IT Outsourcing

PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1279753

PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1279753

Global Payroll Outsourcing Market Size study & Forecast, by Type, by Business Size, by Industry Vertical and Regional Analysis, 2022-2029

PUBLISHED: May 13, 2023

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Global Payroll Outsourcing Market is valued at approximately USD 9.9 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 7.2 % over the forecast period 2022-2029. Payroll outsourcing occurs when a company hires a third-party service provider to handle the administrative and compliance aspects of employee pay. This may include filing payroll taxes and payments on the organization's behalf, depending on the payroll outsourcing firm. Due to the manual and time-consuming nature of these tasks, many businesses opt for outsourced payroll services. Payroll processing automation frees up HR and payroll managers to focus on more strategic tasks in their organisations. Payroll outsourcing allows organisations to focus on their core business by handling all payroll-related activities in-house. Furthermore, payroll outsourcing reduces the need for in-house payroll staff training. Furthermore, it eliminates the cost of purchasing and maintaining a costly payroll system. The increasing number of large-scale organizations and growing adoption due to associated advantages are key factors driving market growth.

The increasing number of large-scale business organizations is contributing towards the growth of the Global Payroll Outsourcing Market. For instance - as per Statista - in 2020, as per estimation there were around 337523 large-scale companies worldwide, which further reached 351520 in 2021. Furthermore, the advantages associated with payroll outsourcing such as time and cost saving, and technical expertise is other factor driving the market space. Also, increasing penetration of digitized payroll Services would create a lucrative growth prospectus for the market over the projected period. However, concern over data privacy hinders the market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Payroll Outsourcing Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Europe dominated the market in terms of revenue, owing to the adoption of real-time data access and the growth in the usage of mobile & cloud-based applications in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rising expansion of employee incentive industries such as automobile and construction in the region.

Major market players included in this report are:

Automatic Data Processing Inc.
CloudPay
Deloitte Touche Tohmatsu Limited
Gusto
HCL Technologies Limited
HRMantra Software Pvt. Ltd.
Infosys Limited
International Business Machines Corporation
Intuit Inc.
Sage Group plc

Recent Developments in the Market:

In November 2021, The Payroll Software and Services Group (PSSG), a portfolio business of Tenzing Limited, acquired Just Payroll Services, a provider of outsourced payroll services. Just Payroll Services, which provides a comprehensive outsourced payroll solution for UK businesses, will now be a part of the PSSG portfolio as a result of the acquisition.

Global Payroll Outsourcing Market Report Scope:

Historical Data: 2019-2020-2021
Base Year for Estimation: 2021
Forecast period: 2022-2029
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Type, Business Size, Industry Vertical, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.

By Type

Hybrid
Fully Outsourced

By Business Size

Small Business
Medium Business
Large Business

By Industry Vertical

BFSI
Consumer and Industrial Products
IT and Telecommunication
Public Sector
Healthcare

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World

Chapter 1. Executive Summary

1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
- 1.2.1. Payroll Outsourcing Market, by Region, 2019-2029 (USD Billion)
- 1.2.2. Payroll Outsourcing Market, by Type, 2019-2029 (USD Billion)
- 1.2.3. Payroll Outsourcing Market, by Business Size, 2019-2029 (USD Billion)
- 1.2.4. Payroll Outsourcing Market, by Industry Vertical, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

Chapter 2. Global Payroll Outsourcing Market Definition and Scope

2.1. Objective of the Study
2.2. Market Definition & Scope
- 2.2.1. Scope of the Study
- 2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

Chapter 3. Global Payroll Outsourcing Market Dynamics

3.1. Payroll Outsourcing Market Impact Analysis (2019-2029)
- 3.1.1. Market Drivers
  - 3.1.1.1. Increasing number of large-scale organizations
  - 3.1.1.2. Growing adoption due to associated advantages
- 3.1.2. Market Challenges
  - 3.1.2.1. Risk associated with critical information leak to third parties
  - 3.1.2.2. High cost of outsourcing payroll
- 3.1.3. Market Opportunities
  - 3.1.3.1. Increasing penetration of digitized payroll Services

