Payroll Outsourcing Market Report 2022-2027, Size, Share, Growth, Trends and Forecast

According to the latest report by IMARC Group, titled "Payroll Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global payroll outsourcing market size reached US$ 8.6 Billion in 2021. Payroll outsourcing refers to the process of outsourcing services to third-party organizations for handling the administrative and compliance functions of paying employees. Its adoption aids enterprises in minimizing the costs of purchasing and maintaining appropriate software packages and hiring in-house trained payroll staff. The essential functions of payroll outsourcing include calculating employee salary, maintaining employee records, computing bonuses, distributing payroll and generating payroll-related reports while complying with the taxation laws of the government. This assists in improving overall efficiency by saving additional costs and time of the organization. It is also employed to keep the users updated with foreign tax legislation to avoid any potential penalties.

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Market Trends

The market is primarily driven by the increasing adoption of HR outsourcing across the globe. Numerous companies are focusing on outsourcing complex HR processes to enhance the cost and time efficiency of their firm. They are widely adopting payroll outsourcing services in an attempt to reduce the complexities associated with the in-house payroll related activities and focus on core issues of their businesses to ensure smooth functioning of the company. This, in turn, is creating a positive outlook for the market. Furthermore, extensive utilization of big data and business analytics is expected to facilitate the uptake of these services on the global level. Apart from this, the current trend of remote working among the majority of the companies on account of the rapid outbreak of the coronavirus disease (COVID-19) and the consequent need for social distancing is acting as another major growth-inducing factor. This has impelled enterprises to shift to online payroll services offered by service providers to streamline the overall process. The market is further driven by the rising preference for multi-country payroll outsourcing (MCPO), bundling payroll services and process automation across the corporate sector. Several key players are also providing hybrid payroll solutions that are gaining widespread preference among end users. These services aid in reducing the confidentiality concerns by offering improved control to users over confidential data. On account of the aforementioned factors, the market is anticipated to exhibit a CAGR of 5.11% during 2022-2027.

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List of Key Companies Covered in this Market Report:

Automatic Data Processing Inc. (NASDAQ: ADP)
Deloitte Touche Tohmatsu Limited Hp Inc.
Infosys Limited (NSE: INFY)
International Business Machines Corporation Intuit Inc.
Paychex Inc. (NASDAQ: PAYX)
Wipro (NSE: WIPRO)
Workday Inc. (NASDAQ: WDAY)
Xerox Corporation (NYSE: XRX)
Zalaris

The report has segmented the market on the basis of type, application, end use industry and geography

Breakup by Type:

Full-Managed Outsourcing
Co-Managed Outsourcing

Breakup by Application:

Small Business
Medium Business
Large Business

Breakup by End Use Industry:

BFSI
Consumer and Industrial Products
IT and Telecommunication
Professional Services
Public Sector
Healthcare
Others

Breakup by Geography:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

Key highlights of the report:

Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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