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PUBLISHER: IMARC | PRODUCT CODE: 1541296
PUBLISHER: IMARC | PRODUCT CODE: 1541296
Payroll Outsourcing Market Report by Type, Application, End Use Industry, and Region 2024-2032
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PAGES: 137 Pages
DELIVERY TIME: 2-3 business days
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The global payroll outsourcing market size reached US$ 9.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.5 Billion by 2032, exhibiting a growth rate (CAGR) of 5.3% during 2024-2032.
Payroll outsourcing refers to the usage of third-party sources and organizations to manage administrative and compliance operations. It involves maintaining employee records, calculating salaries and wages, computing and adding bonuses, generating payroll-related reports, and complying with taxation laws applicable in different countries. It also assists organizations in saving costs and time, and reducing the need for in-house trained payroll staff, and purchasing and maintaining appropriate software packages. Besides this, it provides organizations dealing internationally with the advantage of staying updated with foreign tax legislation and avoiding any potential penalties.
Due to the expanding geographical reach of organizations, there is a rise in the demand for time-saving and cost-effective measures, such as payroll outsourcing, that allow the management to focus on core issues and run the business smoothly. Moreover, the incorporation of digitized services, such as business analytics, big data and the cloud, is escalating the demand for payroll outsourcing across the globe. Furthermore, the rising trend of multi-country payroll outsourcing (MCPO), bundling payroll services and process automation is further contributing to the market growth. Apart from this, the leading players are providing hybrid payroll solutions that enable companies to decide upon customized payroll sub-services as per the requirement to avoid compromising confidential data. Additionally, on account of the spread of the coronavirus disease (COVID-19) and the consequent shift toward remote work by a number of organizations, market players are offering different ways to manage payroll operations online.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global payroll outsourcing market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, application and end use industry.
Breakup by Type:
Full-Managed Outsourcing
Co-Managed Outsourcing
Breakup by Application:
Small Business
Medium Business
Large Business
Breakup by End Use Industry:
BFSI
Consumer and Industrial Products
IT and Telecommunication
Public Sector
Healthcare
Others
Breakup by Region:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Accenture Plc, ADP Group Companies, Deloitte Touche Tohmatsu Limited, Hewlett Packard Enterprise Company, Infosys Limited, International Business Machines Corporation, Intuit Inc., Paychex Inc., Wipro, Workday Inc., Xerox Corporation and Zalaris.
Key Questions Answered in This Report:
- How has the global payroll outsourcing market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global payroll outsourcing market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end use industry?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global payroll outsourcing market and who are the key players?
- What is the degree of competition in the industry?
Product Code: SR112024A2333
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Payroll Outsourcing Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Type
- 6.1 Full-Managed Outsourcing
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Co-Managed Outsourcing
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
7 Market Breakup by Application
- 7.1 Small Business
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Medium Business
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Large Business
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
8 Market Breakup by End Use Industry
- 8.1 BFSI
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Consumer and Industrial Products
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 IT and Telecommunication
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Public Sector
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
- 8.5 Healthcare
- 8.5.1 Market Trends
- 8.5.2 Market Forecast
- 8.6 Others
- 8.6.1 Market Trends
- 8.6.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Accenture Plc
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.1.4 SWOT Analysis
- 14.3.2 ADP Group Companies
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.2.3 Financials
- 14.3.2.4 SWOT Analysis
- 14.3.3 Deloitte Touche Tohmatsu Limited
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.3.3 SWOT Analysis
- 14.3.4 Hewlett Packard Enterprise Company
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.4.3 Financials
- 14.3.4.4 SWOT Analysis
- 14.3.5 Infosys Limited
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 Financials
- 14.3.5.4 SWOT Analysis
- 14.3.6 International Business Machines Corporation
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 Financials
- 14.3.6.4 SWOT Analysis
- 14.3.7 Intuit Inc.
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 Financials
- 14.3.7.4 SWOT Analysis
- 14.3.8 Paychex Inc.
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.8.3 Financials
- 14.3.8.4 SWOT Analysis
- 14.3.9 Wipro
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.9.3 Financials
- 14.3.9.4 SWOT Analysis
- 14.3.10 Workday Inc.
