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PUBLISHER: KBV Research | PRODUCT CODE: 1682900
PUBLISHER: KBV Research | PRODUCT CODE: 1682900
North America Cloud Based Payroll Software Market Size, Share & Trends Analysis Report By Component, By Organization Size, By Industry Vertical, By Country and Growth Forecast, 2024 - 2031
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The North America Cloud Based Payroll Software Market would witness market growth of 6.6% CAGR during the forecast period (2024-2031).
The US market dominated the North America Cloud Based Payroll Software Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3,699.8 million by 2031. The Canada market is experiencing a CAGR of 8.8% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 8% during (2024 - 2031).
The adoption of blockchain in payroll systems transforms salary management by enhancing transparency, security, and efficiency. Traditional payroll systems often involve intermediaries such as banks and financial institutions, leading to delays, high fees, and security risks. Blockchain eliminates these inefficiencies by enabling tamper-proof, direct salary transactions, reducing payroll disputes and fraud.
The implementation of cloud-based payroll systems is not merely a trend but an essential requirement in the contemporary digital economy. The increasing shift towards remote work fuels the market's expansion, the rising number of small and medium enterprises (SMEs), and the need for compliance automation.
North America is witnessing a rising demand for cloud-based payroll software, driven by technological advancements, digital transformation, and government-led initiatives supporting automation in various industries. In Mexico, the manufacturing industry is a major contributor to the adoption of cloud payroll solutions, largely due to its expanding industrial workforce and evolving labor laws. According to the Government of Mexico, in the second quarter of 2024, the manufacturing sector's gross domestic product (GDP) was $6.58T MX, with significant investments in advanced manufacturing technologies to enhance productivity. As manufacturing companies expand, there is a growing need for cloud-based payroll software to manage workforce compensation efficiently. With large-scale employment in the sector, businesses are increasingly adopting automated payroll solutions to streamline salary processing, tax compliance, and benefits administration, reducing manual errors and improving operational efficiency. Therefore, as North American companies prioritize data security, compliance automation, and workforce expansion, cloud-based payroll software providers are seeing an unprecedented rise in demand, shaping the future of payroll management across the region.
Based on Component, the market is segmented into Software and Services. Based on Organization Size, the market is segmented into Small & Medium Enterprises and Large Enterprises. Based on Industry Vertical, the market is segmented into BFSI, Manufacturing, Telecom & IT, Healthcare, Retail, Hospitality, and Other Industry Vertical. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
List of Key Companies Profiled
- ADP, Inc.
- The Sage Group plc
- Unit4 N.V. (Advent International)
- TELUS International
- SAP SE
- Iris Software Group Limited
- UKG Inc.
- Oracle Corporation
- Paycom Software, Inc.
- Dayforce, Inc.
North America Cloud Based Payroll Software Market Report Segmentation
By Component
- Software
- Services
By Organization Size
- Small & Medium Enterprises
- Large Enterprises
By Industry Vertical
- BFSI
- Manufacturing
- Telecom & IT
- Healthcare
- Retail
- Hospitality
- Other Industry Vertical
By Country
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 North America Cloud Based Payroll Software Market, by Component
- 1.4.2 North America Cloud Based Payroll Software Market, by Organization Size
- 1.4.3 North America Cloud Based Payroll Software Market, by Industry Vertical
