Payroll Outsourcing Services Market Size Expected to Grow by USD 6.15 Billion | Accenture Plc and Automatic Data Processing Inc. among top vendors

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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).

Technavio has announced its latest market research report titled Payroll Outsourcing Services Market by Product, Application, and Geography – Forecast and Analysis 2021-2025

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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:

  • Accenture SA – The company offers different types of payroll outsourcing services, including intelligent talent management and HR operations services.

  • Automatic Data Processing Inc. – The company offers different types of payroll outsourcing for Indian and multinational companies.

  • 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.

Learn more about the geographical distribution of this market along with a detailed analysis of major regions. View our report preview

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.

See a sample: to know additional highlights and key points on various market segments and their impact in the coming years.

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

Report cover

Details

Page number

120

base year

2020

Forecast period

2021-2025

Growth momentum and CAGR

Accelerate at a CAGR of 5.72%

Market Growth 2021-2025

$6.15 billion

Market structure

Fragmented

Annual growth (%)

5.47

Regional analysis

North America, Europe, APAC, South America and MEA

Successful market contribution

North America at 54%

Main consumer countries

US, UK, China, Germany and Australia

Competitive landscape

Leading Companies, Competitive Strategies, Consumer Engagement Reach

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.

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

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

About Us:

Technavio is a global leader in technology research and consulting. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s reporting library consists of over 17,000 reports and counts, spanning 800 technologies, spanning 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research, and actionable market intelligence to identify opportunities in existing markets and potentials and assess their competitive positions in changing market scenarios.

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