The global payroll outsourcing market is anticipated to grow at a considerable CAGR of 4.8% during the forecast period (2022-2028). Payroll outsourcing is a process in which an organization hires a specialist company to manage its payroll. The purpose of payroll outsourcing is to ensure that every employee of the company gets paid accurately each month, securely, and on time. The major factor attributing to the growth of the global payroll outsourcing market includes the increasing use of payroll outsourcing services and software in the growing BFSI industry across the globe. According to the report published on Investopedia by Dotdash Meredith in September 2021, the exact size of the BFSI industry is unknown but an estimated of around 20% to 25% of the global economy is BFSI sector. The BFSI sector is estimated to grow consistently during the forecast period. Thus, increasing the demand for payroll outsourcing services and software.
The use of payroll outsourcing services and software in different small, mid-sized, and large businesses is also increasing due to various benefits, including cost and time savings of organizations’ human resources, access to experts in payroll management, and prioritizing the organizations’ strategic decisions.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance-
- In April 2022, ADP acquired Sage’s payroll outsourcing business in South Africa. ADP is a global human resource management solution providing organization that did this acquisition in order to provide clients with an enhanced experience for increasing scalability and growth of their business by integrating Sage Southe Africa’s expertise in payroll outsourcing with the global reach of ADP.
- In March 2022, BambooHR launched two new partners in the BambooHR marketplace for customers to provide integrations for payroll in the UK. The 2 new partners include Pento and PayFit. Pento is an automated payroll solution designed to help finance and operations teams using modern payroll software combined with expert payroll support. PayFit is a payroll outsourcing service that simplifies and automates payroll for small and mid-sized businesses.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Product
- By Business Size
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Infosys Ltd., Xerox Corp., Paychex Inc., Zalaris ASA, and Intuit Inc., among others.
A full report is available at: https://orionmarketreports.com/global-payroll-outsourcing-market/105963/
Global Payroll Outsourcing Market Report by Segment
By Type
- Full-Managed Outsourcing
- Co-Managed Outsourcing
By Product
- Services
- Software
By Business Size
- Small Business
- Mid-Sized Business
- Large Business
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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