Press release
AT CAGR of 5.56% Payroll Outsourcing Services Market Driven by Increasing Demand to Standardize Processes, Technology, and Governance 2017-2021
Payroll outsourcing is the fastest-growing segment of the global human resource outsourcing (HRO) market. Organizations are rapidly adopting payroll services to achieve cost reduction. They either outsource a single process or the entire set of services to enhance the existing function. Most of the payroll outsourcing functions are related to finance and accounting (F&A), human capital management (HCM), and shared service centers. Organizations maintaining an in-house team for tasks such as payroll, time and attendance, workforce administration, and benefits administration spend 20% more than organizations that outsource the same functions.
Technavios analysts forecast the global payroll outsourcing services market to grow at a CAGR of 5.56% during the period 2017-2021.
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Covered in this report
The report covers the present scenario and the growth prospects of the global payroll outsourcing services market for 2017-2021. To calculate the market size, the report considers the revenue generated from payroll services outsourced to third-party service providers.
The market is divided into the following segments based on geography:
Americas
APAC
EMEA
Technavio's report, Global Payroll Outsourcing Services Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Key vendors
ADP
Ceridian HCM
NGA Human Resources
Paychex
Other prominent vendors
Accenture
Caliber Point Business Solutions (Hexaware Technologies)
CGI Group
Genpact
Hewlett Packard Enterprise Development
IBM
Infosys
Intuit
Ramco Systems
SafeGuard World International
Workday
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Market driver
Increasing demand to standardize processes, technology, and governance.
For a full, detailed list, view our report
Market challenge
Issues related to geographical transition.
For a full, detailed list, view our report
Market trend
Rise of multi-country and centralized outsourcing models.
For a full, detailed list, view our report
Key questions answered in this report
What will the market size be in 2021 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
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