According to IMARC Group’s latest report, titled “Payroll Outsourcing Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global payroll outsourcing market to continue its moderate growth during the next five years.
Payroll outsourcing refers to the use of third-party sources and organizations to handle administrative and compliance operations. It includes keeping records of employees, calculating salaries and wages, computing and adding incentives, producing payroll-related reports, and complying with tax laws applicable in various countries. Payroll outsourcing assists companies in saving time and money by reducing the need for in-house qualified payroll staffs and managing appropriate software packages. It also provides multinational organizations with the advantage of staying updated with global tax laws and preventing any potential penalties.
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The growing incorporation of several digitized services, such as business analytics, big data, and cloud, is primarily driving the market for payroll outsourcing. Moreover, the prevalent trend of multi-country payroll outsourcing (MCPO), bundling payroll services, and process automation, is also augmenting the market growth. In addition to this, several leading players are offering hybrid payroll solutions that enable organizations to decide upon customized payroll sub-services. Furthermore, the sudden outbreak of the COVID pandemic, in early 2020, has led to the rising adoption of work-from-home models by several organizations leading to the emergence of efficient ways of online management of payroll operations.
Payroll Outsourcing Market 2020-2025 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Accenture Plc
- Automatic Data Processing Inc.
- Deloitte Touche Tohmatsu Limited Hp Inc.
- Infosys Limited
- International Business Machines Corporation Intuit Inc.
- Paychex Inc.
- Workday Inc.
- Xerox Corporation
The report has segmented the market on the basis of type, application, end use industry and region.
Breakup by Type:
- Full-Managed Outsourcing
- Co-Managed Outsourcing
Breakup by Application:
- Small Business
- Medium Business
- Large Business
Breakup by End Use Industry:
- Consumer and Industrial Products
- IT and Telecommunication
- Professional Services
- Public Sector
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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