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
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
Table of Contents
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