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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Payroll Outsourcing Market Analysis by Region
The market in North America has experienced substantial growth. The United States has emerged as the leading participant in this market, with numerous organisations choosing to delegate their payroll services. One of the primary factors contributing to the North America payroll outsourcing market growth is the cost-effectiveness of such outsourcing payroll operations.
By outsourcing their payroll functions, organisations can save on the costs associated with hiring and training in-house payroll staff. Additionally, outsourcing allows companies to access specialised expertise and technology that may not be available internally. Service vendors in North America are actively promoting the evolution of payroll services by incorporating automated sub-processes. These automated systems streamline the payroll process, reducing the chances of errors, and improving efficiency.
Business analytics and big data are also being utilised to provide organisations with valuable insights into their payroll operations, enabling them to make data-driven decisions. Furthermore, the implementation of mobility and cloud delivery models has revolutionised the payroll outsourcing market in the Asia Pacific. These technologies allow employees and employers to access payroll information and services from anywhere, at any time. This level of flexibility and convenience has greatly enhanced the user experience and improved overall efficiency.
Meanwhile, the payroll outsourcing market in Europe is expected to witness a healthy growth in the coming years due to the evolving business environment and growing complexity of the regulatory landscape.
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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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