- 1.4.4 North America Cloud Based Payroll Software Market, by Country
- 1.5 Methodology for the research
Chapter 2. Market at a Glance
- 2.1 Key Highlights
Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.1.1 Overview
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
- 4.1 Market Share Analysis, 2023
- 4.2 Strategies Deployed in Cloud Based Payroll Software Market
- 4.3 Porter Five Forces Analysis
Chapter 5. North America Cloud Based Payroll Software Market by Component
- 5.1 North America Software Market by Region
- 5.2 North America Services Market by Region
Chapter 6. North America Cloud Based Payroll Software Market by Organization Size
- 6.1 North America Small & Medium Enterprises Market by Country
- 6.2 North America Large Enterprises Market by Country
Chapter 7. North America Cloud Based Payroll Software Market by Industry Vertical
- 7.1 North America BFSI Market by Country
- 7.2 North America Manufacturing Market by Country
- 7.3 North America Telecom & IT Market by Country
- 7.4 North America Healthcare Market by Country
- 7.5 North America Retail Market by Country
- 7.6 North America Hospitality Market by Country
- 7.7 North America Other Industry Vertical Market by Country
Chapter 8. North America Cloud Based Payroll Software Market by Country
- 8.1 US Cloud Based Payroll Software Market
- 8.1.1 US Cloud Based Payroll Software Market by Component
- 8.1.2 US Cloud Based Payroll Software Market by Organization Size
- 8.1.3 US Cloud Based Payroll Software Market by Industry Vertical
- 8.2 Canada Cloud Based Payroll Software Market
- 8.2.1 Canada Cloud Based Payroll Software Market by Component
- 8.2.2 Canada Cloud Based Payroll Software Market by Organization Size
- 8.2.3 Canada Cloud Based Payroll Software Market by Industry Vertical
- 8.3 Mexico Cloud Based Payroll Software Market
- 8.3.1 Mexico Cloud Based Payroll Software Market by Component
- 8.3.2 Mexico Cloud Based Payroll Software Market by Organization Size
- 8.3.3 Mexico Cloud Based Payroll Software Market by Industry Vertical
- 8.4 Rest of North America Cloud Based Payroll Software Market
- 8.4.1 Rest of North America Cloud Based Payroll Software Market by Component
- 8.4.2 Rest of North America Cloud Based Payroll Software Market by Organization Size
- 8.4.3 Rest of North America Cloud Based Payroll Software Market by Industry Vertical
Chapter 9. Company Profiles
- 9.1 ADP, Inc.
- 9.1.1 Company Overview
- 9.1.2 Financial Analysis
- 9.1.3 Segmental and Regional Analysis
- 9.1.1 Research & Development Expense
- 9.1.2 Recent strategies and developments:
- 9.1.2.1 Partnerships, Collaborations, and Agreements:
- 9.1.2.2 Product Launches and Product Expansions:
- 9.2 The Sage Group plc
- 9.2.1 Company Overview
- 9.2.2 Financial Analysis
- 9.2.3 Segmental Analysis
- 9.2.4 Research & Development Expenses
- 9.2.5 Recent strategies and developments:
- 9.2.5.1 Product Launches and Product Expansions:
- 9.2.6 SWOT Analysis
- 9.3 Unit4 N.V. (Advent International)
- 9.3.1 Company Overview
- 9.3.2 Recent strategies and developments:
- 9.3.2.1 Acquisition and Mergers:
- 9.4 TELUS International
- 9.4.1 Company Overview
- 9.4.2 Financial Analysis
- 9.5 SAP SE
- 9.5.1 Company Overview
- 9.5.2 Financial Analysis
- 9.5.3 Regional Analysis
- 9.5.4 Research & Development Expense
- 9.5.5 Recent strategies and developments:
- 9.5.5.1 Partnerships, Collaborations, and Agreements:
- 9.5.6 SWOT Analysis
- 9.6 IRIS Software Group Limited
- 9.6.1 Company Overview
- 9.6.2 Recent strategies and developments:
- 9.6.2.1 Acquisition and Mergers:
- 9.7 UKG, Inc.
- 9.7.1 Company Overview
- 9.7.2 SWOT Analysis
- 9.8 Oracle Corporation
- 9.8.1 Company Overview
- 9.8.2 Financial Analysis
- 9.8.3 Segmental and Regional Analysis
- 9.8.4 Research & Development Expense
- 9.8.5 SWOT Analysis
- 9.9 Paycom Software, Inc.
- 9.9.1 Company Overview
- 9.9.2 Financial Analysis
- 9.9.3 Research & Development Expenses
- 9.10. Dayforce, Inc.
