International Trade Administration, U.S. Department of Commerce, the US consists of one-third of the IT industry across the globe, making the country the largest tech market in the world. The IT industry in the US accounts for US$ 1.9 trillion of the country’s value-added GDP, which is more than 10% of the national economy. In addition, according to CompTIA, more than 557,000 software and IT services companies have been established in the US. Furthermore, the tech industry is growing continuously in the region. In 2019, ~307,000 new jobs were added, leading to 4.9 million postings for tech occupation jobs. Thus, the growing IT industry in the region is increasing the demand for cloud-based payroll software that helps enhance information management, along with high-speed network and centralized data storage. This is expected to boost productivity of IT operations in the organization and offer better data sharing in the coming years.
North America Cloud Based Payroll Software Market Revenue and Forecast to 2028 (US$ Million)
North America Cloud Based Payroll Software Market Segmentation
The North America cloud based payroll software market is segmented into component, organization size, industry vertical, and country.
Based on component , the North America cloud based payroll software market is segmented into software and services. The software segment held a larger share of the North America cloud based payroll software market in 2022.
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 a larger share of the North America cloud based payroll software market in 2022.
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 the largest share of the North America cloud based payroll software market in 2022.
Based on country, the North America cloud based payroll software market is segmented into the US, Canada, and Mexico. The US dominated the share of the North America cloud based payroll software market in 2022.
Automatic Data Processing Inc; Ceridian HCM Holdings Inc; Sage Group Plc; Webscale Pty Ltd; and Xero Ltd are the leading companies operating in the North America cloud based payroll software market.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Cloud Based Payroll Software Market – By Component
1.3.2 North America Cloud Based Payroll Software Market – By Organization Size
1.3.3 North America Cloud Based Payroll Software Market – By Industry Vertical
1.3.4 North America Cloud Based Payroll Software Market- By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Cloud Based Payroll Software Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Cloud Based Payroll Software Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rapid Expansion of IT and Telecom Industry
5.1.2 Advantages of Cloud-based Payroll Software Over On-premise Solutions
5.1.3 Ease of System Enhancements and Updates
5.2 Market Restraints
5.2.1 Data Security issues
5.3 Market Opportunities
5.3.1 Rise in the Adoption of Cloud-based Payroll Software Across SMEs
5.4 Future Trends
5.4.1 Rising Trends of AI-Powered Payroll Solutions
5.4.2 Growing Gig Economy Adopting Payroll Software
5.5 Impact Analysis of Drivers and Restraints
6. Cloud Based Payroll Software Market – North America Analysis
6.1 North America Cloud Based Payroll Software Market Overview
6.2 North America Cloud Based Payroll Software Market – Revenue and Forecast to 2028 (US$ Million)
7. North America Cloud Based Payroll Software Market Analysis – By Component
7.1 Overview
7.2 North America Cloud Based Payroll Software Market, By Component (2021 and 2028)
7.3 Software
7.3.1 Overview
7.3.2 Software: North America Cloud Based Payroll Software Market – Revenue, and Forecast to 2028 (US$ Million)
7.4 Services
7.4.1 Overview
7.4.2 Services: North America Cloud Based Payroll Software Market – Revenue, and Forecast to 2028 (US$ Million)
7.4.2.1 Managed Services
7.4.2.1.1 Overview
7.4.2.1.2 Managed Services: North America Cloud Based Payroll Software Market – Revenue, and Forecast to 2028 (US$ Million)
7.4.2.2 Professional Services
7.4.2.2.1 Overview
7.4.2.2.2 Professional Services: North America Cloud Based Payroll Software Market – Revenue, and Forecast to 2028 (US$ Million)
8. North America Cloud Based Payroll Software Market Analysis – By Organization Size
8.1 Overview
8.2 North America Cloud Based Payroll Software Market, By Organization Size (2021 and 2028)
8.3 Large Enterprises
8.3.1 Overview
8.3.2 Large Enterprises: North America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
8.4 Small and Medium Enterprises
8.4.1 Overview
8.4.2 Small and Medium Enterprises: North America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
9. North America Cloud Based Payroll Software Market Analysis – By Industry Vertical
9.1 Overview
9.2 North America Cloud Based Payroll Software Market Breakdown, By Industry Vertical, 2021 & 2028
9.3 BFSI
9.3.1 Overview
9.3.2 BFSI: North America Cloud Based Payroll Software Market Revenue and Forecast to 2028 (US$ Million)
9.4 Manufacturing
9.4.1 Overview
9.4.2 Manufacturing : North America Cloud Based Payroll Software Market Revenue and Forecast to 2028 (US$ Million)
9.5 Telecom and IT
9.5.1 Overview
9.5.2 Telecom and IT : North America Cloud Based Payroll Software Market Revenue and Forecast to 2028 (US$ Million)
9.6 Healthcare
9.6.1 Overview
9.6.2 Healthcare : North America Cloud Based Payroll Software Market Revenue and Forecast to 2028 (US$ Million)
9.7 Retail
9.7.1 Overview
9.7.2 Retail : North America Cloud Based Payroll Software Market Revenue and Forecast to 2028 (US$ Million)
9.8 Hospitality
9.8.1 Overview
9.8.2 Hospitality : North America Cloud Based Payroll Software Market Revenue and Forecast to 2028 (US$ Million)
9.9 Others
9.9.1 Overview
9.9.2 Others : North America Cloud Based Payroll Software Market Revenue and Forecast to 2028 (US$ Million)
10. North America Cloud Based Payroll Software Market Country Analysis
10.1 Overview
