Payroll Outsourcing Market Trends, Growth, Share, Size | Report 2028

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.

Request Free Sample Report: https://www.imarcgroup.com/payroll-outsourcing-market/requestsample

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.

Ask Analyst and Browse Full Report with TOC & List of Figure: https://www.imarcgroup.com/payroll-outsourcing-market

List of Key Companies Covered in this Market Report:

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

Breakup by Type:

Breakup by Application:

Breakup by End Use Industry:

Breakup by Geography:

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact US:

IMARC Group

30 N Gould St, Ste R

Sheridan, WY 82801, USA

Email: sales@imarcgroup.com

Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800