Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Payroll Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global payroll outsourcing market has been scrutinized in this comprehensive research publication, unveiling insights into the latest industry trends, share, size, growth opportunities, and forecasts from 2023 to 2028. The market, which stood at US$ 8.9 billion in 2022, is anticipated to expand to US$ 12.1 billion by 2028, marking an impressive CAGR of 5.24% during the forecast period.
Payroll Outsourcing Market Dynamics and Trends
Organizations around the world are increasingly turning to payroll outsourcing as a strategic approach to manage essential yet time-consuming payroll functions. The service encompasses calculating wages, maintaining employee records, generating reports, and ensuring compliance with various tax laws.
The integration of advanced digital services, such as cloud computing, big data, and business analytics, is significantly boosting the market's expansion. In addition, the move towards multi-country payroll outsourcing (MCPO) and combined service bundling is propelling market growth. These trends facilitate more effective global business operations, particularly as companies continue to extend their international reach.
Impact of COVID-19 and Market Adaptations
The COVID-19 pandemic has also played a crucial role in shaping the payroll outsourcing industry. The surge in remote working has necessitated online payroll management solutions, prompting market participants to innovate and accommodate the changing work environment.
Key market segments include full-managed and co-managed outsourcing services, catering to small, medium, and large businesses across various industries such as BFSI, IT and telecommunications, consumer goods, healthcare, and the public sector.
Regional Insights and Market Segmentation
- North America, Asia Pacific, Europe, Latin America, Middle East, and Africa are extensively analyzed within the report.
- Within these regions, countries such as the United States, Canada, China, Japan, India, and European nations like Germany, United Kingdom, and France are examined.
The industry report also offers insights into the competitive landscape, key drivers, challenges, and the overall market structure. The analysis includes leading market players that are pioneering payroll outsourcing solutions that align with current trends and user demand.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 148 |
| Forecast Period | 2022-2028 |
| Estimated Market Value (USD) in 2022 | $8.9 Billion |
| Forecasted Market Value (USD) by 2028 | $12.1 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
Companies Mentioned
- Accenture plc
- ADP Group Companies
- Deloitte Touche Tohmatsu Limited
- Hewlett Packard Enterprise Company
- Infosys Limited
- International Business Machines Corporation
- Intuit Inc.
- Paychex Inc.
- Wipro
- Workday Inc.
- Xerox Corporation
- Zalaris
For more information about this report visit https://www.researchandmarkets.com/r/530ydk
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