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South America Cloud Based Payroll Software Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Component (Software and Services), Organization Size (Small & Medium Enterprises and Large Enterprises), and Industry Vertical (BFSI, Manufacturing, Healthcare, Telecom and IT, Retail, Hospitality, and Others)
Market Report I 2023-08-21 I 116 Pages I The Insight Partners
The South America cloud based payroll software market is expected to grow from US$ 458.42 million in 2022 to US$ 776.96 million by 2028. It is estimated to grow at a CAGR of 9.2% from 2022 to 2028.
Advantages of Cloud-based Payroll Software Over On-premise Solutions Fuels South America Cloud Based Payroll Software Market
Cloud-based payroll systems make it easy for enterprises to organize and customize workflows according to the changes in the business. In addition, the cloud-based systems scale quickly, keeping simplicity irrespective of the number of deadlines, dependencies, task owners, and approvals included in each payroll process. Moreover, with the use of cloud-based payroll software, data can be accessed from anywhere on any device. As working from home has become popular, cloud-based payroll system plays a vital role in managing payroll remotely. Furthermore, cloud-based software allows payroll staff and other employees to access their payroll information, such as annual leaves and pension letters, in real time. Cloud-based payroll software calculates bonuses and expenses, allows easy setup of new clients, and adds employees to the payroll systems. On-premises deployments provide high data safety and security levels. However, protecting information in on-premise payroll software from hacking and cybercrime can be costly in comparison to cloud deployment. All these benefits of cloud-based payroll software propel the growth of the South America cloud based payroll software market.
South America Cloud Based Payroll Software Market Overview
Due to the presence of a large and well-educated workforce in Brazil, international cloud-based payroll software providers are establishing operations in the country. However, rules and regulations for payroll system in the country are generally complex, and a strong commitment from cloud-based software providers to adhere with regulations becomes challenging for establishing successful payroll operations. All companies in Brazil are required to submit employee tax, social security, and payroll information to the government via the eSocial platform. Information that employers report on eSocial also includes contributions to Brazil's unemployment compensation fund (FGTS); unemployment insurance; withholding income tax; family allowance; sickness, and temporary and holiday leave.
In addition, payroll processing in Argentina is significantly more complex due to the country's considerable labor union representation. In Argentina, trade unions substantially impact the amount paid to employees. A few work unions demand mandatory paperwork that is difficult to comprehend due to different payroll structures; hence, this is a major challenge faced by the cloud-based payroll software providers in Argentina. However, due to the growing cloud adoption in markets such as Brazil, Argentina, Colombia, Chile, El Salvador, Guatemala, and Peru, South America has become a flourishing center for cloud-based digital transformation. The growing urbanization, increasing deployment of advanced technologies in industries, and improving economy are the prominent factors propelling the demand for payroll software, which, in turn, support the growth of the SAM cloud-based payroll software market.
South America Cloud Based Payroll Software Market Revenue and Forecast to 2028 (US$ Million)
South America Cloud Based Payroll Software Market Segmentation
The South America cloud based payroll software market is segmented into component, organization size, industry vertical, and country.
Based on component, the South America cloud based payroll software market is segmented into software and services. The software segment held a larger share of the South America cloud based payroll software market in 2022.
Based on organization size, the South America cloud based payroll software market is segmented into small and medium enterprises and large enterprises. The large enterprises segment held a larger share of the South America cloud based payroll software market in 2022.
Based on industry vertical, the South America cloud based payroll software market is segmented into BFSI, manufacturing, healthcare, telecom and it, retail, hospitality, and others. The BFSI segment held the largest share of the South America cloud based payroll software market in 2022.
Based on country, the South America cloud based payroll software market is segmented into Brazil, Argentina, and the Rest of South America. Brazil dominated the share of the South America cloud based payroll software market in 2022.
