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Payroll Outsourcing Market By Type, By Business Size, By Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2022-2031

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    Report

  • 375 Pages
  • September 2023
  • Region: Global
  • Allied Market Research
  • ID: 5725232
Description Jump to:
Payroll outsourcing in a business means engaging an external party to handle all payroll related activities. Outsourcing of payroll functions is generally done to reduce cost and save time required to deal with financial tasks related to a payroll. Hiring an external firm to handle payroll activities means a business organization can do away with the need to hire & train in-house payroll staffs, buy appropriate software package for payroll functions, and remain constantly updated about complicated tax regulations.

Payroll outsourcing frees up time for the organization to focus on their core business by undertaking all the payroll related activities under themselves, which otherwise would have been done by the staff of the company. In addition, payroll outsourcing reduces the need for training in-house payroll staff. Moreover, it removes the expense of buying and maintaining a costly payroll system. Therefore, these are some of the factors propelling the growth of payroll outsourcing market. However, handing over confidential and sensitive staff information to third parties and high cost of outsourcing payroll is a major factor limiting the growth of payroll outsourcing market. On the contrary, up gradation in the payroll system by organization in order to become more efficient is expected to provide lucrative growth opportunities in the coming years.

The payroll outsourcing market is segmented on the basis of type, business size, industry vertical, and region. By type, it is bifurcated into hybrid and fully outsourced. The fully outsourced segment is further divided on the basis of application into payroll processing, tax filing & tax preparation, bookkeeping & accounting, and others. The payroll processing is sub-segmented on the basis of component into software and services. By business size, it is segregated into small business, medium business, and large business. By industry vertical, the payroll outsourcing market is fragmented into BFSI, consumer & industrial products, IT & telecommunication, public sector, healthcare, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The report analyzes the profiles of key players operating in the payroll outsourcing market such as ADP, Inc., CloudPay, Deloitte Touche Tohmatsu Limited, Gusto, HCL Technologies Limited, HRMantra Software Pvt. Ltd., Infosys Limited, International Business Machines Corporation, Intuit Inc., KPMG, Paychex Inc., Sage Group plc, Vision H.R., Workday Inc., Zalaris ASA, Keka Inc., and Papaya Global. These players have adopted various strategies to increase their market penetration and strengthen their position in the payroll outsourcing industry.

Key Benefits For Stakeholders

  • The study provides in-depth analysis of the global payroll outsourcing market along with the current & future trends to illustrate the imminent investment pockets.
  • Information about key drivers, restrains, & opportunities and their impact analysis on the global payroll outsourcing market size are provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
  • The quantitative analysis of the global payroll outsourcing market from 2022 to 2031 is provided to determine the market potential.

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  • Additional country or region analysis- market size and forecast
  • Market share analysis of players at global/region/country level
  • SWOT Analysis

Key Market Segments

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
  • Others

By Region

  • North America
  • U.S.
  • Canada
  • Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
  • Rest Of Europe
  • Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Singapore
  • Rest Of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa
  • Key Market Players
  • CloudPay
  • Gusto
  • HRMantra Software Pvt. Ltd.
  • Infosys Limited
  • Paychex Inc.
  • Vision H.R.
  • Zalaris ASA
  • Keka Inc.
  • ADP, Inc.
  • Deloitte Touche Tohmatsu Limited
  • International Business Machines Corporation
  • HCL Technologies Limited
  • KPMG
  • Sage Group plc
  • Workday Inc.
  • Papaya Global
  • Intuit Inc.

 

