According to IMARC Group’s latest report, titled “Payroll Outsourcing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” 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 intervention of a third-party vendor to control administrative and compliance operations. It involves maintaining employee records, computing incentives or bonuses, calculating salaries, and preparing payroll-related reports. It helps enterprises minimize the need for in-house trained payroll staff, save cost and time, and comply with taxation laws followed in various countries to avoid potential penalties.
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Market Trends
Rapid digitization and the expanding geographical reach of organizations are positively influencing the need for payroll outsourcing. It allows the management to focus on core issues and run the business smoothly. In addition, the growing trend of multi-country payroll outsourcing (MCPO), bundling payroll services, and process automation is offering a favorable market outlook. Furthermore, leading players are offering hybrid payroll solutions that allow companies to decide upon customized payroll sub-services to avoid compromising confidential data. This, along with a considerable shift toward remote work policies, is promoting the adoption of payroll operations worldwide.
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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
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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