- 9.10.1 Company Overview
- 9.10.2 Financial Analysis
- 9.10.3 Regional Analysis
- 9.10.4 Research & Development Expenses
- 9.10.5 Recent strategies and developments:
- 9.10.5.1 Product Launches and Product Expansions:
- 9.10.5.2 Acquisition and Mergers:
- 9.10.6 SWOT Analysis
LIST OF TABLES
- TABLE 1 North America Cloud Based Payroll Software Market, 2020 - 2023, USD Million
- TABLE 2 North America Cloud Based Payroll Software Market, 2024 - 2031, USD Million
- TABLE 3 North America Cloud Based Payroll Software Market by Component, 2020 - 2023, USD Million
- TABLE 4 North America Cloud Based Payroll Software Market by Component, 2024 - 2031, USD Million
- TABLE 5 North America Software Market by Region, 2020 - 2023, USD Million
- TABLE 6 North America Software Market by Region, 2024 - 2031, USD Million
- TABLE 7 North America Services Market by Region, 2020 - 2023, USD Million
- TABLE 8 North America Services Market by Region, 2024 - 2031, USD Million
- TABLE 9 North America Cloud Based Payroll Software Market by Organization Size, 2020 - 2023, USD Million
- TABLE 10 North America Cloud Based Payroll Software Market by Organization Size, 2024 - 2031, USD Million
- TABLE 11 North America Small & Medium Enterprises Market by Country, 2020 - 2023, USD Million
- TABLE 12 North America Small & Medium Enterprises Market by Country, 2024 - 2031, USD Million
- TABLE 13 North America Large Enterprises Market by Country, 2020 - 2023, USD Million
- TABLE 14 North America Large Enterprises Market by Country, 2024 - 2031, USD Million
- TABLE 15 North America Cloud Based Payroll Software Market by Industry Vertical, 2020 - 2023, USD Million
- TABLE 16 North America Cloud Based Payroll Software Market by Industry Vertical, 2024 - 2031, USD Million
- TABLE 17 North America BFSI Market by Country, 2020 - 2023, USD Million
- TABLE 18 North America BFSI Market by Country, 2024 - 2031, USD Million
- TABLE 19 North America Manufacturing Market by Country, 2020 - 2023, USD Million
- TABLE 20 North America Manufacturing Market by Country, 2024 - 2031, USD Million
- TABLE 21 North America Telecom & IT Market by Country, 2020 - 2023, USD Million
- TABLE 22 North America Telecom & IT Market by Country, 2024 - 2031, USD Million
- TABLE 23 North America Healthcare Market by Country, 2020 - 2023, USD Million
- TABLE 24 North America Healthcare Market by Country, 2024 - 2031, USD Million
- TABLE 25 North America Retail Market by Country, 2020 - 2023, USD Million
- TABLE 26 North America Retail Market by Country, 2024 - 2031, USD Million
- TABLE 27 North America Hospitality Market by Country, 2020 - 2023, USD Million
- TABLE 28 North America Hospitality Market by Country, 2024 - 2031, USD Million
- TABLE 29 North America Other Industry Vertical Market by Country, 2020 - 2023, USD Million
- TABLE 30 North America Other Industry Vertical Market by Country, 2024 - 2031, USD Million
- TABLE 31 North America Cloud Based Payroll Software Market by Country, 2020 - 2023, USD Million
- TABLE 32 North America Cloud Based Payroll Software Market by Country, 2024 - 2031, USD Million
- TABLE 33 US Cloud Based Payroll Software Market, 2020 - 2023, USD Million
- TABLE 34 US Cloud Based Payroll Software Market, 2024 - 2031, USD Million
- TABLE 35 US Cloud Based Payroll Software Market by Component, 2020 - 2023, USD Million
- TABLE 36 US Cloud Based Payroll Software Market by Component, 2024 - 2031, USD Million
- TABLE 37 US Cloud Based Payroll Software Market by Organization Size, 2020 - 2023, USD Million
- TABLE 38 US Cloud Based Payroll Software Market by Organization Size, 2024 - 2031, USD Million
- TABLE 39 US Cloud Based Payroll Software Market by Industry Vertical, 2020 - 2023, USD Million
- TABLE 40 US Cloud Based Payroll Software Market by Industry Vertical, 2024 - 2031, USD Million
- TABLE 41 Canada Cloud Based Payroll Software Market, 2020 - 2023, USD Million
- TABLE 42 Canada Cloud Based Payroll Software Market, 2024 - 2031, USD Million
- TABLE 43 Canada Cloud Based Payroll Software Market by Component, 2020 - 2023, USD Million
- TABLE 44 Canada Cloud Based Payroll Software Market by Component, 2024 - 2031, USD Million
