DUBLIN, November 9, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Global Cloud-based Payroll Software Market 2016-2020" report to their offering.
The report forecasts the global cloud-based payroll software market to grow at a CAGR of 6.94% during the period 2016-2020.
One of latest trends in the market is integration of different modules to perform different functions. HR software is an enterprise-class software that can streamline and automate processes like payroll, performance reviews, recruiting, onboarding, compliance, analytics, and training. Enterprises purchase separate software for each and every HR operation such as payroll software, applicant tracking software, and talent management software. Integrated HR payroll software has a better impact on organizational drivers and also engages the employees better.
According to the report, one of the primary drivers in the market is advantages of cloud over on-premises solutions. On-premises payroll solutions usually require an initial investment such as servers, hardware, and power backup. In addition, it is also necessary to have an experienced IT staff for the maintenance of the hardware and to ensure the system functions on a consistent basis. In cloud-based payroll solution, the initial investment is much lower as compared with the on-premises payroll solution. The cloud-based payroll infrastructure is hosted and maintained by the vendor, and the users can access the payroll using a web browser with an Internet connection. Hence, the cost of implementing cloud-based payroll solution is lower than the cost of on-premises payroll solutions.
Further, the report states that one major challenge in the market is regulatory compliance. Even small organizations have to comply with a number of federal, state, and local regulations. Failing to understand the legal requirements for the data, process, and structure can result in penalties for the companies.
- Ceridian HCM
- SAP SuccessFactors
- Ultimate Software
Key Topics Covered:
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by deployment type
PART 07: Market segmentation by end-user
PART 08: Geographical segmentation
PART 09: Buying criteria
PART 10: Market drivers
PART 11: Impact of drivers
PART 12: Market challenges
PART 13: Impact of drivers and challenges
PART 14: Market trends
PART 15: Five forces model
PART 16: Vendor landscape
PART 17: Technology providers
PART 18: Pure players
For more information about this report visit http://www.researchandmarkets.com/research/l42446/global
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets