Payroll Outsourcing Market Size, Share, Growth, Trends and Forecast 2023-2028

According to IMARC Group's latest report, titled "Payroll Outsourcing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global payroll outsourcing market size reached US$ 8.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.1 Billion by 2028, exhibiting a growth rate (CAGR) of 5.24% during 2023-2028.

Payroll outsourcing refers to the intervention of a third-party vendor to control administrative and compliance operations. It involves maintaining employee records, computing incentives or bonuses, calculating salaries, and preparing payroll-related reports. It helps enterprises minimize the need for in-house trained payroll staff, save cost and time, and comply with taxation laws followed in various countries to avoid potential penalties.

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Market Trends

Rapid digitization and the expanding geographical reach of organizations are positively influencing the need for payroll outsourcing. It allows the management to focus on core issues and run the business smoothly. In addition, the growing trend of multi-country payroll outsourcing (MCPO), bundling payroll services, and process automation is offering a favorable market outlook. Furthermore, leading players are offering hybrid payroll solutions that allow companies to decide upon customized payroll sub-services to avoid compromising confidential data. This, along with a considerable shift toward remote work policies, is promoting the adoption of payroll operations worldwide.

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List of Key Companies Covered in this Market Report:

Automatic Data Processing Inc. (NASDAQ: ADP)
Deloitte Touche Tohmatsu Limited Hp Inc.
Infosys Limited (NSE: INFY)
International Business Machines Corporation Intuit Inc.
Paychex Inc. (NASDAQ: PAYX)
Wipro (NSE: WIPRO)
Workday Inc. (NASDAQ: WDAY)
Xerox Corporation (NYSE: XRX)
Zalaris

The report has segmented the market on the basis of type, application, end use industry and geography

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
Professional Services
Public Sector
Healthcare
Others

Breakup by Geography:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

Key highlights of the report:

Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.