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Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.3. Porter’s five forces analysis
3.4. Market dynamics
CHAPTER 4: PAYROLL OUTSOURCING MARKET, BY TYPE
4.1. Overview
4.2. Hybrid
4.3. Fully Outsourced
CHAPTER 5: PAYROLL OUTSOURCING MARKET, BY BUSINESS SIZE
5.1. Overview
5.2. Small Business
5.3. Medium Business
5.4. Large Business
CHAPTER 6: PAYROLL OUTSOURCING MARKET, BY INDUSTRY VERTICAL
6.1. Overview
6.2. BFSI
6.3. Consumer and Industrial Products
6.4. IT and Telecommunication
6.5. Public Sector
6.6. Healthcare
6.7. Others
CHAPTER 7: PAYROLL OUTSOURCING MARKET, BY REGION
7.1. Overview
7.2. North America
7.3. Europe
7.4. Asia-Pacific
7.5. LAMEA
CHAPTER 8: COMPETITIVE LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product mapping of top 10 player
8.4. Competitive dashboard
8.5. Competitive heatmap
8.6. Top player positioning, 2021
CHAPTER 9: COMPANY PROFILES
9.1. ADP, Inc.
9.2. CloudPay
9.3. Deloitte Touche Tohmatsu Limited
9.4. Gusto
9.5. HCL Technologies Limited
9.6. HRMantra Software Pvt. Ltd.
9.7. Infosys Limited
9.8. International Business Machines Corporation
9.9. Intuit Inc.
9.10. KPMG
9.11. Paychex Inc.
9.12. Sage Group plc
9.13. Vision H.R.
9.14. Workday Inc.
9.15. Zalaris ASA
9.16. Keka Inc.
9.17. Papaya Global
List of Tables
Table 01. Global Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 02. Payroll Outsourcing Market for Hybrid, by Region, 2021-2031 ($ Million)
Table 03. Payroll Outsourcing Market for Fully Outsourced, by Region, 2021-2031 ($ Million)
Table 04. Global Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 05. Payroll Outsourcing Market for Small Business, by Region, 2021-2031 ($ Million)
Table 06. Payroll Outsourcing Market for Medium Business, by Region, 2021-2031 ($ Million)
Table 07. Payroll Outsourcing Market for Large Business, by Region, 2021-2031 ($ Million)
Table 08. Global Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 09. Payroll Outsourcing Market for Bfsi, by Region, 2021-2031 ($ Million)
Table 10. Payroll Outsourcing Market for Consumer and Industrial Products, by Region, 2021-2031 ($ Million)
Table 11. Payroll Outsourcing Market for It and Telecommunication, by Region, 2021-2031 ($ Million)
Table 12. Payroll Outsourcing Market for Public Sector, by Region, 2021-2031 ($ Million)
Table 13. Payroll Outsourcing Market for Healthcare, by Region, 2021-2031 ($ Million)
Table 14. Payroll Outsourcing Market for Others, by Region, 2021-2031 ($ Million)
Table 15. Payroll Outsourcing Market, by Region, 2021-2031 ($ Million)
Table 16. North America Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 17. North America Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 18. North America Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 19. North America Payroll Outsourcing Market, by Country, 2021-2031 ($ Million)
Table 20. U.S. Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 21. U.S. Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 22. U.S. Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 23. Canada Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 24. Canada Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 25. Canada Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 26. Europe Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 27. Europe Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 28. Europe Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 29. Europe Payroll Outsourcing Market, by Country, 2021-2031 ($ Million)
Table 30. UK Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 31. UK Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 32. UK Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 33. Germany Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 34. Germany Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 35. Germany Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 36. France Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 37. France Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 38. France Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 39. Italy Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 40. Italy Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 41. Italy Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 42. Spain Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 43. Spain Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 44. Spain Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 45. Netherlands Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 46. Netherlands Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 47. Netherlands Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 48. Rest of Europe Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 49. Rest of Europe Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 50. Rest of Europe Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 51. Asia-Pacific Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 52. Asia-Pacific Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 53. Asia-Pacific Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 54. Asia-Pacific Payroll Outsourcing Market, by Country, 2021-2031 ($ Million)
