The global Payroll Outsourcing Services Market was valued at US$ 9.9 Billion in 2022 and is expected to reach US$ 19.5 Billion by 2030, growing at a CAGR of 7.2% from 2022 to 2030.
The Global Payroll Outsourcing Services Market – Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030. The market growth is supported by various growth factors and major market determinants. The market research report includes the analysis of the market based on geographical segmentation and market segmentation. The Global Payroll Outsourcing Services Market report is a valuable source of insightful statistics for business strategists. This Report offers an industry overview with historic and future cost and growth analysis, revenue, demand, and supply data. Our analyst offers a comprehensive overview of the value chain and analysis of your distributor. This market study provides comprehensive data that enhances the understanding, scope, and application of this report.
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One of the markets for payroll outsourcing services that is expanding the quickest is the global market. Payroll services are increasingly being used by different organisations to cut expenses. Organizations can also contract out entire services and individual procedures. Payroll handling done internally costs a lot of money. Human capital management (HCM), finance and accounting (F&A), and different fulfilment centres are all using payroll outsourcing services frequently. Payroll outsourcing services are also used by human resources more frequently than by other divisions of a company.
The demand for payroll outsourcing is increasing as MCPOs and MNCs place more and more emphasis on cost and labour savings. The market for payroll outsourcing services is being driven by ESS (employee self-service) and HR, both of which are growing in prominence.
Top Leading Companies of Global Payroll Outsourcing Services Market are Hewlett Packard Enterprise Development, IBM, ADP, Ceridian HCM, NGA Human Resources, Paychex, Accenture, Caliber Point Business Solutions (Hexaware Technologies), CGI Group, Genpact, Infosys, Intuit, Ramco Systems, SafeGuard World International, Workday and Dodo Point, MiL.k, and others., and others.
Report Segments are:
On the Basis of Type:
- Hybrid
- Fully outsourced
By Business Size
- Small Business
- Medium Business
- Large Business
On the Basis of Application:
- Mid-market
- National
- Multi-national
- Others
By Industry Vertical
- BFSI
- Consumer and Industrial Products
- IT and Telecommunication
- Public Sector
- Healthcare
- Others
Industry Development:
- In 2020, Dodo Point announce its strategic collaboration with Carry Protocol, the blockchain project that aims to return control of data privacy and monetization back to the consumers. Under this strategic collaboration, consumers who share the data with Carry Protocol are getting rewarded with CRE tokens.
- In 2020, MiL.k, the blockchain-powered rewards platform, announced its entry into a strategic partnership with Shinsegae Duty-Free, a Seoul-based luxury retail space chain, in order to provide loyalty point compatibility and management. This strategic collaboration allows Shinsegae customers to get connected to their existing rewards accounts through the mobile application offered by MiL.k.
Global Payroll Outsourcing Services Market: Regional Analysis
- North America (U.S., Canada)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)
- South America (Mexico, Brazil, Argentina, Columbia, Rest of South America)
- Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)
During the forecast period, North America will present the greatest potential for development in the processing of payroll outsourcing. Our study indicates that during the forecast period, this region will account for 54% of the growth of the global market. In North America, outsourcing service providers are used by the majority of businesses. Mid-market and transatlantic contract segments encompassing both US and European operations will continue to expand steadily in North America over the course of the forecast period. Payroll services are sought after by North American businesses in low-cost nations like India.
The market for payroll outsourcing services has been studied geographically in a number of areas, including North America, Europe, Asia-Pacific, South America, the Middle East, and India. This industry will soon be dominated by the global region.
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Years considered for this report:
Historical Years: 2017-2021
Base Year: 2022
Estimated Year: 2022
Forecast Period: 2023-2030
Important Sections from the Table of Contents:
- Global Payroll Outsourcing Services Market Overview
- Economic Impact on Industry
- Market Competition by Manufacturers
- Production, Revenue (Value) by Region
- Supply (Production), Consumption, Export, Import by Regions
- Production, Revenue (Value), Price Trend by Type
- Market Analysis by Application
- Manufacturing Cost Analysis
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Marketing Strategy Analysis, Distributors/Traders
- Market Effect Factors Analysis
- Global Payroll Outsourcing Services Market Forecast
Related Sources:
Enterprise Asset Management Software – https://www.digitaljournal.com/pr/news/enterprise-asset-management-software-market-size-status-global-outlook-2023-to-2030-cagr-of-11-75-during-the-forecast-period
Data Management Platforms – https://www.digitaljournal.com/pr/news/data-management-platforms-market-overview-scope-and-advancement-outlook-till-2030-cagr-of-11-20-during-the-forecast-period
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