Chapter 4. Global Payroll Outsourcing Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter's 5 Force Model (2019-2029)
4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. Industry Experts Prospective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Risk Assessment: COVID-19 Impact

5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario

Chapter 6. Global Payroll Outsourcing Market, by Type

6.1. Market Snapshot
6.2. Global Payroll Outsourcing Market by Type, Performance - Potential Analysis
6.3. Global Payroll Outsourcing Market Estimates & Forecasts by Type 2019-2029 (USD Billion)
6.4. Payroll Outsourcing Market, Sub Segment Analysis
- 6.4.1. Hybrid
- 6.4.2. Fully Outsourced

Chapter 7. Global Payroll Outsourcing Market, by Business Size

7.1. Market Snapshot
7.2. Global Payroll Outsourcing Market by Business Size, Performance - Potential Analysis
7.3. Global Payroll Outsourcing Market Estimates & Forecasts by Business Size 2019-2029 (USD Billion)
7.4. Payroll Outsourcing Market, Sub Segment Analysis
- 7.4.1. Small business
- 7.4.2. Medium Business
- 7.4.3. Large Business

Chapter 8. Global Payroll Outsourcing Market, by Industry Vertical

8.1. Market Snapshot
8.2. Global Payroll Outsourcing Market by Industry Vertical, Performance - Potential Analysis
8.3. Global Payroll Outsourcing Market Estimates & Forecasts by Industry Vertical 2019-2029 (USD Billion)
8.4. Payroll Outsourcing Market, Sub Segment Analysis
- 8.4.1. BFSI
- 8.4.2. Consumer and Industrial Products
- 8.4.3. IT and Telecommunication
- 8.4.4. Public Sector
- 8.4.5. Healthcare

Chapter 9. Global Payroll Outsourcing Market, Regional Analysis

9.1. Payroll Outsourcing Market, Regional Market Snapshot
9.2. North America Payroll Outsourcing Market
- 9.2.1. U.S. Payroll Outsourcing Market
  - 9.2.1.1. Type breakdown estimates & forecasts, 2019-2029
  - 9.2.1.2. Business Size breakdown estimates & forecasts, 2019-2029
  - 9.2.1.3. Industry Vertical breakdown estimates & forecasts, 2019-2029
- 9.2.2. Canada Payroll Outsourcing Market
9.3. Europe Payroll Outsourcing Market Snapshot
- 9.3.1. U.K. Payroll Outsourcing Market
- 9.3.2. Germany Payroll Outsourcing Market
- 9.3.3. France Payroll Outsourcing Market
- 9.3.4. Spain Payroll Outsourcing Market
- 9.3.5. Italy Payroll Outsourcing Market
- 9.3.6. Rest of Europe Payroll Outsourcing Market
9.4. Asia-Pacific Payroll Outsourcing Market Snapshot
- 9.4.1. China Payroll Outsourcing Market
- 9.4.2. India Payroll Outsourcing Market
- 9.4.3. Japan Payroll Outsourcing Market
- 9.4.4. Australia Payroll Outsourcing Market
- 9.4.5. South Korea Payroll Outsourcing Market
- 9.4.6. Rest of Asia Pacific Payroll Outsourcing Market
9.5. Latin America Payroll Outsourcing Market Snapshot
- 9.5.1. Brazil Payroll Outsourcing Market
- 9.5.2. Mexico Payroll Outsourcing Market
- 9.5.3. Rest of Latin America Payroll Outsourcing Market
9.6. Rest of The World Payroll Outsourcing Market

Chapter 10. Competitive Intelligence

10.1. Top Market Strategies
10.2. Company Profiles
- 10.2.1. ADP Inc.
  - 10.2.1.1. Key Information
  - 10.2.1.2. Overview
  - 10.2.1.3. Financial (Subject to Data Availability)
  - 10.2.1.4. Product Summary
  - 10.2.1.5. Recent Developments
- 10.2.2. CloudPay
- 10.2.3. Deloitte Touche Tohmatsu Limited
- 10.2.4. Gusto
- 10.2.5. HCL Technologies Limited
- 10.2.6. HRMantra Software Pvt. Ltd.
- 10.2.7. Infosys Limited
- 10.2.8. International Business Machines Corporation
- 10.2.9. Intuit Inc.
- 10.2.10. Sage Group plc

