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Payroll Outsourcing Market Growth, Size, Key Drivers, Forecast To 2033
Payroll Outsourcing Market
As per the report, the payroll outsourcing market size has grown strongly in recent years. It will grow from $11.17 billion in 2023 to $12.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The payroll outsourcing market size is expected to see strong growth in the next few years. It will grow to $16.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
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Cloud-Based Solutions Transforming Payroll Management
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. For instance, in 2023, according to Alight Solutions, a US-based cloud provider of integrated digital human capital and business solutions, 40% of businesses plan to update their payroll systems, and Payroll delivery platforms will be dominated by cloud-based payroll solutions (61%) over on-premises (39%). A further quarter of businesses (26%) have advanced digital payroll efforts in the previous year, and another two-thirds (62%) anticipate undergoing a digital transition in the following two years. Therefore, the rise in demand for cloud-based payroll is driving the payroll outsourcing market.
Unveiling Next-Gen Payroll Services For Businesses
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. 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.
The payroll outsourcing market covered in this report 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
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Major companies operating in the payroll outsourcing market report 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., Fuse Workforce Management.
Contents of the report:
1. Executive Summary
2. Payroll Outsourcing Market Report Structure
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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