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.10.4 SWOT Analysis
- 14.3.11 Xerox Corporation
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.11.3 Financials
- 14.3.11.4 SWOT Analysis
- 14.3.12 Zalaris
- 14.3.12.1 Company Overview
- 14.3.12.2 Product Portfolio
- 14.3.12.3 Financials
- 14.3.1 Accenture Plc
Product Code: SR112024A2333
List of Figures
- Figure 1: Global: Payroll Outsourcing Market: Major Drivers and Challenges
- Figure 2: Global: Payroll Outsourcing Market: Sales Value (in Billion US$), 2018-2023
- Figure 3: Global: Payroll Outsourcing Market: Breakup by Type (in %), 2023
- Figure 4: Global: Payroll Outsourcing Market: Breakup by Application (in %), 2023
- Figure 5: Global: Payroll Outsourcing Market: Breakup by End Use Industry (in %), 2023
- Figure 6: Global: Payroll Outsourcing Market: Breakup by Region (in %), 2023
- Figure 7: Global: Payroll Outsourcing Market Forecast: Sales Value (in Billion US$), 2024-2032
- Figure 8: Global: Payroll Outsourcing (Full-Managed Outsourcing) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 9: Global: Payroll Outsourcing (Full-Managed Outsourcing) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 10: Global: Payroll Outsourcing (Co-Managed Outsourcing) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 11: Global: Payroll Outsourcing (Co-Managed Outsourcing) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 12: Global: Payroll Outsourcing (Small Business) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 13: Global: Payroll Outsourcing (Small Business) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 14: Global: Payroll Outsourcing (Medium Business) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 15: Global: Payroll Outsourcing (Medium Business) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 16: Global: Payroll Outsourcing (Large Business) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 17: Global: Payroll Outsourcing (Large Business) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 18: Global: Payroll Outsourcing (BFSI) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 19: Global: Payroll Outsourcing (BFSI) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 20: Global: Payroll Outsourcing (Consumer and Industrial Products) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 21: Global: Payroll Outsourcing (Consumer and Industrial Products) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 22: Global: Payroll Outsourcing (IT and Telecommunication) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 23: Global: Payroll Outsourcing (IT and Telecommunication) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 24: Global: Payroll Outsourcing (Public Sector) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 25: Global: Payroll Outsourcing (Public Sector) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 26: Global: Payroll Outsourcing (Healthcare) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 27: Global: Payroll Outsourcing (Healthcare) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 28: Global: Payroll Outsourcing (Other End Use Industries) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 29: Global: Payroll Outsourcing (Other End Use Industries) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 30: North America: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 31: North America: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 32: United States: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 33: United States: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 34: Canada: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 35: Canada: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 36: Asia Pacific: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 37: Asia Pacific: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 38: China: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 39: China: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 40: Japan: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 41: Japan: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 42: India: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 43: India: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 44: South Korea: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 45: South Korea: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 46: Australia: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 47: Australia: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 48: Indonesia: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 49: Indonesia: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 50: Others: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 51: Others: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 52: Europe: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 53: Europe: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 54: Germany: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 55: Germany: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 56: France: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 57: France: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 58: United Kingdom: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 59: United Kingdom: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 60: Italy: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 61: Italy: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 62: Spain: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 63: Spain: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 64: Russia: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 65: Russia: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 66: Others: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 67: Others: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 68: Latin America: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 69: Latin America: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 70: Brazil: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 71: Brazil: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 72: Mexico: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 73: Mexico: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 74: Others: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 75: Others: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 76: Middle East and Africa: Payroll Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 77: Middle East and Africa: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 78: Global: Payroll Outsourcing Industry: SWOT Analysis
- Figure 79: Global: Payroll Outsourcing Industry: Value Chain Analysis
- Figure 80: Global: Payroll Outsourcing Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Payroll Outsourcing Market: Key Industry Highlights, 2023 and 2032
- Table 2: Global: Payroll Outsourcing Market Forecast: Breakup by Type (in Million US$), 2024-2032
- Table 3: Global: Payroll Outsourcing Market Forecast: Breakup by Application (in Million US$), 2024-2032
- Table 4: Global: Payroll Outsourcing Market Forecast: Breakup by End Use Industry (in Million US$), 2024-2032
- Table 5: Global: Payroll Outsourcing Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 6: Global: Payroll Outsourcing Market Structure
- Table 7: Global: Payroll Outsourcing Market: Key Players
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