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Payroll Services Global Market Size, Share Report, Growth Drivers, Analysis, Key Players, Revenue, Future Trends, Forecast 2033 | The Business Research Company
Payroll Services Global Market
The Business Research Company offers in-depth market insights through Payroll Services Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Mobile And Internet Proliferation Propelling Growth In Payroll Services Market
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.
Competitive Landscape:
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
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Top Trend - Expanding From Startups To Enterprises With Advanced Automated Solutions
Major companies operating in the payroll services market are focusing on developing automated payroll management solutions to address evolving industry needs. Automated payroll management solutions involve the use of technology to streamline and efficiently handle the process of paying employees. For instance, in September 2023, RazorpayX, an India-based business banking platform of Razorpay, launched the Payroll Platform, initially designed for startups, and has expanded its services to cater to enterprises and large-sized businesses. The newly developed advanced system for integrations and customizations enhances its capabilities. Having successfully onboarded approximately 13,000 organizations, including startups and SMEs, in the past four years, RazorpayX Payroll is now extending its support to businesses of all sizes, ranging from 2 to 20,000+ employees. The platform aims to assist large organizations in achieving significant cost savings of over 60% on payroll management while ensuring 100% accuracy in compliance.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Payroll Services Market Characteristics
3. Payroll Services Market Trends And Strategies
4. Payroll Services Market - Macro Economic Scenario
5. Payroll Services Market Size And Growth
…..
27. Payroll Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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