Payroll Outsourcing Services Market Size to Grow by USD 6.15 billion | Accenture Plc and Automatic Data Processing Inc. Among Key Vendors | Technavio
NEW YORK, May 23, 2022 /PRNewswire/ -- According to the report "Payroll Outsourcing Services Market by Product, Application, and Geography - Forecast and Analysis 2021-2025", the market witnessed a YOY growth of 5.47% in 2021 and a CAGR of 5.72% during the forecast period. The report is segmented by product (hybrid and fully outsourced), application (mid-market, national, and multinational), and geography (North America, Europe, APAC, South America, and MEA).
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Vendor Insights
The payroll outsourcing services market is fragmented, and the vendors are deploying growth strategies such as forming strategic partnerships to compete in the market. The report analyzes the market's competitive landscape and offers information on several market vendors, including 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. among others. The key offerings of some of the vendors are listed below:
- Accenture Plc - The company offers different types of payroll outsourcing services including intelligent talent and HR operations services.
- Automatic Data Processing Inc. - The company offers different types of payroll outsourcing for Indian and multinational businesses.
- Deloitte Touche Tohmatsu Ltd. - The company offers different types of payroll outsourcing services including human resources and payroll services for business process solutions and service offerings.
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Geographical Market Analysis
North America will provide maximum growth opportunities in payroll processing during the forecast period. According to our research, the region will contribute to 54% of the global market growth during the forecast period. Most organizations in North America rely on outsourcing service providers. North America will experience steady growth in the mid-market and transatlantic contracts segments covering both the US and European operations during the forecast period. Companies in North America seek payroll services from low-cost countries such as India.
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Key Segment Analysis
The payroll outsourcing services market share growth by the hybrid segment will be significant during the forecast period, as it enables organizations to maintain competence in terms of processes and quality while reducing costs and leveraging labor arbitrage simultaneously.
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Key Market Drivers & Challenges:
The growing need for payroll cost visibility is driving the growth of the payroll outsourcing services market. Globalization, the extension of manufacturing processes, and the widespread use of lean methodologies are driving the demand for payroll cost visibility. Clients generally prefer vendors with expertise in terms of domain and conforming to strict service level agreements. The primary focus includes providing a hassle-free environment for HR professionals to develop strategic activities rather than focusing on administration and transactional duties. Therefore, payroll outsourcing service providers are developing solutions that promote self-service by employees in a bid to reduce administrative workloads.
The issues related to geographical transition will challenge the payroll outsourcing services market during the forecast period. The workforce of large organizations is generally spread globally. Phasing a standard process across geographies requires automation and expert teams. However, the task is difficult for companies, as they need to conform to regulation policies of certain regions. As a result, outsourcing service providers must establish a strong presence and a greater degree of centralization for clients to ensure streamlined operations. This has encouraged service providers to establish captive centers in respective countries to cut costs of payroll delivery.
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Payroll Outsourcing Services Market Scope | |
Report Coverage | Details |
Page number | 120 |
Base year | 2020 |
Forecast period | 2021-2025 |
Growth momentum & CAGR | Accelerate at a CAGR of 5.72% |
Market growth 2021-2025 | USD 6.15 billion |
Market structure | Fragmented |
YoY growth (%) | 5.47 |
Regional analysis | North America, Europe, APAC, South America, and MEA |
Performing market contribution | North America at 54% |
Key consumer countries | US, UK, China, Germany, and Australia |
Competitive landscape | Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled | 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. |
Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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