Press release
Payroll Outsourcing Market Expected to Reach $19.5 Billion Globally by 2030, Driven by 7.2% CAGR in Demand for Cost-Effective Payroll Solutions
Payroll Outsourcing Market
Allied Market Research recently published a report, titled, "Payroll Outsourcing Market by Type (Hybrid, Fully Outsourced), by Business Size (Small Business, Medium Business, Large Business), by Industry Vertical (BFSI, Consumer and Industrial Products, IT and Telecommunication, Public Sector, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global payroll outsourcing industry was pegged at $9.9 billion in 2021, and is expected to reach $19.5 billion by 2031, growing at a CAGR of 7.2% from 2022 to 2031.
โก๏ธ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ & ๐๐๐ :
https://www.alliedmarketresearch.com/request-sample/31883
๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ, ๐ซ๐๐ฌ๐ญ๐ซ๐๐ข๐ง๐ญ๐ฌ, ๐๐ง๐ ๐จ๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ
Payroll outsourcing frees up a lot of time for core business and it reduces the need for training in-house payroll staff. In addition, it eliminates the expense of buying and maintaining a costly payroll system. These factors drive the growth of the global payroll outsourcing market. However, high cost of payroll outsourcing services and risk of handing over confidential and sensitive staff information to third parties hinder the market growth. On the contrary, development in payroll outsourcing services to become more efficient would open new opportunities in the future.
๐๐ก๐ ๐ก๐ฒ๐๐ซ๐ข๐ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ข๐ง๐๐ญ๐๐ ๐ญ๐ก๐ ๐ฆ๐๐ซ๐ค๐๐ญ
By type, the hybrid segment held the largest share in 2021, accounting for around three-fourths of the global payroll outsourcing market. This is attributed to the fact that hybrid payroll outsourcing enables organizations to have control over the payroll system and only those time taking & manual jobs related to the payroll are given to the third party. However, the fully outsourced segment is expected to register the highest CAGR of 10.4% during the forecast period. This is attributed to the fact that owners have more time to focus on what matters most to them which helps them to maximize time saved throughout the pay period.
๐๐ก๐ ๐ฅ๐๐ซ๐ ๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ฆ๐๐ง๐ข๐๐๐ฌ๐ญ ๐ญ๐ก๐ ๐ก๐ข๐ ๐ก๐๐ฌ๐ญ ๐๐๐๐ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก ๐๐๐๐
By business size, the large business segment would showcase the highest CAGR of 10.7% from 2022 to 2031. This is due to increase in the adoption of payroll outsourcing because of rise in complexity of the vast amount of data and need for easy processes. However, the small business segment held the largest share in 2021, contributing to more than two-fifths of the global payroll outsourcing market. This is attributed to the rapid rise in the number of government initiatives through various digital SME campaigns.
โก๏ธ๐๐ฎ๐ฒ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ญ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ๐๐ ๐๐ซ๐ข๐๐ @
https://www.alliedmarketresearch.com/checkout-final/731b44bf4cf0cf666206ec2dd358c5e0
๐๐ก๐ ๐๐ ๐๐ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ก๐๐ฅ๐ ๐ญ๐ก๐ ๐ฅ๐๐ซ๐ ๐๐ฌ๐ญ ๐ฌ๐ก๐๐ซ๐
By industry vertical, the BFSI segment held the largest share in 2021, accounting for more than one-fourth of the global payroll outsourcing market. This is attributed to the fact that BFSI software solutions are relied upon to develop at a critical rate owing to development in digitalization of banking exchanges and big data analytics. However, the public sector segment is projected to showcase the highest CAGR of 9.4% during the forecast period. This is attributed to the fact that cloud-based payroll outsourcing software can help the public sector to manage their employees' reductions and raises with more accuracy.
๐๐ฎ๐ซ๐จ๐ฉ๐ ๐ก๐๐ฅ๐ ๐ญ๐ก๐ ๐ฅ๐๐ซ๐ ๐๐ฌ๐ญ ๐ฌ๐ก๐๐ซ๐ ๐ข๐ง ๐๐๐๐
By region, the global payroll outsourcing market across Europe held the lion's share in 2021, accounting for nearly two-fifths of the market. This is attributed to rise in need for real-time data access and the growth in usage of mobile and cloud-based applications in the area. However, the market across Asia-Pacific would showcase the highest CAGR of 9.7% from 2022 to 2031. This is attributed to the increase in disposable income due to rapid technology improvements, economies' digitalization, and government efforts. In addition, governments in the region have been emphasizing investing in IT operations regarding various industries, allowing businesses to adopt new software and services to streamline their business operations.
๐๐๐ฃ๐จ๐ซ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ
๐๐๐, ๐๐ง๐.
๐๐ฅ๐จ๐ฎ๐๐๐๐ฒ
๐๐๐ฅ๐จ๐ข๐ญ๐ญ๐ ๐๐จ๐ฎ๐๐ก๐ ๐๐จ๐ก๐ฆ๐๐ญ๐ฌ๐ฎ ๐๐ข๐ฆ๐ข๐ญ๐๐
๐๐ฎ๐ฌ๐ญ๐จ
๐๐๐ ๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ข๐๐ฌ ๐๐ข๐ฆ๐ข๐ญ๐๐
๐๐๐๐๐ง๐ญ๐ซ๐ ๐๐จ๐๐ญ๐ฐ๐๐ซ๐ ๐๐ฏ๐ญ. ๐๐ญ๐.
๐๐ง๐๐จ๐ฌ๐ฒ๐ฌ ๐๐ข๐ฆ๐ข๐ญ๐๐
๐๐ง๐ญ๐๐ซ๐ง๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐๐๐ก๐ข๐ง๐๐ฌ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง
๐๐ง๐ญ๐ฎ๐ข๐ญ ๐๐ง๐.
๐๐๐๐
๐๐๐ฒ๐๐ก๐๐ฑ ๐๐ง๐.
๐๐๐ ๐ ๐๐ซ๐จ๐ฎ๐ฉ ๐ฉ๐ฅ๐
๐๐ข๐ฌ๐ข๐จ๐ง ๐.๐.
๐๐จ๐ซ๐ค๐๐๐ฒ ๐๐ง๐.
๐๐๐ฅ๐๐ซ๐ข๐ฌ ๐๐๐
๐๐๐ค๐ ๐๐ง๐.
๐๐๐ฉ๐๐ฒ๐ ๐๐ฅ๐จ๐๐๐ฅ
โก๏ธ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/A31433
๐๐๐ฒ ๐๐๐ง๐๐๐ข๐ญ๐ฌ ๐๐จ๐ซ ๐๐ญ๐๐ค๐๐ก๐จ๐ฅ๐๐๐ซ๐ฌ
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the payroll outsourcing market analysis from 2021 to 2031 to identify the prevailing payroll outsourcing market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the payroll outsourcing market size segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
๐๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ญ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ๐๐ ๐๐ซ๐ข๐๐:
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Medical Professional Liability Insurance Market https://www.alliedmarketresearch.com/medical-professional-liability-insurance-market-A30183
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Saudi Arabia Microfinance Market https://www.alliedmarketresearch.com/saudi-arabia-microfinance-market-A31026
AI in Insurance Market https://www.alliedmarketresearch.com/ai-in-insurance-market-A11615
Financial Consulting Software Market https://www.alliedmarketresearch.com/financial-consulting-software-market-A17212
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Payment Security Market https://www.alliedmarketresearch.com/payment-security-market-A10025
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โก๏ธ๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ & ๐๐๐ : https://www.alliedmarketresearch.com/request-sample/A11615
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