2021 Payroll Outsourcing Market Report, Industry Analysis, Share, Size, Trends and Forecast to 2026 – Stillwater Current
The global payroll outsourcing market has shown moderate growth during the period 2015-2020. Going forward, the market is expected to grow at a CAGR of around 6% during 2021-2026, according to the latest report from IMARC Group.
We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of related industries. These observations will be incorporated into the report.
Payroll outsourcing refers to the use of third-party sources and organizations to manage administrative and compliance operations. This includes keeping employee records, calculating wages and salaries, calculating and adding incentives, producing payroll related reports and complying with applicable tax laws in various countries. Payroll outsourcing helps businesses save time and money by reducing the need for skilled in-house payroll staff and maintaining the right software packages. It also offers multinational organizations the advantage of staying up to date with global tax laws and avoiding any potential penalties.
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The growing integration of several digital services, such as business analytics, big data and the cloud, is primarily driving the payroll outsourcing market. Moreover, the widespread trend of multi-country payroll outsourcing (MCPO), consolidation of payroll services and process automation, is also increasing the growth of the market. In addition to this, several leading players are offering hybrid payroll solutions that allow organizations to choose custom payroll sub-services. Additionally, the sudden onset of the COVID pandemic in early 2020 led to the increasing adoption of work-from-home models by several organizations, leading to the emergence of effective means of online management of payroll operations. .
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The report segmented the market on the basis of type, application, end-use industry, and geography
Breakdown by type:
- Fully managed outsourcing
- Co-managed outsourcing
Breakdown by application:
- Small business
- Medium enterprise
- Big business
Breakdown by end-use sector:
- Consumer and industrial products
- IT and Telecommunications
- Professional services
- Public sector
- Health care
Distribution by geography:
- North America (United States and Canada)
- Europe (Germany, UK, France, Italy, Spain, Russia and others)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Australia and others)
- Latin America (Brazil, Mexico)
- Middle East and Africa
The report also analyzed the competitive landscape of the market with some of the major players being Accenture Plc, Automatic Data Processing Inc., Deloitte Touche Tohmatsu Limited, Hp Inc., Infosys Limited, International Business Machines Corporation, Intuit Inc., Paychex Inc.. , Wipro, Workday Inc., Xerox Corporation and Zalaris.
Highlights of the report:
- Market performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as part of the customization.
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