Market Overview

Global Payroll Outsourcing Services Market | Rising Demand to Reduce Payroll-related Costs to Boost the Market Growth | Technavio

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The global payroll outsourcing services market size is poised to grow by USD 5.01 billion during 2020-2024, progressing at a CAGR of almost 5% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

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Technavio has announced its latest market research report titled Global Payroll Outsourcing Services Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Payroll Outsourcing Services Market 2020-2024 (Graphic: Business Wire)

The payroll outsourcing services market is driven by the escalating demand to reduce payroll-related costs. In-house payroll management is expensive as it involves hiring staff and adopting the latest technologies. Vendors are offering solutions with low costs to generate more revenue from businesses and enabling greater scope of control for organizations that typically prefer a greater return on investment and lower costs. Additionally, outsourcing business processes helps organizations in gaining access to local talent and advanced technology and maintaining a lean staff. This, in turn, helps organizations in focusing on their core competencies.

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Report Highlights:

  • The major payroll outsourcing services market growth came from the mid-market segment, and the segment is expected to witness faster growth rate during the forecast period.
  • North America was the largest payroll outsourcing services market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as leveraging automated sub-processes, business analytics, big data, as well as the deployment of mobility and cloud delivery models to governments.
  • The global payroll outsourcing services market is fragmented. Accenture Plc, Automatic Data Processing Inc., Deloitte Touche Tohmatsu Ltd., HP Inc., International Business Machines Corp., Infosys Ltd., Sage Group Plc, Wipro Ltd., Workday Inc., and Xerox Corp. are some of the major market participants. To help clients improve their market position, this payroll outsourcing services market forecast report provides a detailed analysis of the market leaders.
  • As the business impact of COVID-19 spreads, the global payroll outsourcing services market 2020-2024 is expected to have neutral growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Implementation of automation will be a Key Market Trend

The implementation of automation, one of the key payroll outsourcing services market trends, will also drive market growth. Automated payroll operations allow service providers to improve their sustainability in the market since it helps in reducing the wastage of time and also keeps a track of costs. Vendors are focusing on building reusable service delivery platforms with scalability and automation by implementing new software tools for automatic payment calculations, deduction calculations, and record keeping.

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Payroll Outsourcing Services Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist payroll outsourcing services market growth during the next five years
  • Estimation of the payroll outsourcing services market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the payroll outsourcing services market
  • Analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of payroll outsourcing services market vendors

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

View market snapshot before purchasing

Executive Summary

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019-2024

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Product

  • Market segments
  • Comparison by Product
  • Hybrid - Market size and forecast 2019-2024
  • Fully outsourced - Market size and forecast 2019-2024
  • Market opportunity by Product

Market Segmentation by Application

  • Market segments
  • Comparison by Application
  • Mid-market - Market size and forecast 2019-2024
  • National - Market size and forecast 2019-2024
  • Multinational - Market size and forecast 2019-2024
  • Market opportunity by Application

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • APAC - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Marker drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Accenture Plc
  • Automatic Data Processing Inc.
  • Deloitte Touche Tohmatsu Ltd.
  • HP Inc.
  • International Business Machines Corp.
  • Infosys Ltd.
  • Sage Group Plc
  • Wipro Ltd.
  • Workday Inc.
  • Xerox Corp.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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