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Global Payroll Outsourcing Market Overview Covering Forecast Market Size And Growth Rate | The International Business Machines Corporation, Deloitte & Touche LLP, KPMG International Limited
Payroll Outsourcing Global Market Report
The Business Research Company's Payroll Outsourcing Global Market Report 2023 identifies the rise in demand for cloud-based payroll is expected to propel the growth of the payroll outsourcing market going forward. 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 players in the payroll outsourcing market are The International Business Machines Corporation, Deloitte & Touche LLP, KPMG International Limited, Block Inc., Automatic Data Processing Inc., Infosys Limited, Intuit Inc., CGI Group Inc., Xerox Corporation, Insperity Inc., Workday Inc., TriNet Group Inc., Paychex Inc., Sage Group plc., Heartland Payment Systems Inc., Ceridian HCM Inc., Justworks Inc., Paycor HCM Inc., Gusto Inc., PrimePay LLC, Zenefits, Zalaris ASA, Netchex Inc., Wagepoint Inc., MyPayrollHR, PEO Canada, SurePayroll Inc., Vision HR Inc., and Fuse Workforce Management.
A key trend in the Payroll Outsourcing market includes the Product innovations have emerged as a key trend gaining popularity in the payroll outsourcing market. Major companies operating in the payroll outsourcing market are concentrating on creating innovative products to strengthen their position in the payroll outsourcing market.
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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
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
5. Payroll Outsourcing Market Size And Growth
……
27. Payroll Outsourcing Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Payroll Outsourcing Market
29. Payroll Outsourcing Market Future Outlook and Potential Analysis
30. Appendix
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