NEW YORK, May 23, 2022 /PRNewswire/ — According to the report “Payroll Outsourcing Services Market by Product, Application and Geography – Forecast and Analysis 2021-2025“, the market grew at a CAGR of 5.47% in 2021 and a CAGR of 5.72% during the forecast period. The report is segmented by Product (Hybrid and Fully Outsourced), Application (Middle Market , national and multinational) and geography (North America, EuropeACPA, South Americaand MEA).
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Supplier Information
The payroll outsourcing services market is fragmented and vendors are deploying growth strategies such as forming strategic partnerships to compete in the market. The report analyzes the competitive landscape of the market and offers information about several vendors in the market including Accenture Plc, Automatic Data Processing Inc., Deloitte Touche Tohmatsu Ltd., HP Inc., Infosys Ltd., International Business Machines Corp., Paycom Software Inc., The Access Group, Wipro Ltd. and Workday Inc., among others. The top offerings from some of the vendors are listed below:
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Accenture SA – The company offers different types of payroll outsourcing services, including intelligent talent management and HR operations services.
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Automatic Data Processing Inc. – The company offers different types of payroll outsourcing for Indian and multinational companies.
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Deloitte Touche Tohmatsu Ltd. – The company offers different types of payroll outsourcing services, including human resource and payroll services for business process solutions and service offerings.
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Geographical analysis of the market
North America will provide maximum growth opportunities in payroll processing over the forecast period. According to our research, the region will contribute 54% of the global market growth over the forecast period. Most organizations of North America rely on outsourcing service providers. North America will experience steady growth in the mid-market and transatlantic contract segments covering both US and European operations during the forecast period. Companies in North America look for payroll services in low-cost countries such as India.
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Analysis of key segments
The growth in the market share of payroll outsourcing services by hybrid segment will be important over the forecast period as it allows organizations to maintain process and quality proficiency while simultaneously reducing costs and leveraging labor arbitrage.
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Key Market Drivers and Challenges:
the growing need for visibility on salary costs is driving the growth of the payroll outsourcing services market. Globalization, the extension of manufacturing processes and the widespread use of Lean methodologies are driving the demand for labor cost visibility. Customers generally prefer vendors with domain expertise and adhering to strict service level agreements. The main objective is to provide a hassle-free environment for HR professionals to develop strategic activities rather than focusing on administration and transactional tasks. Thus, payroll outsourcing providers are developing solutions that promote employee self-service in order to reduce the administrative burden.
the issues related to geographic transition will challenge the payroll outsourcing services market over the forecast period. The workforce of large organizations is typically spread across the globe. Scaling a standard process across multiple geographies requires automation and expert teams. However, the task is difficult for the companies, as they have to comply with the regulatory policies of certain regions. As a result, outsourcing service providers need to establish a strong presence and a greater degree of centralization for clients to ensure streamlined operations. This has encouraged service providers to establish captive centers in respective countries to reduce payroll delivery costs.
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Payroll Outsourcing Services Market Scope |
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Report cover |
Details |
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Page number |
120 |
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base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum and CAGR |
Accelerate at a CAGR of 5.72% |
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Market Growth 2021-2025 |
$6.15 billion |
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Market structure |
Fragmented |
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Annual growth (%) |
5.47 |
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Regional analysis |
North America, Europe, APAC, South America and MEA |
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Successful market contribution |
North America at 54% |
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Main consumer countries |
US, UK, China, Germany and Australia |
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Competitive landscape |
Leading Companies, Competitive Strategies, Consumer Engagement Reach |
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Profiled Key Companies |
Accenture Plc, Automatic Data Processing Inc., Deloitte Touche Tohmatsu Ltd., HP Inc., Infosys Ltd., International Business Machines Corp., Paycom Software Inc., The Access Group, Wipro Ltd. and Workday Inc. |
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Market dynamics |
Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, COVID-19 Impact and Recovery Analysis and Future Consumer Dynamics, Market Status Analysis market for the forecast period |
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Personalization area |
If our report does not include the data you are looking for, you can contact our analysts and customize the segments. |
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