Chapter 11. Research Process

11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

LIST OF TABLES

TABLE 1. Global Payroll Outsourcing Market, report scope
TABLE 2. Global Payroll Outsourcing Market estimates & forecasts by Region 2019-2029 (USD Billion)
TABLE 3. Global Payroll Outsourcing Market estimates & forecasts by Type 2019-2029 (USD Billion)
TABLE 4. Global Payroll Outsourcing Market estimates & forecasts by Business Size 2019-2029 (USD Billion)
TABLE 5. Global Payroll Outsourcing Market estimates & forecasts by Industry Vertical 2019-2029 (USD Billion)
TABLE 6. Global Payroll Outsourcing Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 7. Global Payroll Outsourcing Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 8. Global Payroll Outsourcing Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 9. Global Payroll Outsourcing Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 10. Global Payroll Outsourcing Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 11. Global Payroll Outsourcing Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 12. Global Payroll Outsourcing Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 13. Global Payroll Outsourcing Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 14. Global Payroll Outsourcing Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 15. Global Payroll Outsourcing Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 16. U.S. Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 17. U.S. Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 18. U.S. Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 19. Canada Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 20. Canada Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 21. Canada Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 22. UK Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 23. UK Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 24. UK Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 25. Germany Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 26. Germany Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 27. Germany Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 28. France Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 29. France Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 30. France Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 31. Italy Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 32. Italy Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 33. Italy Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 34. Spain Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 35. Spain Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 36. Spain Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 37. RoE Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 38. RoE Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 39. RoE Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 40. China Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 41. China Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 42. China Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 43. India Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 44. India Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 45. India Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 46. Japan Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 47. Japan Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 48. Japan Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 49. South Korea Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 50. South Korea Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 51. South Korea Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 52. Australia Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 53. Australia Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 54. Australia Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 55. RoAPAC Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 56. RoAPAC Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 57. RoAPAC Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 58. Brazil Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 59. Brazil Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 60. Brazil Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 61. Mexico Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 62. Mexico Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 63. Mexico Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 64. RoLA Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 65. RoLA Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 66. RoLA Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 67. Row Payroll Outsourcing Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 68. Row Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 69. Row Payroll Outsourcing Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 70. List of secondary sources, used in the study of global Payroll Outsourcing Market
TABLE 71. List of primary sources, used in the study of global Payroll Outsourcing Market
TABLE 72. Years considered for the study
TABLE 73. Exchange rates considered

List of tables and figures and dummy in nature, final lists may vary in the final deliverable

LIST OF FIGURES

List of figures

FIG 1. Global Payroll Outsourcing Market, research methodology
FIG 2. Global Payroll Outsourcing Market, Market estimation techniques
FIG 3. Global Market size estimates & forecast methods
FIG 4. Global Payroll Outsourcing Market, key trends 2021
FIG 5. Global Payroll Outsourcing Market, growth prospects 2022-2029
FIG 6. Global Payroll Outsourcing Market, porters 5 force model
FIG 7. Global Payroll Outsourcing Market, pest analysis
FIG 8. Global Payroll Outsourcing Market, value chain analysis
FIG 9. Global Payroll Outsourcing Market by segment, 2019 & 2029 (USD Billion)
FIG 10. Global Payroll Outsourcing Market by segment, 2019 & 2029 (USD Billion)
FIG 11. Global Payroll Outsourcing Market by segment, 2019 & 2029 (USD Billion)
FIG 12. Global Payroll Outsourcing Market by segment, 2019 & 2029 (USD Billion)
FIG 13. Global Payroll Outsourcing Market by segment, 2019 & 2029 (USD Billion)
FIG 14. Global Payroll Outsourcing Market, regional snapshot 2019 & 2029
FIG 15. North America Payroll Outsourcing Market 2019 & 2029 (USD Billion)
FIG 16. Europe Payroll Outsourcing Market 2019 & 2029 (USD Billion)
FIG 17. Asia pacific Payroll Outsourcing Market 2019 & 2029 (USD Billion)
FIG 18. Latin America Payroll Outsourcing Market 2019 & 2029 (USD Billion)
FIG 19. Global Payroll Outsourcing Market, company Market share analysis (2021)

List of tables and figures and dummy in nature, final lists may vary in the final deliverable

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