Albany, NY -- (SBWIRE) -- 01/13/2017 -- It makes use of market leading analytical tools such as Porter's Five Forces to gauge the competitive dynamics in the market.

These days, enterprises buy different software for various HR operations such as applicant tracking software, payroll software, and talent management software. They help improve efficiency. An integrated HR payroll software, for example, positively influences organizational drivers by helping the HR team track the number of hours clocked in by each employee, which is then factored in to arrive at the salary compensation figure. With the continued popularity of cloud-based systems, HR departments are gradually opting for cloud-based payroll software.

As per the report, the global market for cloud-based payroll software has been seeing an upswing due to the added benefits of cloud compared to on-premises solutions. The latter usually requires an upfront investment on hardware, servers, and power backup. Further, skilled IT staff are also needed to ensure smooth functioning and maintenance of the hardware in on-premise solutions. A cloud-based payroll software, on the contrary, is comparatively cost-effective as minimal initial investment required for it. It is hassle-free too as the necessary infrastructure is hosted and maintained by the vendor, and the users just need to access the payroll online. Yet another advantage of the cloud-based payroll software is the secure backup of employee data.

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Countering the growth in the global market for cloud-based payroll software is regulatory compliance, which requires even small entities to adhere to various national, state, and local regulations or else cough up a penalty. Another market challenge is stabilizing the domestic HR processes with global HR standards. Some of the major trends noticed in the market are the rising emergence of mobile apps, leveraging of HR analytics to arrive at crucial decisions, and integrating different modules to carry out a range of functions.

In order the study the market in-depth, the report segments it based on deployment type and end users. Geographically, it segments the market into Asia Pacific, the Americas, and Europe, Middle East and Africa. Among them, the Americas dominate the market with maximum share. The Europe Middle East and Africa and the Asia Pacific, however, is slated to exhibit solid growth in the upcoming years due to the accelerated pace of globalization, increasing emphasis on centralization of services, and the increasing number of small, medium, and large entities.

Some of the prominent players operating in the global cloud-based payroll software market that have been profiled in the report are BenefitMall, Intuit, CoreHR, Oracle, SAP SuccessFactors, Zenefits, ADP, and Ceridian HCM.

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