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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Payroll Outsourcing Market Size
The global payroll outsourcing market reached approximately USD 10.36 billion in 2023. The market is projected to grow at a CAGR of 6.0% between 2024 and 2032, reaching a value of around USD 17.59 billion by 2032.
Key Takeaways
- In the year 2022, approximately 73% of businesses and organisations in the US utilised outsourced payrolling services for their companies.
- In the UK, 61% of businesses outsourced their payroll to an external company.
- Payroll outsourcing enables organisations to concentrate on their primary business activities, consequently enhancing productivity and minimising operational expenses.
Payroll outsourcing involves transferring the responsibility of managing and processing employee payroll to an external service provider. This service provider typically allows companies to take advantage of cost savings and access to specialised knowledge and technology. Payroll outsourcing can enhance overall productivity by delegating payroll responsibilities to a third party, and companies can free up valuable time and resources that can be redirected toward core business activities.
The growing focus by organisations to minimise expenses is propelling the payroll outsourcing market growth. By outsourcing payroll operations, companies can reduce the costs associated with hiring and training in-house payroll staff, purchasing payroll software, and maintaining payroll systems. Additionally, outsourcing allows companies to avoid the costs of payroll errors and penalties that may arise from non-compliance with tax regulations or labour laws.
Another benefit of payroll outsourcing is gaining access to specialised expertise. Payroll service providers are experienced in handling complex payroll processes, such as calculating taxes, managing benefits and deductions, and ensuring compliance with local labour laws. By outsourcing payroll, companies can tap into this expertise and ensure accurate and efficient payroll processing.
Payroll Outsourcing Market Report Snapshots
Payroll Outsourcing Market Size
Payroll Outsourcing Market Trends
Payroll Outsourcing Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 10.36 billion.
The market is estimated to grow at a CAGR of 6.0% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 17.59 billion by 2032.
The major market drivers include growing focus by organisations to minimise expenses, the rising utilisation of big data and business analytics in organisations, and evolving business environments.
The key trends aiding the market growth are technological advancements and the regional expansion of businesses.
The major regional markets are Europe, the Asia Pacific, Latin America, North America, and the Middle East and Africa.
Hyrid and fully outsourced are the different types of payroll outsourcing considered in the market report.
The major players in the market are IBM Corp., ADP, Inc., CloudPay Inc., Deloitte Touche Tohmatsu Limited, Infosys Ltd., KPMG Huazhen LLP, ZenPayroll, Inc. (Gusto), HCL Technologies Ltd., and HRMantra Software Private Limited, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124