Automatic Data Processing Inc. (ADP); Ceridian HCM, Inc; Sage Group Plc.; and Xero Ltd. are the leading companies operating in the South America cloud based payroll software market.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 South America Cloud Based Payroll Software Market - By Component
1.3.2 South America Cloud Based Payroll Software Market - By Organization Size
1.3.3 South America Cloud Based Payroll Software Market - By Industry Vertical
1.3.4 South America Cloud Based Payroll Software Market- By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. South America Cloud Based Payroll Software Market Landscape
4.1 Market Overview
4.2 SAM: PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. South America Cloud Based Payroll Software Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rapid Expansion of IT and Telecom Industry
5.1.2 Advantages of Cloud-based Payroll Software Over On-premise Solutions
5.1.3 Ease of System Enhancements and Updates
5.2 Market Restraints
5.2.1 Data Security issues
5.3 Market Opportunities
5.3.1 Rise in the Adoption of Cloud-based Payroll Software Across SMEs
5.4 Future Trends
5.4.1 Rising Trends of AI-Powered Payroll Solutions
5.4.2 Growing Gig Economy Adopting Payroll Software
5.5 Impact Analysis of Drivers and Restraints
6. Cloud Based Payroll Software Market - South America Analysis
6.1 South America Cloud Based Payroll Software Market Overview
6.2 South America Cloud Based Payroll Software Market - Revenue and Forecast to 2028 (US$ Million)
7. South America Cloud Based Payroll Software Market Analysis - By Component
7.1 Overview
7.2 South America Cloud Based Payroll Software Market, By Component (2021 and 2028)
7.3 Software
7.3.1 Overview
7.3.2 Software: South America Cloud Based Payroll Software Market - Revenue, and Forecast to 2028 (US$ Million)
7.4 Services
7.4.1 Overview
7.4.2 Services: South America Cloud Based Payroll Software Market - Revenue, and Forecast to 2028 (US$ Million)
7.4.2.1 Managed Services
7.4.2.1.1 Overview
7.4.2.1.2 Managed Services: South America Cloud Based Payroll Software Market - Revenue, and Forecast to 2028 (US$ Million)
7.4.2.2 Professional Services
7.4.2.2.1 Overview
7.4.2.2.2 Professional Services: South America Cloud Based Payroll Software Market - Revenue, and Forecast to 2028 (US$ Million)
8. South America Cloud Based Payroll Software Market Analysis - By Organization Size
8.1 Overview
8.2 South America Cloud Based Payroll Software Market, By Organization Size (2021 and 2028)
8.3 Large Enterprises
8.3.1 Overview
8.3.2 Large Enterprises: South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
8.4 Small and Medium Enterprises
8.4.1 Overview
8.4.2 Small and Medium Enterprises: South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
9. South America Cloud Based Payroll Software Market Analysis - By Industry Vertical
9.1 Overview
9.2 South America Cloud Based Payroll Software Market Breakdown, By Industry Vertical, 2021 & 2028
9.3 BFSI
9.3.1 Overview
9.3.2 BFSI : South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
9.4 Manufacturing
9.4.1 Overview
9.4.2 Manufacturing : South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
9.5 Telecom and IT
9.5.1 Overview
9.5.2 Telecom and IT : South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
9.6 Healthcare
9.6.1 Overview
9.6.2 Healthcare : South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
9.7 Retail
9.7.1 Overview
9.7.2 Retail : South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
9.8 Hospitality
9.8.1 Overview
9.8.2 Hospitality : South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
9.9 Others
9.9.1 Overview
9.9.2 Others : South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
10. South America Cloud Based Payroll Software Market -Country Analysis
10.1 Overview
10.1.1 South America Cloud Based Payroll Software Market Breakdown, by Country
10.1.1.1 Brazil: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.1.1.1.1 Brazil: South America Cloud Based Payroll Software Market Breakdown, By Component
10.1.1.1.1.1 Brazil: South America Cloud Based Payroll Software Market Breakdown, By Services
10.1.1.1.2 Brazil: South America Cloud Based Payroll Software Market Breakdown, By Organization Size
10.1.1.1.3 Brazil: South America Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.1.1.2 Argentina: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.1.1.2.1 Argentina: South America Cloud Based Payroll Software Market Breakdown, By Component
10.1.1.2.1.1 Argentina: South America Cloud Based Payroll Software Market Breakdown, By Services
10.1.1.2.2 Argentina: South America Cloud Based Payroll Software Market Breakdown, By Organization Size
10.1.1.2.3 Argentina: South America Cloud Based Payroll Software Market Breakdown, By Industry Vertical
10.1.1.3 Rest of SAM: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028
10.1.1.3.1 Rest of SAM: South America Cloud Based Payroll Software Market Breakdown, By Component
