Payroll Services Market Size, Share And Scope For 2024-2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Payroll Services Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The payroll services market size has grown steadily in recent years. It will grow from $75.21 billion in 2023 to $77.63 billion in 2024 at a compound annual growth rate (CAGR) of 3.2%. The growth in the historic period can be attributed to complex payroll regulations, small and medium-sized enterprises (SMEs) growth, globalization of businesses, focus on core competencies, competition for talent, cost savings and efficiency.

The payroll services market size is expected to see steady growth in the next few years. It will grow to $89.97 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to remote work and gig economy trends, compliance with evolving regulations, cybersecurity concerns, customization and scalability, strategic workforce planning. Major trends in the forecast period include integration of AI and automation, technological advancements, increased adoption of cloud-based payroll solutions, employee self-service portals, expansion of global payroll services.

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Key Market Players:

Major companies operating in the payroll services market report are International Business Machines Corporation, Deloitte Touche Tohmatsu, PricewaterhouseCoopers International Ltd., Ernst and Young Global Limited, KPMG International Limited, Automatic Data Processing Inc., HCL Technologies Limited, BDO International Inc., Intuit Inc., Insperity Inc., Workday Inc., Paychex Inc., Alight Solutions Inc., Sage Group plc, Grant Thornton LLP, Paycom Software Inc., Ceridian Inc., Nethris Inc., Neeyamo Inc., Gusto Inc., Zalaris ASA, Papaya Global Inc., CloudPay Inc., Namely Inc., Keka Inc., OnPay Inc., HRMantra Software Pvt Ltd., Infosys BPM, Vision H.R., Populis Servicos

Market Drivers:

The increasing proliferation of mobile devices and the internet is expected to propel the growth of the payroll services market going forward. A mobile device refers to a compact, hand-held gadget that can make calls and contains a touch-screen display and other features. The majority of companies are introducing payroll apps to provide ease of use, unrivaled convenience, and the ability to increase employee engagement and business productivity. Thus, increasing penetration of mobile and internet will allow the users to access the payroll from anywhere. For instance, in November 2022, according to the International Telecommunication Union, a US-based specialized agency, individuals using the Internet worldwide reached 5.3 billion in 2022 from 4.9 billion in 2021. Therefore, the increasing proliferation of mobile devices and the internet are driving the payroll services market.

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The payroll services market covered in this report is segmented -
1) By Type: Payroll And Bookkeeping Services, Tax Preparation Services, Other Accounting Services
2) By Business Size: Small Business, Medium Business, Large Business
3) By Industry Vertical: Banking, Financial Services and Insurance (BFSI), Consumer and Industrial Products, IT and Telecommunication, Public Sector, Healthcare, Other Industry Verticals

The report answers the following questions:

What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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