Payroll Outsourcing Services Market Demand To Rise
In 2022, the global payroll outsourcing services market was estimated to be worth US$ 17000 Million. Demand is expected to rise at a 6.1% value CAGR during the assessment period of 2023-2033, surpassing a valuation of US$ 32607.5 Million by the end of 2023-2033.
The growing use of payroll services to cut costs in various organisations is expected to drive the payroll outsourcing services market during the forecast period. Payroll-outsourcing services were used by Human Capital Management (HCM), Finance and Accounting (F&A), and various service centres, either for a single process or for the entire service.[Increased demand for standardized processes, technology, and governance are expected to drive the payroll outsourcing services market forward. The payroll outsourcing services market is being driven by the growing popularity of employee self-service (ESS) and the payroll outsourcing market with human resources.
Payroll Outsourcing Services
Key Market Study Findings
The global payroll outsourcing services demand is projected to surge at a 6.1% CAGR during the forecast period.
With a market share of 37% and a value of $6290 million, North America dominates the global payroll outsourcing services market.
According to Customer, Small size company, accounting for 41% of the market over the forecast period
The services segment will continue to be the most prominent end-user, accounting for 23% of the market throughout the forecast period.
“Increased application of payroll outsourcing in various end-use industries is expected to drive the growth of the payroll outsourcing services market,” a Fact.MR analyst predicts.
Payroll outsourcing services are in high demand due to features such as security, functionality, scalability, ease of access, and low cost. Multi-country payroll outsourcing (MCPO), bundling payroll services, and process automation are all contributing to market growth.
ADP, Gusto, Infosys Limited, International Business Machines Corporation, Intuit Quickbooks, Keka Inc., KPMG, OnPay, Papaya Global, Paychex, Sage Group plc, Square, SurePayroll, Vision H.R, Workday Inc., Zalaris ASA, and others are some of the market participants identified across the value chain.
Some of the recent developments are as follows:
ADP announced the acquisition of Integrated Design, Inc. in November 2021. (IDI). By combining IDI’s expertise with ADP’s global reach and comprehensive HCM and Workforce Management solutions, clients will have access to a better payroll and HR experience, allowing them to grow and scale their businesses.
Sage People Payroll will be available in the United States and the United Kingdom in August 2022.
Paychex, Inc. announced a new conversational artificial intelligence (AI) feature called Paychex Voice Assist in September 2022, as part of the company’s SaaS-based HR software solution.
By Customer Type: Small Business
Large Enterprises Mid-sized Businesses
By application Manufacturing Services Industry
Healthcare Retail Oil&Energy Public Sector Others BFSI
North America is a region.
Europe and East Asia
Oceania and South Asia
Africa and the Middle East