10.1.1.3.1.1 Rest of SAM: South America Cloud Based Payroll Software Market Breakdown, By Services
10.1.1.3.2 Rest of SAM: South America Cloud Based Payroll Software Market Breakdown, By Organization Size
10.1.1.3.3 Rest of SAM: South America Cloud Based Payroll Software Market Breakdown, By Industry Vertical
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Product Development
11.4 Mergers & Acquisitions
12. Company Profiles
12.1 Ceridian HCM Holdings Inc
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Sage Group Plc
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Automatic Data Processing Inc
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Xero Ltd
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. South America Cloud Based Payroll Software Market - Revenue and Forecast to 2028 (US$ Million)
Table 2. South America Cloud Based Payroll Software Market, Revenue and Forecast To 2028 - By Country (US$ Million)
Table 3. Brazil: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 - By Component (US$ Million)
Table 4. Brazil: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 - By Services (US$ Million)
Table 5. Brazil: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 - By Organization Size (US$ Million)
Table 6. Brazil: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 - By Industry Vertical (US$ Million)
Table 7. Argentina: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 - By Component (US$ Million)
Table 8. Argentina: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 - By Services (US$ Million)
Table 9. Argentina: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 - By Organization Size (US$ Million)
Table 10. Argentina: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 - By Industry Vertical (US$ Million)
Table 11. Rest of SAM: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 - By Component (US$ Million)
Table 12. Rest of SAM: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 - By Services (US$ Million)
Table 13. Rest of SAM: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 - By Organization Size (US$ Million)
Table 14. Rest of SAM: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 - By Industry Vertical (US$ Million)
Table 15. List of Abbreviation
LIST OF FIGURES
Figure 1. South America Cloud Based Payroll Software Market Segmentation
Figure 2. South America Cloud Based Payroll Software Market Segmentation - By Country
Figure 3. South America Cloud Based Payroll Software Market Overview
Figure 4. Software Segment held the Largest Share of South America Cloud Based Payroll Software Market
Figure 5. Brazil to Show Great Traction During Forecast Period
Figure 6. SAM: PEST Analysis
Figure 7. Expert Opinion
Figure 8. South America Cloud Based Payroll Software Market Impact Analysis of Drivers and Restraints
Figure 9. South America Cloud Based Payroll Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 10. South America Cloud Based Payroll Software Market Revenue Share, By Component (2021 and 2028)
Figure 11. Software: South America Cloud Based Payroll Software Market - Revenue, and Forecast to 2028 (US$ Million)
Figure 12. Services: South America Cloud Based Payroll Software Market - Revenue, and Forecast to 2028 (US$ Million)
Figure 13. Managed Services: South America Cloud Based Payroll Software Market - Revenue, and Forecast to 2028 (US$ Million)
Figure 14. Professional Services: South America Cloud Based Payroll Software Market - Revenue, and Forecast to 2028 (US$ Million)
Figure 15. South America Cloud Based Payroll Software Market Revenue Share, By Organization Size (2021 and 2028)
Figure 16. Large Enterprises: South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 17. Small and Medium Enterprises: South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 18. South America Cloud Based Payroll Software Market Revenue Share, By Industry Vertical (2021 and 2028)
Figure 19. BFSI : South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 20. Manufacturing : South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 21. Telecom and IT : South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 22. Healthcare : South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 23. Retail : South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 24. Hospitality : South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 25. Others : South America Cloud Based Payroll Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 26. South America Cloud Based Payroll Software Market, by Key Country- Revenue (2021) (US$ Million)
Figure 27. South America Cloud Based Payroll Software Market Breakdown, by Country, 2021 & 2028 (%)
Figure 28. Brazil: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 29. Argentina: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
Figure 30. Rest of SAM: South America Cloud Based Payroll Software Market, Revenue and Forecast to 2028 (US$ Million)
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