The HR department in an organization is able to track the number of hours that each employee has worked, and this data is utilized for calculating the salary compensation with the effective deployment of cloud-based payroll software. However, regulatory compliances and synchronizing domestic HR processes with global HR standards hamper the market growth to a certain degree. The global market is driven by secured cloud backup of employee data, ease of system enhancements & updates, and advantages over on-premise solutions. The global cloud-based payroll software market size was valued at $6,738 million in 2016, and is projected to reach at $10,336 million by 2023, growing at a CAGR of 6.5% from 2017 to 2023. Cloud-based Payroll Software Market Outlook - 2023
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