The cloud based payroll software market size is projected to reach US$ 28307.94 million by 2031 from US$ 11354.83 million in 2023. The market is expected to register a CAGR of 12.1% during 2023–2031.

The Cloud-Based Payroll Software Market is growing steadily, driven by rising demand for automated payroll solutions and cost efficiency. Key drivers include increasing adoption of cloud technology, workforce globalization, and compliance with complex tax regulations. Features like scalability, data security, and integration capabilities fuel market growth. North America leads, with Asia-Pacific showing significant potential due to expanding SMEs and digitalization.

Source: The Insight Partners