Table 55. China Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 56. China Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 57. China Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 58. India Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 59. India Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 60. India Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 61. Japan Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 62. Japan Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 63. Japan Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 64. Australia Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 65. Australia Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 66. Australia Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 67. Singapore Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 68. Singapore Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 69. Singapore Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 70. Rest of Asia-Pacific Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 71. Rest of Asia-Pacific Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 72. Rest of Asia-Pacific Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 73. LAMEA Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 74. LAMEA Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 75. LAMEA Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 76. LAMEA Payroll Outsourcing Market, by Country, 2021-2031 ($ Million)
Table 77. Latin America Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 78. Latin America Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 79. Latin America Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 80. Middle East Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 81. Middle East Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 82. Middle East Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 83. Africa Payroll Outsourcing Market, by Type, 2021-2031 ($ Million)
Table 84. Africa Payroll Outsourcing Market, by Business Size, 2021-2031 ($ Million)
Table 85. Africa Payroll Outsourcing Market, by Industry Vertical, 2021-2031 ($ Million)
Table 86. Adp, Inc.: Key Executives
Table 87. Adp, Inc.: Company Snapshot
Table 88. Adp, Inc.: Service Segments
Table 89. Adp, Inc.: Product Portfolio
Table 90. Adp, Inc.: Key Stratergies
Table 91. Cloudpay: Key Executives
Table 92. Cloudpay: Company Snapshot
Table 93. Cloudpay: Service Segments
Table 94. Cloudpay: Product Portfolio
Table 95. Cloudpay: Key Stratergies
Table 96. Deloitte Touche Tohmatsu Limited: Key Executives
Table 97. Deloitte Touche Tohmatsu Limited: Company Snapshot
Table 98. Deloitte Touche Tohmatsu Limited: Service Segments
Table 99. Deloitte Touche Tohmatsu Limited: Product Portfolio
Table 100. Gusto: Key Executives
Table 101. Gusto: Company Snapshot
Table 102. Gusto: Service Segments
Table 103. Gusto: Product Portfolio
Table 104. Gusto: Key Stratergies
Table 105. Hcl Technologies Limited: Key Executives
Table 106. Hcl Technologies Limited: Company Snapshot
Table 107. Hcl Technologies Limited: Service Segments
Table 108. Hcl Technologies Limited: Product Portfolio
Table 109. Hrmantra Software Pvt. Ltd.: Key Executives
Table 110. Hrmantra Software Pvt. Ltd.: Company Snapshot
Table 111. Hrmantra Software Pvt. Ltd.: Service Segments
Table 112. Hrmantra Software Pvt. Ltd.: Product Portfolio
Table 113. Infosys Limited: Key Executives
Table 114. Infosys Limited: Company Snapshot
Table 115. Infosys Limited: Service Segments
Table 116. Infosys Limited: Product Portfolio
Table 117. International Business Machines Corporation: Key Executives
Table 118. International Business Machines Corporation: Company Snapshot
Table 119. International Business Machines Corporation: Service Segments
Table 120. International Business Machines Corporation: Product Portfolio
Table 121. Intuit Inc.: Key Executives
Table 122. Intuit Inc.: Company Snapshot
Table 123. Intuit Inc.: Service Segments
Table 124. Intuit Inc.: Product Portfolio
Table 125. Intuit Inc.: Key Stratergies
Table 126. Kpmg: Key Executives
Table 127. Kpmg: Company Snapshot
Table 128. Kpmg: Service Segments
Table 129. Kpmg: Product Portfolio
Table 130. Paychex Inc.: Key Executives
Table 131. Paychex Inc.: Company Snapshot
Table 132. Paychex Inc.: Service Segments
Table 133. Paychex Inc.: Product Portfolio
Table 134. Sage Group plc: Key Executives
Table 135. Sage Group plc: Company Snapshot
Table 136. Sage Group plc: Product Segments
Table 137. Sage Group plc: Product Portfolio
Table 138. Sage Group plc: Key Stratergies
Table 139. Vision H.R.: Key Executives
Table 140. Vision H.R.: Company Snapshot
Table 141. Vision H.R.: Service Segments
Table 142. Vision H.R.: Product Portfolio
Table 143. Workday Inc.: Key Executives
Table 144. Workday Inc.: Company Snapshot
Table 145. Workday Inc.: Service Segments
Table 146. Workday Inc.: Product Portfolio
Table 147. Workday Inc.: Key Stratergies
Table 148. Zalaris Asa: Key Executives
Table 149. Zalaris Asa: Company Snapshot
Table 150. Zalaris Asa: Service Segments
Table 151. Zalaris Asa: Product Portfolio
Table 152. Zalaris Asa: Key Stratergies
Table 153. Keka Inc.: Key Executives
Table 154. Keka Inc.: Company Snapshot
Table 155. Keka Inc.: Service Segments
Table 156. Keka Inc.: Product Portfolio
Table 157. Papaya Global: Key Executives
Table 158. Papaya Global: Company Snapshot
Table 159. Papaya Global: Service Segments
Table 160. Papaya Global: Product Portfolio
Table 161. Papaya Global: Key Stratergies
List of Figures
Figure 01. Payroll Outsourcing Market, 2021-2031
