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Payroll Outsourcing Services
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Competitive Intelligence

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Intelligence covers market and price outlook, SWOT analysis, demand & supply drivers, engagement models and Procurement best practices

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Abi will answer all Payroll Outsourcing Services related
procurement queries with relevant data points

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Get up-to-date market and supplier info on Payroll Outsourcing Services to help you build

Intelligence covers market and price outlook, SWOT analysis, demand & supply drivers, engagement models and Procurement best practices

1

Intelligence on category covers the following aspects market outlook, supply market, SWOT analysis, Cost components & Price outlook, Demand and supply drivers, Engagement Models and Procurement Best Practices

manage-risk

Assess Supplier Risk based on key risk and compliance parameters

1

Supplier assessment covers the following parameters Financial Risk, Ethical, Labor, Environmental Compliance, IT Security.

2

Supplier assessment is powered by world’s leading data partners including D&B, CreditSafe, Dow Jones, Refinitiv, Orpheus

discover-supplier

Identify right fit suppliers based on your selection criteria including revenue, capabilities, certification, geography

1

Select suppliers based on industry, country, classification from a database of 4.2 mn suppliers. Get detailed supplier profiles with supplier capabilities, revenue, certifications, risk ratings

assess-category-perforamnce

Benchmark your category performance against peers and the market

1

Measure category performance on 15 key parameters across cost, risk and strategy KPIs

source-market-indices

Get information on key factors affecting your supply

1

Source Macro Data and Market Indices information from leading data sources across these key areas - Labor Rates, Currency, Energy, Country Risk, Trade Flow/Transportation, Port Data, Tariff, Weather and Epidemics

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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

$9.3 Bn

Market Size Europe

$5.3 Bn

Market Size Asia Pacific

$3.8 Bn

Market Size Latin America

$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. Impact of COVID-19 Payroll outsourcing Industry
  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. Market Monitoring Insights
  2. Cost Structure Analysis
  3. Case Studies: Payroll Outsourcing Benefits
  4. Cost Components: In-House Versus Outsourced

 

  1. 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)
  8. Negotiation Levers

 

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

 

  1. Purchasing Process
  2. RFP/RFI Questionnaire

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Payroll Outsourcing Services  Market Analysis and Global Outlook

  • The global payroll outsourcing market was estimated to be around $19 billion by the end of 2020 at a CAGR of 4.4 percent. And, it is projected to reach $19.95 million by 2021, with a market growth at a CAGR of 4–5
  • Due to the impact of COVID-19, companies are planning to go for a single global provider with an MCPO sourcing model. And, companies are looking to consolidate the global payroll vendors
  • North America and Europe are relatively more mature and bigger MCPO markets, and they account for a large chunk of global deal activity. Asia Pacific and Latin America are emerging MCPO markets

 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 Services  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.
  • Global payroll trends include Bundling Payroll Services, Multi-Country Payroll Outsourcing (MCPO), Process Automation and Adoption of Cloud-Based Services.
  • Countries like Poland, Turkey, Switzerland, Portugal, Germany, Argentina and Mexico show more than 10% bi-annual change in the global payroll outsourcing complexity index.
  • Market challenges include: Low cost competitiveness because of the presence of mature payroll service providers and constant regulatory changes that are meant to keep pace with the economic growth in the APAC region.
  • Outsourcing payroll can reduce expenses by approximately 20 percent.
  • Companies processing payroll in-house due to the risk of compromising confidential data, are being offered partial/hybrid payroll solutions by suppliers.
  • The cost components of the payroll industry include the system costs, payroll labor and non-labor costs and payroll maintenance costs.

Payroll Outsourcing Services  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.

Why You Should Buy This Report

  • The report gives details on key global suppliers like Workday, ADP, NGA Human Resources, etc. including a detailed SWOT analysis.
  • It provides information on the payroll outsourcing market size and Porter’s five force analysis on the developed and emerging markets.

  • It lists out the key drivers and constraints of the global payroll outsourcing industry.

 

Payroll Outsourcing Market Frequently Asked Questions

  1. What is the market size of the payroll outsourcing market? 
  2. Beroe’s report provides an accurate update on the latest payroll outsourcing statistics. As per the report, the payroll services industry is expected to reach a market size of $10336 million by 2023 at a CAGR of 4.4%. 

 

  1. Who are the major players in the payroll outsourcing industry?
  2. The major contributors to the payroll services industry are North America and Europe with a market share of approximately 71%. Other emerging players are APAC and LATAM. 

 

  1. What are the latest trends in the payroll outsourcing market?
  2. Some of the latest trends in the payroll services industry are the emergence of factors such as political uncertainty and low crude oil prices affecting the industry. Key players such as North America and Europe have grown to hold considerable market size in the industry. Finally, payroll labor and non labor costs also contribute to the total cost of payroll services. 

 

  1. What will be the expected growth of the payroll outsourcing industry?
  2. The payroll services industry is expected to grow at a constant CAGR of 4.4%. 

 

  1. What are the key drivers of the payroll outsourcing market?
  2. Some of the global drivers of the payroll services industry are outsourcing that can offer cost saving options, better compliance with payroll legislations and growth of cloud-based payroll services. Furthermore, there’s also an expected increase in the abilities of single vendors who can handle payroll across countries. 

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