Authored By: Sarah
21 Jul 2022

Growing Need for Payroll Cost Visibility will Boost Payroll Outsourcing Services Market

The growing need for payroll cost visibility is one of the primary factors driving the payroll outsourcing services market. Economic and cultural globalization, the extension of manufacturing processes across geographies, and the widespread use of lean methodologies are driving demand for payroll cost visibility.

The Payroll Outsourcing Services Market size is projected to grow up to USD 6.15 million, accelerating at a CAGR of 5.72% till 2025. This research report delineates the growth drivers that will boost market growth along with a detailed analysis of the market segments, trends, and challenges that are likely to impact market growth. Unlock Sample Report

Payroll Outsourcing Services Market: Top Drivers for Growth

The payroll outsourcing services market growth is driven by the growing need for payroll cost visibility. The payroll outsourcing service providers are developing solutions that promote self-service by employees in a bid to reduce administrative workloads. Also, factors such as the escalating demand to reduce payroll-related costs and the increasing demand to standardize processes, technology, and governance will further increase the market growth.

However, the issues related to geographical transition will impede the payroll outsourcing services market growth during the forecast period.  

Growing Need for Payroll Cost Visibility will Boost Payroll Outsourcing Services Market

Payroll Outsourcing Services Market: Segments and Geographical Regions

Payroll Outsourcing Services Market is segmented by Product (Hybrid and Fully outsourced), Application (Mid-market, National, and Multinational), and Geography (North America, Europe, APAC, South America, and MEA).

Based on the product, the hybrid segment is expected to post significant growth during the forecast period. By geography, North America is going to have lucrative growth during the forecast period. About 55% of the market’s overall growth is expected to originate from North America. Market growth in this region will be faster than the growth of the market in other regions.

This research report provides insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges in each market segment along with insights into the way forward. Download PDF Sample Report

Payroll Outsourcing Services Market: Vendor Analysis

  • The market is fragmented due to the presence of several players.
  • Accenture Plc, Automatic Data Processing Inc., Deloitte Touche Tohmatsu Ltd., HP Inc., Infosys Ltd., International Business Machines Corp., Paycom Software Inc., The Access Group, Wipro Ltd., and Workday Inc. are some of the major market participants.
  • The growth of the players depends on several factors such as market conditions, government support, and industry development. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is accelerating at a CAGR of 5.72%.
  2. What is the incremental growth of the market?
    The market is expected to grow up to USD 6.15 million during 2020-2025.
  3. What is a key factor driving this market?
    The growing need for payroll cost visibility will drive market growth over the forecast period.
  4. What are the key regions covered in this market research report?
    North America, Europe, APAC, South America, and MEA are the key regions featured in this research report.
  5. Which is the leading geographic region for this market?
    54% growth will originate from North America.
  6. Who are the leading market vendors?
    The leading vendors in this market are Accenture Plc, Automatic Data Processing Inc., Deloitte Touche Tohmatsu Ltd., HP Inc., Infosys Ltd., International Business Machines Corp., Paycom Software Inc., The Access Group, Wipro Ltd., and Workday Inc.
  7. What are the market segments covered in this report?
    The market is segmented by Product (Hybrid and Fully outsourced), Application (Mid-market, National, and Multinational), and Geography (North America, Europe, APAC, South America, and MEA).
Read News Read Less
Interested in this report?
Get your sample now!
Technavio