Rockville, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The global payroll outsourcing services market was valued at US$ 17000 Million in 2022. During the 2023-2033 period of assessment, demand is expected to rise at a 6.1% value CAGR, likely to surpass a valuation of US$ 32607.5 Million by the end of 2023-2033.
The increasing adoption of payroll services in various organizations to reduce expenses is likely to drive the payroll outsourcing services market during the forecast period. Human Capital Management (HCM), Finance and Accounting (F&A), and various service centers used payroll-outsourcing services either for a single process or outsourcing the entire service.
Increased demand for standardized process, technology, and governance are expected to provide opportunities for the growth of the payroll outsourcing services market. The growing popularity of employee self-service (ESS) and the payroll outsourcing market with human resources are driving the payroll outsourcing services market.
Download Sample Copy of This Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=8348
Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2032) | US$ 32607.5 Million |
| Growth Rate (2022-2032) | 6.1 % CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 41 Tables |
| No. of Figures | 74 Figures |
Key Takeaways from Market Study
- The global payroll outsourcing services demand is likely to surge at a 6.1% CAGR during the forecast period.
- North America dominates the global payroll outsourcing services market, with a market share of 37% and registering a value of 6290Million
- Based on Customer, Small size company, accounting for a market share of 41% over the forecast period
- By end-user, the services segment will remain the most prominent user, accounting market share of 23% throughout the forecast period
“Increasing application of payroll outsourcing in various end-use industries is projected to drive the growth of the payroll outsourcing services market”, says a Fact.MR analyst.
The demand for payroll outsourcing services has increased owing to features like possessing security, functionality, scalability, easy access, and low cost. The growing trend of multi-country payroll outsourcing (MCPO), bundling payroll services, and process automation is further contributing to the market growth.
Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=8348
Competitive Landscape
Examples of some of the market participants in the global payroll outsourcing services market identified across the value chain include ADP, Gusto, Infosys Limited, International Business Machines Corporation, Intuit Quickbooks, Keka Inc., KPMG, OnPay, Papaya Global, Paychex, Sage Group plc, Square, SurePayroll, Vision H.R, Workday Inc., Zalaris ASA among others.
To achieve a substantial market share in the worldwide payroll outsourcing services market players are strengthening their position, pursuing expansion methods such as current developments, mergers and acquisitions, collaborations, and partnerships, joint ventures.
Some of the development is as follows-
- In November 2021, ADP announced that it has acquired Integrated Design, Inc. (IDI). By further integrating IDI’s expertise with ADP’s global reach and comprehensive HCM and Workforce Management solutions, clients will have access to an enhanced payroll and HR experience that will allow them to better grow and scale their businesses.
- In August 2022, Sage, launched Sage People Payroll in the US and UK.
- In September 2022 - Paychex, Inc., announced the company’s SaaS-based HR software solution, a new conversational artificial intelligence (AI) feature called Paychex Voice Assist.
- In October 2022, KPMG in India & IBSFINtech announced an alliance relationship to offer their clients a holistic suite of corporate treasury automation solutions, thus helping them to accelerate the digital transformation of their treasury function.
Key Segments Covered in the Payroll Outsourcing Services Industry Report
- By Customer Type :
- Small Size Company
- Mid-size Company
- Large Enterprises
- By End-use Industry :
- Services
- Manufacturing
- BFSI
- Healthcare
- Retail
- Oil& Energy
- Public Sector
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia and Oceania
- Middle East & Africa
Get Full Access of Complete Report:
https://www.factmr.com/checkout/8348
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the payroll outsourcing services market, presenting historical demand data (2018-2022) and forecast statistics from 2023 to 2033.
The study divulges essential insights into the payroll outsourcing services market Analysis Report by Customer Type (Small Size Company, Mid-size Companies, Large Enterprises) by End-use Industry (Services, Manufacturing, BFSI, healthcare, Retail, Oil& Energy, Public Sector, Others) By Region - Global Forecast 2022-2032
Key Questions Covered in the Payroll Outsourcing Services Market Report
- What is the projected value of the Payroll Outsourcing Services Market in 2023?
- At what rate will the global Payroll Outsourcing Services Market grow until 2033?
- Which are the factors hampering the growth in the Payroll Outsourcing Services Market?
- Which region is expected to lead in the global Payroll Outsourcing Services Market during 2023 to 2033?
- Which are the factors driving the Payroll Outsourcing Services Market during the forecast period?
- What is the expected market value of the Payroll Outsourcing Services Market during the forecast period?
Check out more related studies published by Fact.MR Research:
Management Consulting Services Market: The global management consulting services market is expected to be worth US$ 298.6 billion in fiscal year 2023, up from US$ 285.0 billion in fiscal year 2022. From 2023 to 2033, the market is expected to grow at a 4.8% CAGR, reaching a value of US$ 477.3 billion by the end of 2033.
CSR Consulting Market: The global CSR consulting market is expected to be worth US$ 5,335 Million in the fiscal year 2023, up from US$ 5,000 Million in the fiscal year 2022. From 2023 to 2033, the market is expected to grow at a 6.70% CAGR, reaching a value of US$ 10,204.19 Million by the end of 2033.
Corporate Training Services Market: The global corporate training services market is expected to reach a valuation of US$ 361.7 billion in 2023 and accelerate at a CAGR of 6.4% to top US$ 672.7 billion by 2033.
Tech Support Services Market: The global tech support services market is expected to be worth US$ 66.3 billion in the fiscal year 2023, up from US$ 63 billion in the fiscal year 2022. From 2023 to 2033, the market is expected to grow at a 5.3% CAGR, reaching a value of US$ 111 billion by the end of 2033.
Tax Preparation Services Market: The global tax preparation services market is expected to be worth US$ 28.2 billion in fiscal year 2023, up from US$ 27.0 billion in fiscal year 2022. From 2022 to 2032, the market is expected to grow at a 4.7% CAGR, reaching a value of US$ 44.7 billion by the end of 2033.
About Fact.MR
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.
Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Connect to Author: Mr. Shambhu Nath Jha
Email : shambhu@factmr.com
Sales Team : sales@factmr.com
Follow Us: LinkedIn | Twitter | YouTube
