Payroll Outsourcing Services Market

Payroll Outsourcing Services Market is expected to grow at higher CAGR during the forecast period due to increasing need for cutting cost and operational efficiency across the world.

Introduction of the Payroll Outsourcing Services Market Report

Payroll outsourcing engages an external party for handling all the payroll related activities of a business. Outsourcing of payroll functions is generally done to reduce cost and save time required to deal with financial tasks related to payroll. Payroll outsourcing involves the outsourcing of payroll services to a third-party service provider to improve efficiency and alleviate the operational cost.

To have an edge over the competition by knowing the market dynamics and current trends of “Payroll Outsourcing Services Market”, request for Sample Report here

Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global payroll outsourcing services market include the increasing need for cutting cost and operational efficiency across the world. Moreover, the widespread benefits such as avoidance of penalties and decrease in the overall risk potential are fuelling the growth of the payroll outsourcing market to a significant extent. It is observed that over 40% of the businesses pay penalties because of incorrect or late fillings. However, this undesirable situation can be eliminated by availing the third-party payroll services as many of the payroll outsourcing vendors also offer tax guarantee and ensure avoidance of fines. Advancements, including technological innovations and a rise in the demand to standardize the processes, are projected to further propel the payroll outsourcing services market growth over the forecast period. Also, growth in the demand for multi-country and centralized outsourcing solutions is projected to enhance the growth of the global payroll outsourcing services market over the forecast period. Furthermore, the vendors’ increasing focus on enabling affordable and accessible solutions supplement the growth of the payroll outsourcing services market.

Restraint in the Payroll Outsourcing Services Market

Factors including security and privacy concerns are projected to hamper the global payroll outsourcing services market growth over the forecast period.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Type- Segment Analysis

Based on the type, the fully outsources services segment is projected to witness the fastest growth rate over the forecast period. The fully managed payroll services are the accurate fit for a company wanting to focus the time on its core business. The specialists support the companies by providing the services that help strengthen the relationship with a company’s staff and deliver the right payslips at the right time. A fully outsourced payroll service offers all the benefits of an effective payroll department without any overheads or direct responsibilities.

Application – Segment Analysis

Based on the application, the international sub-segment is projected to grow at the fastest growth rate over the forecast period in the global payroll outsourcing services market. Increasing demand for multi-country and centralized outsourcing solutions is fuelling the growth of the market. For global companies, internal processing of payroll is time-consuming, complicated, expensive, and error-prone, and it can also put the company at the risk of noncompliance. To alleviate the administrative complexities and expenses of the in-house payroll, many companies have deployed international payroll outsourcing solutions.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Regional – Segment Analysis:

Based on the region, the North America region is expected to capture a significant market share in the global payroll outsourcing services market in 2019. Integration of the advanced solutions, including business analytics, automated sub-processes, and big data, is projected to significantly drive the payroll outsourcing services market growth in this region over the forecast period. The presence of a significant number of vendors in the region, including the companies Automatic Data Processing Inc., HP Inc., Intuit, and others, is fuelling the growth of the payroll outsourcing services market.

Top Market Players

Various notable players operating in the market include Accenture Plc, Infosys Ltd., Gusto, OnPay, Inc., Intuit, Paychex Inc., Sage Group Plc,  and Workday Inc. among others. 

Key Developments:

• • In 2019, Accenture along with FieldCore, Inc. (a GE company) successfully streamlined and automated different human resources and payroll systems. Accenture was chosen to execute a system of online human resources, time and payroll management for over 3,000+ employees of FieldCore throughout 27 countries in the European region.

Segments covered in the Report:

The global Payroll Outsourcing Services market has been segmented on the basis of type, application, and key regions. Based on type, the market is segmented into hybrid and fully outsourced. Based on application, the market is segmented into mid-market, national, and international. 

For detailed scope of the “Payroll Outsourcing Services Market” report request a Sample Copy of the report

Key questions answered in this research report:

• • At what pace is global payroll outsourcing services market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Payroll Outsourcing Services Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the Global Payroll Outsourcing Services Market?
  • Which Type generated maximum revenues in 2019 and identify the most promising Type during the forecast period?
  • What are the various Application areas of Global Payroll Outsourcing Services Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Payroll Outsourcing Service Market by Type

• • Hybrid
  • Fully Outsourced

Global Payroll Outsourcing Service Market by Application

• • Mid-market
  • National
  • International

Global Payroll Outsourcing Service Market by Region

• • North America Payroll Outsourcing Service Market (Option 1: As a part of the free 25% customization)
    • North America Market by Type
    • North America Market by Application
    • US Market All Up
    • Canada Market All Up
  • Europe Payroll Outsourcing Service Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Type
    • Europe Market by Application
    • UK Market All Up
    • Germany Market All Up
    • France Market All Up
    • Spain Market All Up
    • Rest of Europe Market All Up
  • Asia-Pacific Payroll Outsourcing Service Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Type
    • Asia-Pacific Market by Application
    • China Market All Up
    • India Market All Up
    • Japan Market All Up
    • Rest of APAC Market All Up
  • RoW Payroll Outsourcing Service Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Type
    • RoW Market by Application
    • Brazil Market All Up
    • South Africa Market All Up
    • Saudi Arabia Market All Up
    • UAE Market All Up
    • Rest of world (remaining countries of the LAMEA region) Market All Up

Major Players Operating in the Payroll Outsourcing Services (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Accenture Plc
  • Automatic Data Processing Inc.
  • HP Inc.
  • Infosys Ltd.
  • Gusto
  • OnPay, Inc.
  • Intuit
  • Paychex Inc.
  • Sage Group Plc
  • Workday Inc.