Global Payroll Outsourcing Industry Market Overview
Introduction:
Payroll Outsourcing Industry Market accounted for US$ 12.0 billion in 2024 and is estimated to be US$ 24.0 billion by 2034 and is anticipated to register a CAGR of 7.2%
Payroll outsourcing services are widely adopted across the globe by businesses of all sizes. This services are able to perform payroll tasks in efficient and cost-effectively way. With the continuous development of payroll technologies, there are many businesses willing outsource in which payroll operations aims of becoming more efficient and well-organized. These services deliver benefits such as standard operation procedures to make the payroll more process oriented rather than people dependent, fully automated, software driven process. Hence are less time consuming, multi-level process checks to mitigate errors, and pre & post process audit done by an independent audit team to maintain quality.
Global Payroll Outsourcing Industry Market Dynamics
The growth in international businesses and centralized outsourcing models is an emerging trend in the payroll outsourcing services market space. Additionally, this services reduce the expenditure around 20% that’s pay to the employee to perform the payroll outsourcing task. In addition, every business is trying to get automated and to reducing their expenditure such factors are boosting the growth of target market. Moreover, increases international organization and therefore need for outsourcing partners that have exposure to multiple countries can handle all the recruitment functions from one place such factor driving the growth of target market. However, some confidentiality concerns such as outsourcing payroll leads to the sharing of confidential, financial, and employee data with third parties such risk can restrain the target market growth.
Global Payroll Outsourcing Industry Market Segmentation
The payroll outsourcing Industry market is segmented based on feedstock, blend, application, and region.
Based on product, the payroll outsourcing industry market is segmented into hybrid and outsourced. Outsourced segment is expected to dominate the market because the industry of payroll is keeping up with frequently changing tax and labor laws which is a challenge. The outsourced providers are specialists and experts in the area of payroll tax and labor law. Also help to reduce the burden and expenditure of managing payroll in-house often requires staffing, internal processes, and software/hardware maintenance. Based on end-user, the target market is segmented into mid, national, and international. International end-user segment is expected to dominate the market, because the organizations typically prefer outsourcing their services overseas to countries that can offer low costs and greater return on investment. In-house payroll management incurs comparatively more costs for hiring staff and adopting the latest technologies such factor drives segment growth.
Based on region the Payroll Outsourcing Industry market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the market and is expected to maintain its dominance over the forecast period. This is mainly attributed because increasing awareness about the payroll outsource benefits and early expectance of cost cutting and advance technologies. The Asia Pacific is expected to be the fastest growing region for the target market. China has been one of the largest importers of Payroll Outsourcing Industry in the Asia Pacific region and is expected to continue this trend over the forecast period. This can be attributed to rising demand for payroll outsourcing industry for rapidly growing international businesses in the country.
Payroll Outsourcing Industry Market, By Product:
- Hybrid
- Outsourced
Payroll Outsourcing Industry Market, By End-user:
- Mid
- National
- International
Payroll Outsourcing Industry Market, By Region:
- North America
- North America Payroll Outsourcing Industry Market, By Product
- North America Payroll Outsourcing Industry Market, By End-user
- North America Payroll Outsourcing Industry Market, By Country
- U.S.
- Canada
- Europe
- Europe Payroll Outsourcing Industry Market, By Product
- Europe Payroll Outsourcing Industry Market, By End-user
- Europe Payroll Outsourcing Industry Market, By Country
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Asia Pacific Payroll Outsourcing Industry Market, By Product
- Asia Pacific Payroll Outsourcing Industry Market, By End-user
- Asia Pacific Payroll Outsourcing Industry Market, By Country
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Latin America Payroll Outsourcing Industry Market, By Product
- Latin America Payroll Outsourcing Industry Market, By End-user
- Latin America Payroll Outsourcing Industry Market, By Country
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Middle East & Africa Payroll Outsourcing Industry Market, By Product
- Middle East & Africa Payroll Outsourcing Industry Market, By End-user
- Middle East & Africa Payroll Outsourcing Industry Market, By Country
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
Global Payroll Outsourcing Industry Market Key Players
The key players operating the Payroll Outsourcing Industry market involves Caliber Point Business Solutions (Hexaware Technologies), SafeGuard World International, Ramco Systems, IBM, Infosys Limited, ONPAY, Inc., Randstad Sourceright, NGA Human Resources, CGI Group, and Workday.
Global Payroll Outsourcing Industry Market Company Profile
- Hexaware Technologies Limited *
- Company Overview
- Chipset Portfolio
- Key Highlights
- Financial Performance
- SafeGuard World International
- Ramco Systems
- IBM
- Infosys Limited
- ONPAY, Inc.
- Randstad Sourceright
- NGA Human Resources
- CGI Group
- Workday
“*” marked represents similar segmentation in other categories in the respective section.
Global Payroll Outsourcing Industry Market Table of Contents
Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
Market Preview
- Executive Summary
- Key Findings—Global Outlook for medical carts Strategies
- Key Questions this Study will Answer
- Market Snippet, By Product
- Market Snippet, By End-user
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restrains
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
Payroll Outsourcing Industry Market, By Product, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Segment Trends
- Hybrid
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Outsourced
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
Payroll Outsourcing Industry Market, By End-user, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Segment Trends
- Mid
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- National
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- International
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
Payroll Outsourcing Industry Market, By Region, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Product, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By End-user, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Product, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By End-user, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Product, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By End-user, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Bn), By Product, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By End-user, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Product, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By End-user, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- GCC
- Israel
- South Africa
- Rest of Middle East
Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
Company Profiles
- Hexaware Technologies Limited
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- SafeGuard World International
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Ramco Systems
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- IBM
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Infosys Limited
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- ONPAY , Inc
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Randstad Sourceright
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- NGA Human Resources
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- CGI Group
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Workday
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
The Last Word
- Future Impact
- About Us
- Contact
FAQs
The payroll outsourcing services market is expected to accelerate with a CAGR of 7.2% until 2034
The global payroll outsourcing Industry market is segmented based on feedstock, blend, application, and region.
Increasing focus towards improving the overall efficiency, better focus on business operations are the major factors that are expected to drive the growth of this market, whereas, confidentiality concerns is the major factors that might hinder the growth of this market.
The Asia Pacific is expected to be the fastest-growing region for the target market. China has been one of the largest importers of Payroll Outsourcing Industry in the Asia Pacific region and is expected to continue this trend over the forecast period. This can be attributed to rising demand for payroll outsourcing industry for rapidly growing international businesses in the country.
Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnership & collaborations. These activities have paved the way for the expansion of business and customer base of market players.