Report Id: SNS/ICT/2180 | July 2022 | Region: Global | 129 Pages
Report Scope & Overview:
The Online Payroll Services Market size was valued at USD 3.01 Bn in 2022 and is expected to reach USD 9.10 Bn by 2030, growing at a CAGR of 14.8% over the forecast period 2023-2030.
Online payroll services are web-based applications that allow businesses to handle employee payroll and tax filings. These services offer a complete payroll management solution, from time tracking and leave management to compensation and benefits administration. Online payroll services can be supplied as an on-premise or cloud-based solution.
Running a payroll service properly may be a difficult and time-consuming procedure. Organizations are now embracing online payroll systems to simplify this difficult procedure. Online payroll services allow you to execute an infinite number of payrolls every month to pay employees by direct deposit or check. The system is simple to use and manages paid leave and other difficult considerations. The platform is suitable for small enterprises when time is limited for owners. The online payroll solution prioritizes simplicity without compromising the quality of deliverables.
A company or organization can benefit from a spontaneous platform that breaks down the entire system into a few simple stages. Managing payroll online has various advantages over managing payroll in-house. Because of their flexibility and efficient use of resources, many firms choose online HR-management software as in-house technologies. The benefits of online payroll services include better productivity, fewer mistakes, employee access to data via a transparent system, and simplified compliance. These reasons are driving the market's expansion.
adoption of online payroll services over in-house payroll.
Systems that are more adaptable and transparent.
Expensive operating costs for IT infrastructure maintenance.
In SMEs, there is an increasing need for online payroll solutions.
IMPACT OF COVID-19:
COVID-19 has caused havoc on global economic and social systems. The illness has infiltrated various businesses' value and supply chains, including the market for online payroll services. Lockdowns were implemented by the authorities in a number of sites. We will investigate the worldwide market effect of the COVID-19 pandemic, taking into account both demand and supply.
The short- and long-term effects of the COVID-19 pandemic would be investigated in order to produce a synopsis. During and after the outbreak, this would aid in the development of business plans for all market players, including manufacturers, vendors, suppliers, distributors, and end-users.
On-premise software is software that is installed and operated on the premises of a business. This program must be purchased, installed, and maintained by the firm. It provides the organization with greater control over its data and applications, but it also necessitates more in-house IT resources to maintain and administer. The word "cloud-based" refers to programs, services, or resources made available by enterprises over the Internet. The term "cloud computing" refers to the usage of network-based services that provide resources on demand. Cloud-based solutions are often offered via a subscription or pay-as-you-go approach, making them more flexible and scalable than on-premise solutions.
In payroll processing, online payroll services are used to handle employee salaries and tax withholdings. They may also be utilized to handle new hire paperwork and provide reports on pay stubs and W-forms for employees. Online payroll services offer a safe and effective method to manage these chores, saving organizations time and money. Using an online payroll provider for new hire reporting ensures that all relevant documentation and tax forms are done on time and accurately. This can save the business time and money, as well as prevent penalties or fines for late or improper files.
Another advantage of using an online payroll provider for new hire reporting is that it may assist to simplify new employee onboarding. Keeping all of the relevant information and paperwork in one location makes it easier for HR personnel to keep track of everything and get new recruits off to a good start. Employees can use the self-service capabilities of online payroll systems to automate a variety of tasks, such as updating personal information, seeing pay stubs and tax forms, requesting time off, and more. This can save your HR staff a substantial amount of time and energy that can be put to greater use elsewhere. Employees will also enjoy the ease and openness that self-service offers.
KEY MARKET SEGMENT:
On The Basis of Type
On The Basis of Application
New Hire Reporting
Pay Options Employee Self-Service
The worldwide Online payroll services market has been divided into five regions: North America, Europe, Asia-Pacific, the Middle East, Africa, and South America. North America held the highest market share in 2021, and it is predicted to develop rapidly over the forecast period. However, the APAC region is witnessing great growth as a result of a variety of causes such as rising local enterprises at Online payroll services. The major APAC countries are technologically advanced and provide substantial investment and income opportunities. The increasing demand across different industrial sectors, as well as rising consumer expenditure on smart solutions in countries, drive development in the APAC Online payroll services market.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major kay players are OnPay, Gusto, SurePayroll, Intuit, ADP, AmCheck, APS, BenefitMall, Big Fish Payroll Services, Fuse Workforce Management
|Market Size in 2022||US$ 3.01 Bn|
|Market Size by 2030||US$ 9.10 Bn|
|CAGR||CAGR of 14.8% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Type (On-premise and Cloud-Based)
• By Application (Payroll Processing, Payroll Tax, New Hire Reporting, Pay Options Employee Self-Service, HR Features, Other)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||OnPay, Gusto, SurePayroll, Intuit, ADP, AmCheck, APS, BenefitMall, Big Fish Payroll Services, Fuse Workforce Management|
|Key Drivers||• adoption of online payroll services over in-house payroll
• Systems that are more adaptable and transparent
|Opportunity||• In SMEs, there is an increasing need for online payroll solutions|
Frequently Asked Questions (FAQ) :
Ans: - The Online Payroll Services Market size was valued at USD 2.63Bn in 2021.
Ans: - Adoption of online payroll services over in-house payroll and systems that are more adaptable and transparent.
Ans: - North America held the highest market share in 2021, and it is predicted to develop rapidly over the forecast period.
Ans: - The major kay players are OnPay, Gusto, SurePayroll, Intuit, ADP, AmCheck, APS, BenefitMall, Big Fish Payroll Services, and Fuse Workforce Management.
Ans: - The study includes a comprehensive analysis of Online Payroll Services Market trends, as well as present and future market forecasts. DROC analysis, as well as impact analysis for the projected period. Porter's five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape etc.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
220.127.116.11 United Kingdom
18.104.22.168 South Korea
22.214.171.124 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Online Payroll Services Market Segmentation, by Type
9. Online Payroll Services Market, by Application
9.1 Payroll Processing
9.2 Payroll Tax
9.3 New Hire Reporting
9.4 Pay Options Employee Self-Service
9.5 HR Features
10. Regional Analysis
10.2 North America
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4.2 South Korea
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.3 South Africa
10.6 Latin America
10.6.3 Rest of Latin America
11. Company Profiles
11.1.2 Products/ Services Offered
11.1.3 SWOT Analysis
11.1.4 The SNS view
11.9 Big Fish Payroll Services
11.10 Fuse Workforce Management
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.