On-Demand Pay Platform Market Stunning Growth 2030

Written by Harsh » Updated on: November 11th, 2024

According to the Market Statsville Group (MSG), the global on-demand pay platform market size is expected to grow at a CAGR of 14.9% from 2023 to 2033.

With the on-demand pay model, workers can receive their paychecks whenever possible. Employees can log in at any time to view their daily earnings or shift by shift through a web-based platform, a mobile app, or a combined solution. Then, at any moment, they can withdraw any amount of their accumulated wages into their bank account without the company's payroll department's involvement or processing. In practice, this approach to on-demand wage payment brings the entire pay culture closer to the accrual and utilization of paid leave. The accelerating scope of artificial intelligence and rising machine learning and robotics applications is projected to create many opportunities for the on-demand pay platform market. From an employer’s perspective, it also breaks the cycle of running payroll for an entire workforce on a fixed date each week or each month. Due to the rising adoption of this concept, the demand for on-demand pay platforms is rising. Many companies are investing in these platforms to provide convenience to their employees and reduce the payroll department's workload.

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Scope of the Global On-Demand Pay Platform Market

The study categorizes the on-demand pay platform market based on subscription plans and organization size at the regional and global levels.

By Subscription Plan Outlook (Sales, USD Billion, 2019-2033)

Basic Plan

Premium Plan

By Organization Size Outlook (Sales, USD Billion, 2019-2033)

Small and Medium Enterprises (SMEs)

Large Enterprises

By Region Outlook (Sales, USD Billion, 2019-2033)

North America

Canada

Mexico

Europe

Germany

Italy

France

Spain

Poland

Russia

The Netherlands

Norway

Czech Republic

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

Indonesia

Malaysia

Thailand

Singapore

Australia & New Zealand

Rest of Asia Pacific

South America

Brazil

Argentina

Colombia

Rest of South America

The Middle East & Africa

Saudi Arabia

UAE

South Africa

Northern Africa

Rest of MEA

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Small and Medium Enterprises (SMEs) segment is projected to grow at the highest CAGR during the forecast period by Organization Size

Based on organization size, the market is bifurcated into small and medium enterprises (SMEs) and large enterprises. During the forecast period, the SMEs segment is projected to grow at the highest CAGR. SMEs in developing countries are encouraging temporary employment and part-time. The on-demand pay platform will serve as an ideal solution for managing leaves, half-days, and other incentives. Large enterprises have strict policies, so they are reluctant to make such huge changes. Hence this market is expected to flourish amongst small and medium-sized enterprises in the forecasted period.

North America is projected to account for the largest market share, by Region

Based on the regions, the global on-demand pay platform market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America will dominate the global on-demand pay platform market in 2021. The growing adoption of AI-based solutions and rapid innovations in this region will accelerate the demand for on-demand pay platforms shortly. Also, the number of payroll software providers is high in this region as compared to other regions.

Key Market Players in the Global On-Demand Pay Platform Market

The global on-demand pay platform market is emerging, with limited players adopting strategies such as product development, partnerships, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.

Major players in the global on-demand pay platform market are:

Gusto Payroll Software

Paychex Payroll

Paylocity

OnPay Payroll Software

ADP Payroll Software

Rippling

Intuit Quickbooks

Deluxe

Square

Zenefits

Paycor

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Recent Developments

In June 2020, Gusto released several new features designed to address employers' new challenges. These features focus on rebuilding and growing small businesses at a time when the economic fallout of the pandemic and mass migration toward remote work has shaken up the business landscape.

In July 2020 — Paylocity announced its new COVID-19 Return to Work offerings to help businesses and employees navigate the unprecedented complexity of re-opening and re-energizing the workforce.

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