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Global Payroll Outsourcing Market Outlook - Size, Demand, Growth, Key Drivers And Segments 2023-2032 | The International Business Machines Corporation, Deloitte & Touche LLP, KPMG International Limited, Block In, Automatic Data Processing Inc
Payroll Outsourcing Market
The Business Research Company's Payroll Outsourcing Global Market Report 2023 identifies rise in demand for cloud-based payroll as the major driver for the Payroll Outsourcing market's growth in the forecast period. Cloud-based payroll is a system that allows users to manage every aspect of payroll online by connecting a computer to the internet. The Cloud-based payroll solutions make payroll data easier to access, improve communication between customers and service providers, and give scalable and affordable options for handling payroll procedures.
The global payroll outsourcing market is expected to grow from $10.39 billion in 2022 to $11.17 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The payroll outsourcing market is expected to reach $14.8 billion in 2027 at a CAGR of 7.3%.
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Major competitors in the Payroll Outsourcing market are The International Business Machines Corporation, Deloitte & Touche LLP, KPMG International Limited, Block Inc, Automatic Data Processing Inc.
A key trend in the Payroll Outsourcing market includes Product innovations. Major companies operating in the payroll outsourcing market are concentrating on creating innovative products to strengthen their position in the payroll outsourcing market. For instance, in June 2023, Payroll Growth Partners (PGP), a UK-based provider of payroll management services, launched Next-Gen Payroll products for customers served by businesses in its quickly growing portfolio. Employees who use PayBridge's platform have access to next-generation payroll services, including pay cards, real-time payroll, and early access to pay.
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The Payroll Outsourcing market is segmented -
1. By Type: Fully-Managed Outsourcing, Co-Managed Outsourcing
2. By Application: Small Business, Medium Business, Large Business
3. By End Use: Banking, Financial Services And Insurance (BFSI), Consumer and Industrial Products, IT (Information Technology) And Telecommunication, Public Sector, Healthcare, Other End Users
4. By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Payroll Outsourcing market.
The Business Research Company's "Global Payroll Outsourcing Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Payroll Outsourcing Market Include:
1. Executive Summary
2. Payroll Outsourcing Market Characteristics
3. Payroll Outsourcing Market Trends And Strategies
4. Payroll Outsourcing Market - Macro Economic Scenario
……
32. Global Payroll Outsourcing Market Competitive Benchmarking
33. Global Payroll Outsourcing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Payroll Outsourcing Market
35. Payroll Outsourcing Market Future Outlook and Potential Analysis
36. Appendix
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