10.1.1 North America Cloud Based Payroll Software Market Breakdown, by Country
10.1.1.1 US: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.1.1.1.1 US: North America Cloud Based Payroll Software Market Breakdown, By Component
10.1.1.1.1.1 US: North America Cloud Based Payroll Software Market Breakdown, By Services
10.1.1.1.2 US: North America Cloud Based Payroll Software Market Breakdown, By Organization Size
10.1.1.1.3 US: North America Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.1.1.2 Canada: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.1.1.2.1 Canada: North America Cloud Based Payroll Software Market Breakdown, By Component
10.1.1.2.1.2 Canada: North America Cloud Based Payroll Software Market Breakdown, By Services
10.1.1.2.2 Canada: North America Cloud Based Payroll Software Market Breakdown, By Organization Size
10.1.1.2.3 Canada: North America Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.1.1.3 Mexico: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.1.1.3.1 Mexico: North America Cloud Based Payroll Software Market Breakdown, By Component
10.1.1.3.1.1 Mexico: North America Cloud Based Payroll Software Market Breakdown, By Services
10.1.1.3.2 Mexico: North America Cloud Based Payroll Software Market Breakdown, By Organization Size
10.1.1.3.3 Mexico: North America Cloud Based Payroll Software Market Breakdown, By Industry Vertical
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Product Development
11.4 Mergers & Acquisitions
12. Company Profiles
12.1 Ceridian HCM Holdings Inc
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Sage Group Plc
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Automatic Data Processing Inc
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Xero Ltd
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Webscale Pty Ltd
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. North America Cloud Based Payroll Software Market – Revenue and Forecast to 2028 (US$ Million)
Table 2. North America Cloud Based Payroll Software Market, Revenue and Forecast To 2028 – By Country (US$ Million)
Table 3. US: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 4. US: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 5. US: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 6. US: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 7. Canada: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 8. Canada: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 9. Canada: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 10. Canada: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 11. Mexico: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Component (US$ Million)
Table 12. Mexico: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Services (US$ Million)
Table 13. Mexico: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Organization Size (US$ Million)
Table 14. Mexico: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 – By Industry Vertical (US$ Million)
Table 15. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Cloud Based Payroll Software Market Segmentation
Figure 2. North America Cloud Based Payroll Software Market Segmentation – By Country
Figure 3. North America Cloud Based Payroll Software Market Overview
Figure 4. Software Segment held the Largest Share of North America Cloud Based Payroll Software Market
Figure 5. US to Show Great Traction During Forecast Period
Figure 6. North America: PEST Analysis
Figure 7. Expert Opinion
Figure 8. North America Cloud Based Payroll Software Market Impact Analysis of Drivers and Restraints
Figure 9. North America Cloud Based Payroll Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 10. North America Cloud Based Payroll Software Market Breakdown, By Component, 2021 & 2028 (%)
Figure 11. Software: North America Cloud Based Payroll Software Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 12. Services: North America Cloud Based Payroll Software Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 13. Managed Services: North America Cloud Based Payroll Software Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 14. Professional Services: North America Cloud Based Payroll Software Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 15. North America Cloud Based Payroll Software Market Breakdown, By Organization Size, 2021 & 2028 (%)
Figure 16. Large Enterprises: North America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 17. Small and Medium Enterprises: North America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 18. North America Cloud Based Payroll Software Market Breakdown, By Industry Vertical, 2021 & 2028 (%)
Figure 19. BFSI : North America Cloud Based Payroll Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. Manufacturing : North America Cloud Based Payroll Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. Telecom and IT : North America Cloud Based Payroll Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. Healthcare : North America Cloud Based Payroll Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 23. Retail : North America Cloud Based Payroll Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 24. Hospitality : North America Cloud Based Payroll Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 25. Others : North America Cloud Based Payroll Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 26. North America Cloud Based Payroll Software Market, by Key Country (2021) (US$ Million)
Figure 27. North America Cloud Based Payroll Software Market Breakdown, by Country, 2021 & 2028 (%)
Figure 28. US: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 29. Canada: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 30. Mexico: North America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
- Automatic Data Processing Inc
- Ceridian HCM Holdings Inc
- Sage Group Plc
- Webscale Pty Ltd
- Xero Ltd
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