PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1279753
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1279753
Global Payroll Outsourcing Market Size study & Forecast, by Type, by Business Size, by Industry Vertical and Regional Analysis, 2022-2029
Global Payroll Outsourcing Market is valued at approximately USD 9.9 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 7.2 % over the forecast period 2022-2029. Payroll outsourcing occurs when a company hires a third-party service provider to handle the administrative and compliance aspects of employee pay. This may include filing payroll taxes and payments on the organization's behalf, depending on the payroll outsourcing firm. Due to the manual and time-consuming nature of these tasks, many businesses opt for outsourced payroll services. Payroll processing automation frees up HR and payroll managers to focus on more strategic tasks in their organisations. Payroll outsourcing allows organisations to focus on their core business by handling all payroll-related activities in-house. Furthermore, payroll outsourcing reduces the need for in-house payroll staff training. Furthermore, it eliminates the cost of purchasing and maintaining a costly payroll system. The increasing number of large-scale organizations and growing adoption due to associated advantages are key factors driving market growth.
The increasing number of large-scale business organizations is contributing towards the growth of the Global Payroll Outsourcing Market. For instance - as per Statista - in 2020, as per estimation there were around 337523 large-scale companies worldwide, which further reached 351520 in 2021. Furthermore, the advantages associated with payroll outsourcing such as time and cost saving, and technical expertise is other factor driving the market space. Also, increasing penetration of digitized payroll Services would create a lucrative growth prospectus for the market over the projected period. However, concern over data privacy hinders the market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Payroll Outsourcing Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Europe dominated the market in terms of revenue, owing to the adoption of real-time data access and the growth in the usage of mobile & cloud-based applications in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rising expansion of employee incentive industries such as automobile and construction in the region.
Major market players included in this report are:
- Automatic Data Processing Inc.
- CloudPay
- Deloitte Touche Tohmatsu Limited
- Gusto
- HCL Technologies Limited
- HRMantra Software Pvt. Ltd.
- Infosys Limited
- International Business Machines Corporation
Recent Developments in the Market:
Global Payroll Outsourcing Market Report Scope:
By Type
By Business Size
By Industry Vertical
By Region:
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
- 1.2.1. Payroll Outsourcing Market, by Region, 2019-2029 (USD Billion)
- 1.2.2. Payroll Outsourcing Market, by Type, 2019-2029 (USD Billion)
- 1.2.3. Payroll Outsourcing Market, by Business Size, 2019-2029 (USD Billion)
- 1.2.4. Payroll Outsourcing Market, by Industry Vertical, 2019-2029 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Payroll Outsourcing Market Definition and Scope
Chapter 3. Global Payroll Outsourcing Market Dynamics
Chapter 4. Global Payroll Outsourcing Market Industry Analysis
Chapter 5. Risk Assessment: COVID-19 Impact
Chapter 6. Global Payroll Outsourcing Market, by Type
Chapter 7. Global Payroll Outsourcing Market, by Business Size
Chapter 8. Global Payroll Outsourcing Market, by Industry Vertical
Chapter 9. Global Payroll Outsourcing Market, Regional Analysis
Chapter 10. Competitive Intelligence
Chapter 11. Research Process
LIST OF TABLES
- TABLE 1. Global Payroll Outsourcing Market, report scope
- TABLE 2. Global Payroll Outsourcing Market estimates & forecasts by Region 2019-2029 (USD Billion)
- TABLE 3. Global Payroll Outsourcing Market estimates & forecasts by Type 2019-2029 (USD Billion)
- TABLE 4. Global Payroll Outsourcing Market estimates & forecasts by Business Size 2019-2029 (USD Billion)
- TABLE 5. Global Payroll Outsourcing Market estimates & forecasts by Industry Vertical 2019-2029 (USD Billion)
- TABLE 6. Global Payroll Outsourcing Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
- TABLE 7. Global Payroll Outsourcing Market by region, estimates & forecasts, 2019-2029 (USD Billion)
- TABLE 8. Global Payroll Outsourcing Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
- TABLE 9. Global Payroll Outsourcing Market by region, estimates & forecasts, 2019-2029 (USD Billion)
- TABLE 10. Global Payroll Outsourcing Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
- TABLE 11. Global Payroll Outsourcing Market by region, estimates & forecasts, 2019-2029 (USD Billion)
- TABLE 12. Global Payroll Outsourcing Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
- TABLE 13. Global Payroll Outsourcing Market by region, estimates & forecasts, 2019-2029 (USD Billion)
LIST OF FIGURES