Figure 02. Segmentation of Payroll Outsourcing Market, 2021-2031
Figure 03. Top Impacting Factors in Payroll Outsourcing Market (2021 to 2031)
Figure 04. Top Investment Pockets in Payroll Outsourcing Market (2022-2031)
Figure 05. Low Bargaining Power of Suppliers
Figure 06. Low Threat of New Entrants
Figure 07. Low Threat of Substitutes
Figure 08. Low Intensity of Rivalry
Figure 09. Low Bargaining Power of Buyers
Figure 10. Global Payroll Outsourcing Market: Drivers, Restraints and Opportunities
Figure 11. Payroll Outsourcing Market, by Type, 2021 and 2031 (%)
Figure 12. Comparative Share Analysis of Payroll Outsourcing Market for Hybrid, by Country 2021 and 2031 (%)
Figure 13. Comparative Share Analysis of Payroll Outsourcing Market for Fully Outsourced, by Country 2021 and 2031 (%)
Figure 14. Payroll Outsourcing Market, by Business Size, 2021 and 2031 (%)
Figure 15. Comparative Share Analysis of Payroll Outsourcing Market for Small Business, by Country 2021 and 2031 (%)
Figure 16. Comparative Share Analysis of Payroll Outsourcing Market for Medium Business, by Country 2021 and 2031 (%)
Figure 17. Comparative Share Analysis of Payroll Outsourcing Market for Large Business, by Country 2021 and 2031 (%)
Figure 18. Payroll Outsourcing Market, by Industry Vertical, 2021 and 2031 (%)
Figure 19. Comparative Share Analysis of Payroll Outsourcing Market for Bfsi, by Country 2021 and 2031 (%)
Figure 20. Comparative Share Analysis of Payroll Outsourcing Market for Consumer and Industrial Products, by Country 2021 and 2031 (%)
Figure 21. Comparative Share Analysis of Payroll Outsourcing Market for It and Telecommunication, by Country 2021 and 2031 (%)
Figure 22. Comparative Share Analysis of Payroll Outsourcing Market for Public Sector, by Country 2021 and 2031 (%)
Figure 23. Comparative Share Analysis of Payroll Outsourcing Market for Healthcare, by Country 2021 and 2031 (%)
Figure 24. Comparative Share Analysis of Payroll Outsourcing Market for Others, by Country 2021 and 2031 (%)
Figure 25. Payroll Outsourcing Market by Region, 2021 and 2031 (%)
Figure 26. U.S. Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 27. Canada Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 28. UK Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 29. Germany Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 30. France Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 31. Italy Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 32. Spain Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 33. Netherlands Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 34. Rest of Europe Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 35. China Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 36. India Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 37. Japan Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 38. Australia Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 39. Singapore Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 40. Rest of Asia-Pacific Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 41. Latin America Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 42. Middle East Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 43. Africa Payroll Outsourcing Market, 2021-2031 ($ Million)
Figure 44. Top Winning Strategies, by Year (2019-2022)
Figure 45. Top Winning Strategies, by Development (2019-2022)
Figure 46. Top Winning Strategies, by Company (2019-2022)
Figure 47. Product Mapping of Top 10 Players
Figure 48. Competitive Dashboard
Figure 49. Competitive Heatmap: Payroll Outsourcing Market
Figure 50. Top Player Positioning, 2021
Figure 51. Adp, Inc.: Net Revenue, 2020-2022 ($ Million)
Figure 52. Adp, Inc.: Revenue Share by Segment, 2022 (%)
Figure 53. Adp, Inc.: Revenue Share by Region, 2022 (%)
Figure 54. Hcl Technologies Limited: Net Revenue, 2020-2022 ($ Million)
Figure 55. Hcl Technologies Limited: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 56. Hcl Technologies Limited: Revenue Share by Segment, 2022 (%)
Figure 57. Hcl Technologies Limited: Revenue Share by Region, 2022 (%)
Figure 58. Infosys Limited: Net Revenue, 2020-2022 ($ Million)
Figure 59. Infosys Limited: Revenue Share by Segment, 2022 (%)
Figure 60. Infosys Limited: Revenue Share by Region, 2022 (%)
Figure 61. International Business Machines Corporation: Net Revenue, 2020-2022 ($ Million)
Figure 62. International Business Machines Corporation: Research & Development Expenditure, 2020-2022 ($ Million
Figure 63. International Business Machines Corporation: Revenue Share by Segment, 2022 (%)
Figure 64. International Business Machines Corporation: Revenue Share by Region, 2022 (%)
Figure 65. Intuit Inc.: Net Revenue, 2019-2021 ($ Million)
Figure 66. Intuit Inc.: Revenue Share by Segment, 2021 (%)
Figure 67. Paychex Inc.: Net Revenue, 2020-2022 ($ Million)
Figure 68. Sage Group plc: Net Revenue, 2019-2021 ($ Million)
Figure 69. Sage Group plc: Revenue Share by Segment, 2021 (%)
Figure 70. Sage Group plc: Revenue Share by Region, 2021 (%)
Figure 71. Workday Inc.: Net Revenue, 2019-2021 ($ Million)
Figure 72. Workday Inc.: Revenue Share by Segment, 2021 (%)
Figure 73. Workday Inc.: Revenue Share by Region, 2021 (%)
Figure 74. Zalaris Asa: Net Revenue, 2019-2021 ($ Million)
Figure 75. Zalaris Asa: Revenue Share by Segment, 2021 (%)
Figure 76. Zalaris Asa: Revenue Share by Region, 2021 (%)

