According to a recent report published by Allied Market Research, titled, Cloud-Based Payroll Software Market by Organization Size and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global cloud-based payroll software market 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. In 2016, the large enterprises segment accounted for the highest revenue share of the overall market.