Payroll outsourcing services market 2023-2027; A descriptive analysis of parent market, five forces model, market dynamics, and segmentation- Technavio

NEW YORK, Jan. 9, 2023 /PRNewswire/ — According to Technavio, the global payroll outsourcing services market size is estimated to grow by USD 7,087.99 million from 2022 to 2027. The market is estimated to grow at a CAGR of 5.8% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 54%.

Technavio has announced its latest market research report titled Global Payroll Outsourcing Services Market 2023-2027

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Payroll outsourcing services market – Parent Market Analysis

Technavio categorizes the global payroll outsourcing services market as part of the global data processing and outsourced services market, which covers companies offering IT consulting and system integration services, application services, electronic data processing services, business process outsourcing services, infrastructure services, and Internet services.

Find insights on parent market & value chain analysis, and download an exclusive sample!

Payroll outsourcing services market – Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers–

  • Bargaining Power of Buyers

  • The threat of New Entrants

  • Threat of Rivalry

  • Bargaining Power of Suppliers

  • Threat of Substitutes

  • Interpretation of porter’s five models helps to strategize the business, for entire details – buy the report!

Payroll outsourcing services market – Customer Landscape

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Payroll outsourcing services market – Segmentation Assessment

Segment Overview
Technavio has segmented the market based on product (hybrid and fully outsourced), type (mid-market, national, and multinational), and geography (North America, EuropeAPAC, South Americaand Middle East and Africa).

  • The market growth in the hybrid segment will be significant during the forecast period. Hybrid outsourcing offers various advantages to end-users. It allows organizations to maintain competence in terms of processes and quality while reducing costs and leveraging labor arbitration simultaneously. Also, it helps organizations in adopting country-specific payroll management services. Many such advantages are driving the growth of the segment.

Geography Overview
By geography, the global payroll outsourcing services market is segmented into North America, EuropeAPAC, South Americaand Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global payroll outsourcing services market.

  • North America is estimated to contribute 54% to the growth of the global market during the forecast period. The rising adoption of low-cost payroll outsourcing services and the increased funding towards the development of infrastructure and connectivity across end-user industries are driving the growth of the regional market.

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Payroll outsourcing services market Market Dynamics

Key factors driving market growth

  • The market is driven by the growing need for payroll cost visibility.

  • The expansion of manufacturing processes across geographies and the growing adoption of lean methodologies are increasing the demand for payroll visibility.

  • It provides a hassle-free environment for HR professionals to drive and develop strategic activities and reduce the time spent on administration and transactional duties.

  • The growing demand is driving vendors to develop solutions that promote self-service by employees in a bid to reduce administrative workloads.

  • All these factors are driving the growth of the market.

Leading trends influencing the market

  • The rise of multi-country and centralized outsourcing models is identified as one of the major trends in the market.

  • Many organizations, especially multinational companies are adopting payroll outsourcing strategies to maintain a competitive edge.

  • They are outsourcing payroll outsourcing services to companies that can handle all the recruitment functions using sophisticated methods such as benchmarking, best practices, and process improvement.

  • This trend among companies is expected to drive the demand for payroll outsourcing services market during the forecast period.

Major challenges hindering market growth

  • Data security risks are expected to challenge the growth of the market over the forecast period.

  • Outsourcing business operations to service providers increases the risk of data breaches and cyber theft.

  • Outsourced technical support companies require data centralization and universal access to maintain seamless operations. This increases the risk of data leaks regarding sensitive information such as names, social security numbers, addresses, salary details, health, and biometrics records of employees.

  • Organizations must choose service providers that conform to strict compliance and regulation policies regarding information sharing.

  • Such challenges are reducing the growth potential in the market.

Driver, Trend, and Challenges are the factors of market dynamics which states about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this payroll outsourcing services market report?

  • CAGR of the market during the forecast period

  • Detailed information on factors that will drive the growth of the payroll outsourcing services market between 2023 and 2027

  • Precise estimation of the size of the payroll outsourcing services market size and its contribution to the market in focus on the parent market

  • Accurate predictions about upcoming trends and changes in consumer behavior

  • Growth of the payroll outsourcing services market industry across North America, EuropeAPAC, South Americaand Middle East and Africa

  • A thorough analysis of the market’s competitive landscape and detailed information about vendors

  • Comprehensive analysis of factors that will challenge the growth of payroll outsourcing services market vendors

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  • The call center outsourcing market size in Europe is expected to increase by USD 3.73 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 3.53%. The increase in call center outsourcing by IT and telecom service providers is notably driving the call center outsourcing market growth in Europealthough factors such as shifting focus on developing countries as call center destinations may impede market growth.

Payroll Outsourcing Services Market Scope

Report Coverage

Details

Page number

170

Base year

2022

Historical period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 5.8%

Market growth 2023-2027

USD 7087.99 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.36

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 54%

Key countries

US, China, Australia, UK, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Acara Solutions India, Accenture Plc, Alight Solutions LLC, Automatic Data Processing Inc, Ceridian HCM Holding Inc., Complete Payroll Solutions, Deloitte Touche Tohmatsu Ltd., Workday Inc., Wipro Ltd., The Access Group, TalentPro, Safeguard World International LLC , Ramco Systems Ltd., Paycor Inc., Paycom Software Inc., Intuit Inc., International Business Machines Corp., Infosys Ltd., Hexaware Technologies Ltd., and Hewlett Packard Enterprise Co.

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get customized segments.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get customized segments.

Table of contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Global Payroll Outsourcing Services Market 2023-2027

Global Payroll Outsourcing Services Market 2023-2027

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