According to IMARC Group’s latest report, titled “Payroll Outsourcing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global payroll outsourcing market size reached US$ 8.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.1 Billion by 2028, exhibiting a growth rate (CAGR) of 5.24% during 2023-2028.
Payroll outsourcing refers to the use of third-party sources and organizations to handle administrative and compliance operations. It includes keeping records of employees, calculating salaries and wages, computing and adding incentives, producing payroll-related reports, and complying with tax laws applicable in various countries. Payroll outsourcing assists companies in saving time and money by reducing the need for in-house qualified payroll staffs and managing appropriate software packages. It also provides multinational organizations with the advantage of staying updated with global tax laws and preventing any potential penalties.
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Market Trends
The growing incorporation of several digitized services, such as business analytics, big data, and cloud, is primarily driving the market for payroll outsourcing. Moreover, the prevalent trend of multi-country payroll outsourcing (MCPO), bundling payroll services, and process automation, is also augmenting the market growth. In addition to this, several leading players are offering hybrid payroll solutions that enable organizations to decide upon customized payroll sub-services. Furthermore, the sudden outbreak of the COVID pandemic, in early 2020, has led to the rising adoption of work-from-home models by several organizations leading to the emergence of efficient ways of online management of payroll operations.
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List of Key Companies Covered in this Market Report:
Accenture Plc (NYSE: ACN)
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
About Us
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