A payroll is a list maintained in an organization to keep a record of the total amount of money paid to the employees. From an accounting point of view, payroll is crucial because payroll and payroll taxes can affect the net income of the company. Running a payroll service successfully can be a challenging and laborious process. To streamline this complex process, nowadays, organizations are using online payroll services.
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The global online payroll services market was valued at US$ xx million in the year 2018 and are expected to reach US$ xx million by the year 2023, growing at a CAGR of approximately 10.3%. The main factor in driving the growth of the global online payroll services market is the rising adoption of online payroll systems rather than in-house payroll systems. Moreover, the trend for a technology-driven environment or facilities like flexible systems and effective value deliverable is fuelling the growth of the market. However, the high operational cost for maintaining the infrastructure of online payroll services is expected to impede the market growth.
According to the product type, the market is categorized into basic payroll service, enhanced payroll service, and full-service payroll service. Among these, the enhanced payroll service category is likely to grow during the forecast period, owing to the increasing demand for enhanced payroll in small-sized businesses.
Based on applications, the market is segmented into small businesses, mid-size businesses, and large businesses. Among these, the small business segment is holding a dominating share in the market, owing to the streamlined payroll process and less investment of time and money.
Geographically North America holds a dominating position owing to the presence of large numbers of online payroll services vendors. The Asia-Pacific region is expected to grow with the highest CAGR over the forecast period. Remarkable growth opportunities are observed in this region, owing to the rising demand for online payroll services in organizations in this region.
The key players in the global online payroll services market are Intuit (USA), ADP (USA), IOIPay (USA), OnPay (USA), APS Payroll (USA), SurePayroll (USA), BenefitMall (USA), PayUSA (USA), MyPayrollHR (USA), Gusto (USA), Square (USA), and PAYweb (Canada), amongst others. The major players in the market are adopting new product launches and mergers & acquisition strategies to gain more market share.