Executive Summary

According to the report titled, 'Payroll Outsourcing Market 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, Others): Global Opportunity Analysis And Industry Forecast, 2022-2031". The payroll outsourcing market was valued at $9.9 billion in 2021, and is estimated to reach $19.5 billion by 2031, growing at a CAGR of 7.2% from 2022 to 2031.

Payroll outsourcing is a service offered by an external entity that provides legal, tax, and accounting support to companies to ensure that employees receive their paychecks on a timely & accurate manner, and with minimal risk along with low payroll outsourcing cost. By allowing an payroll outsourcing provider to manage their payroll, companies can simplify legislative compliance and relieve their team from a large administrative burden. Moreover, companies of all industries, sizes, types, and locations can benefit from a complete payroll outsourcing service. However, they need to consider the quality of the service provided and the technology used to perform the functions. Therefore, these are some of the payroll outsourcing market trends.

The payroll outsourcing market is experiencing significant growth due to several key factors such as, organizations are increasingly focusing on core business functions and cost optimization, leading them to outsource non-core activities like payroll management. This allows them to leverage specialized expertise while streamlining operations. In addition, the complexity of payroll processing, including tax regulations and compliance requirements, drives companies to seek external providers with in-depth knowledge and resources. Furthermore, advancements in technology and software enable more efficient and accurate payroll processing, reducing errors and saving time. Moreover, the rise of remote work and global expansion has led to a need for cross-border payroll expertise, further fueling the demand for outsourcing. Therefore, these factors contribute to the sustained growth of the payroll outsourcing market.

Furthermore, major market players are undertaking various strategies to increase the competition and offer enhanced services to their customers for the payroll outsourcing market growth. For instance, in June 2022, Hi, the FinTech, which helps companies unlock fast, affordable working capital and pay employees more flexibly, partnered with Zalaris, the leading provider of next-generation HR & payroll services and solutions, to offer a flexible payroll solution to firms across the globe. The partnership enables Hi to offer global HR and payroll services, powered by SAP and with integrations to SAP SuccessFactors, Oracle, Workday and other leading HR solutions. Combined with Hi’s core offering, these additional services enable customers to boost their liquidity, give employees flexible access to their salaries and access the HR and payroll services they need, all in one place. Therefore, these strategies are expected to drive the growth of the payroll outsourcing market.

On the basis of business size, the small business segment is the highest growing segment. This is attributed to the continuous rise in number of government initiatives through various digital SME campaigns throughout the world for the adoption of payroll outsourcing fuel the growth of the market.

Based on region, Europe attained the highest growth in 2021. This is attributed to the rising need for real-time data access and the growing usage of mobile and cloud-based applications in the area. Moreover, businesses are investing in cloud computing due to aligned government regulations, which provides lucrative growth opportunities for the European region market in the future. In addition, key market players are constantly working to improve the functionality of systems and standardize administrative tasks in order to ensure efficiency and productivity, which is driving them to choose payroll outsourcing.

COVID-19 had a positive impact on the market since, most of the organizations were working remotely and it was difficult for the HR and payroll managers to keep track of employees working hours and attendance. Furthermore, most of the companies adopted automation for most of their work. Therefore, organizations preferred payroll outsourcing services rather than executing it by the in house staff. In addition, as there was a shortage of employees due to COVID-19, organizations preferred payroll outsourcing. Thus, COVID-19 pandemic had a positive impact on the payroll outsourcing industry.

Key findings of the study

By type, the hybrid segment led the payroll outsourcing market size in terms of revenue in 2021.

By industry vertical, the BFSI segment accounted for the highest payroll outsourcing market share in 2021.

By region, Europe generated the highest revenue in 2021.

The payroll outsourcing companies profiled in the payroll outsourcing market analysis are ADP, Inc., CloudPay, Deloitte Touche Tohmatsu Limited, Gusto, HCL Technologies Limited, HRMantra Software Pvt. Ltd., Infosys Limited, International Business Machines Corporation, Intuit Inc., KPMG, Paychex Inc., Sage Group plc, Vision H.R., Workday Inc., Zalaris ASA, Keka Inc., and Papaya Global. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Companies Mentioned

  • CloudPay
  • Gusto
  • HRMantra Software Pvt. Ltd.
  • Infosys Limited
  • Paychex Inc.
  • Vision H.R.
  • Zalaris ASA
  • Keka Inc.
  • ADP, Inc.
  • Deloitte Touche Tohmatsu Limited
  • International Business Machines Corporation
  • HCL Technologies Limited
  • KPMG
  • Sage Group plc
  • Workday Inc.
  • Papaya Global
  • Intuit Inc.

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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