Payroll Outsourcing Market Intelligence

Are you looking for answers on Payroll Outsourcing category?

Are you looking for answers on Payroll Outsourcing category?

  • What are the key trends in Payroll Outsourcing category?
  • Am I paying the right price?
  • Am I working with the right supplier?
  • What are the major challenges and risks in Payroll Outsourcing industry?
  • How is Payroll Outsourcing industry performing?

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Report Coverage

  • Payroll Outsourcing Industry Trends
  • Data Protection Law–Impact on Payroll

  • Supply Trends and Insights

  • Global Supplier List and Service Capabilities

Market Size

Market Size North America

$10.28 Bn

Market Size Europe

$5.5 Bn

Market Size Asia Pacific

$3.7 Bn

Market Size Latin America

$1.1 Bn

The global market for payroll outsourcing is estimated to reach $10336 million by 2023 while growing at a constant CAGR of 4.4 percent. The market growth is uniform across all regions, with the maximum growth coming from multi-country payroll contracts. The multi-country payroll market is growing three times the rate of overall market and represents 15 percent of the entire standalone payroll services revenue. North America and Europe are the most dominant payroll markets and account for a major portion of the global deal activity. APAC and LATAM are also emerging payroll outsourcing markets. 

Cloud-based systems are expected to introduce new opportunities within the global payroll sphere as that would make it easier to align payroll and HR internationally. The report also provides Brexit's impact on payroll outsourcing, along with a study of different impact areas. It also outlines the major industry trends prevalent in the industry, along with major drivers and constraints. It also provides an industrial market outlook in areas such as North America, Europe, Middle East, Africa, APAC, and LATAM. It also explores the various opportunities and challenges influencing payroll outsourcing, followed by Porter's five forces analysis on emerging and developed markets.

Beroe gathers intelligence through primary sources that include industry experts, researchers, and consultants, as well as current suppliers, producers and distributors. Secondary sources can include business journals, newsletters, magazines, market research data, company sources, and industry associations. Following data collation, analysis, and strategic review, the Final Research Report is published on Beroe LiVE.

Table of Contents

  1. Payroll Outsourcing Executive Summary
  2. Global Payroll Outsourcing Industry Outlook
  3. Supply Market Outlook
  4. Prevalent and Upcoming Engagement Strategies
  5. Brexit - Impact on Payroll Outsourcing

 

  1. Payroll Outsourcing Market Analysis
  2. Global Payroll Outsourcing Market Maturity and Industry Trends
  3. Growth Drivers and Constraints
  4. Regional Market Outlook
  5. Industry Outlook: Opportunities and Challenges
  6. Porter's Five Forces Analysis:Developed and Emerging Markets

 

  1. Payroll Outsourcing Supply Analysis
  2. Supply Market Outlook
  3. Global and Regional Suppliers List and Service Capabilities
  4. Major Global Suppliers Profile and SWOT

 

  1. Payroll Outsourcing Cost Analysis
  2. Cost Structure Analysis
  3. Case Studies: Payroll Outsourcing Benefits
  4. Cost Components: In - House Versus Outsourced

 

  1. Payroll Outsourcing Procurement Best Practices
  2. Sourcing Models
  3. Success Factors
  4. Supplier Selection Checklist
  5. Payroll Outsourcing Adoption Trends
  6. Pricing Models
  7. Key Performance Indicators (KPIs) and Service Level Agreements (SLAs)

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Payroll Outsourcing Global Industry Outlook

The global payroll outsourcing market was worth $16.4 billion in 2015, and it is estimated to be around $17.4 billion in 2016

  • The payroll outsourcing market is expected to continue a healthy growth rate of around 5–7 percent to reach around $22 billion by 2020
  • Factors, like political uncertainty and the low crude oil prices, which could affect business in the Middle East, are likely to impact the payroll outsourcing trends

payroll-outsourcing-global-market-size Payroll Outsourcing Global Market Maturity  

Payroll outsourcing market maturity is lowest in the Middle East and Africa.

  • With the growing and emerging economies in APAC and Latin America, a high growth rate (approximately 7–11 percent) has been witnessed in these regions

Payroll Outsourcing Global Industry Trends

Bundled payroll services have become a market trend due to the increasing market maturity of payroll outsourcing services.

  •  With the increasing demand for cost reduction and time efficiency by the MNCs, MCPO has emerged as a trend, growing at a rate of approximately 20 percent.
  • Buyers' increasing interest in self-service platforms, which leads to easier access to employee data and thus better employee satisfaction, is driving the growth of technology adoption.
  •  Regions such as Latin America and APAC perceive the adoption of cloud-based services as a way to leap ahead of their competitors on technological grounds

Payroll Outsourcing Global Drivers 

Cost savings (above 20 percent)

  •  Outsourcing payroll leads to the reduction or control of expenditure by avoiding the hiring of new staff and technology-driven cost.

Rising demand for MCPO 

  •  Increasing ability of single vendors to handle payroll across countries

Better compliance

  • Outsourcing helps the buyer to stay updated with the changes in payroll regulatory legislations, especially in a global environment.

 Technological advantage

  • Governments' adoption of e-filings and digital services is driving the growth of cloud-based payroll services.

 

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