- TABLE 45 Canada Cloud Based Payroll Software Market by Organization Size, 2020 - 2023, USD Million
- TABLE 46 Canada Cloud Based Payroll Software Market by Organization Size, 2024 - 2031, USD Million
- TABLE 47 Canada Cloud Based Payroll Software Market by Industry Vertical, 2020 - 2023, USD Million
- TABLE 48 Canada Cloud Based Payroll Software Market by Industry Vertical, 2024 - 2031, USD Million
- TABLE 49 Mexico Cloud Based Payroll Software Market, 2020 - 2023, USD Million
- TABLE 50 Mexico Cloud Based Payroll Software Market, 2024 - 2031, USD Million
- TABLE 51 Mexico Cloud Based Payroll Software Market by Component, 2020 - 2023, USD Million
- TABLE 52 Mexico Cloud Based Payroll Software Market by Component, 2024 - 2031, USD Million
- TABLE 53 Mexico Cloud Based Payroll Software Market by Organization Size, 2020 - 2023, USD Million
- TABLE 54 Mexico Cloud Based Payroll Software Market by Organization Size, 2024 - 2031, USD Million
- TABLE 55 Mexico Cloud Based Payroll Software Market by Industry Vertical, 2020 - 2023, USD Million
- TABLE 56 Mexico Cloud Based Payroll Software Market by Industry Vertical, 2024 - 2031, USD Million
- TABLE 57 Rest of North America Cloud Based Payroll Software Market, 2020 - 2023, USD Million
- TABLE 58 Rest of North America Cloud Based Payroll Software Market, 2024 - 2031, USD Million
- TABLE 59 Rest of North America Cloud Based Payroll Software Market by Component, 2020 - 2023, USD Million
- TABLE 60 Rest of North America Cloud Based Payroll Software Market by Component, 2024 - 2031, USD Million
- TABLE 61 Rest of North America Cloud Based Payroll Software Market by Organization Size, 2020 - 2023, USD Million
- TABLE 62 Rest of North America Cloud Based Payroll Software Market by Organization Size, 2024 - 2031, USD Million
- TABLE 63 Rest of North America Cloud Based Payroll Software Market by Industry Vertical, 2020 - 2023, USD Million
- TABLE 64 Rest of North America Cloud Based Payroll Software Market by Industry Vertical, 2024 - 2031, USD Million
- TABLE 65 Key Information - ADP, Inc.
- TABLE 66 Key Information - The Sage Group plc
- TABLE 67 Key information - Unit4 N.V.
- TABLE 68 Key Information - TELUS International
- TABLE 69 Key Information - SAP SE
- TABLE 70 Key Information - IRIS Software Group Limited
- TABLE 71 Key Information - UKG, Inc.
- TABLE 72 Key Information - Oracle Corporation
- TABLE 73 Key Information - Paycom Software, Inc.
- TABLE 74 Key Information - Dayforce, Inc.
LIST OF FIGURES
- FIG 1 Methodology for the research
- FIG 2 North America Cloud Based Payroll Software Market, 2020 - 2031, USD Million
- FIG 3 Key Factors Impacting Cloud Based Payroll Software Market
- FIG 4 Market Share Analysis, 2023
- FIG 5 Porter's Five Forces Analysis - Cloud Based Payroll Software Market
- FIG 6 North America Cloud Based Payroll Software Market share by Component, 2023
- FIG 7 North America Cloud Based Payroll Software Market share by Component, 2031
- FIG 8 North America Cloud Based Payroll Software Market by Component, 2020 - 2031, USD Million
- FIG 9 North America Cloud Based Payroll Software Market share by Organization Size, 2023
- FIG 10 North America Cloud Based Payroll Software Market share by Organization Size, 2031
- FIG 11 North America Cloud Based Payroll Software Market by Organization Size, 2020 - 2031, USD Million
- FIG 12 North America Cloud Based Payroll Software Market share by Industry Vertical, 2023
- FIG 13 North America Cloud Based Payroll Software Market share by Industry Vertical, 2031
- FIG 14 North America Cloud Based Payroll Software Market by Component, 2020 - 2031, USD Million
- FIG 15 North America Cloud Based Payroll Software Market share by Country, 2023
- FIG 16 North America Cloud Based Payroll Software Market share by Country, 2031
- FIG 17 North America Cloud Based Payroll Software Market by Country, 2020 - 2031, USD Million
- FIG 18 Recent strategies and developments: ADP, Inc.
- FIG 19 SWOT Analysis: The Sage Group PLC
- FIG 20 SWOT Analysis: SAP SE
- FIG 21 Swot Analysis: UKG, Inc.
- FIG 22 SWOT Analysis: Oracle Corporation
- FIG 23 Recent strategies and developments: Dayforce, Inc.
- FIG 24 SWOT Analysis: Ceridian HCM Holding, Inc.
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