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
US
Canada
Mexico
Europe
Germany
Italy
France
UK
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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