Industry analyst Research and Markets has released its newest report -- "Global Cloud-based Payroll Software Market 2017-2021" -- highlighting as its top prediction significant growth in cloud-based payroll systems over the next five years.

Anticipating a 12.09 percent jump between 2017 and 2021, the global specialty research firm gathered assessments from a variety of industry stakeholders to assemble its study, covering current market conditions and its most likely path in the near future.

Cloud-based payroll is gaining acceptance over traditional methods due to greater desire for integrated HCM solutions, more universal usage of mobile applications, and growth of digital HR technology. Its advantages include universal remote access to data and services coupled with the ability to bypass software installation; flexibility, and swift implementation, lowering overall upgrade costs.

In addition to figures and trends, Research and Markets singled out significant market vendors, including ADP, CoreHR, Oracle, Paychex, SAP Success Factors, Ultimate Software, and Workday.

“Payroll software automates, organizes, and simplifies complex compensation planning and enables managers to improve budget allocations, increase accuracy, and align compensation decisions with organizational guidelines,” Research and Markets stated on its website.

Research and Markets, billing itself as the world’s largest market research store, operates in 81 nations serving over 450 Fortune 500 clients worldwide.