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Streamlining Operations: Payroll Services Market Analysis, Trends & Growth Forecast
Payroll Services Market
As per the report, 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 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%.
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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.
Transforming Payroll Management Through Innovative Hr Technology Integration
Technological advancements are a key trend gaining popularity in the payroll services market. Companies operating in the payroll services market are adopting new technologies to sustain their position in the market. For instance, in December 2021, HiBob, a Germany-based modern HR technology company, launched Payroll Hub, a central dashboard on the Bob platform that automatically changes the payroll information for businesses. The Payroll Hub allows managers to ensure that all data is accurate for upcoming pay cycles, saving time and lowering the risk of error. It integrates seamlessly with top payroll providers, including ADP Workforce Today, CloudPay, TriNet, Paylocity, and more. Payroll Hub supports both single-cycle and multi-cycle schedules to meet the unique demands of midsized businesses.
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
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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
Contents of the report:
1. Executive Summary
2. Payroll Services Market Report Structure
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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