The global payroll outsourcing market size reached US$ 8.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.1 Billion by 2028, exhibiting a growth rate (CAGR) of 5.24% during 2023-2028. More Info:- https://www.imarcgroup.com/payroll-outsourcing-market

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Global Payroll Outsourcing
Market Research and
Forecast Report 2023-2028
Author: Elena Anderson,
Marketing Manager |
IMARC Group
© 2019 IMARC All Rights Reserved

2. Report Description
About IMARC Group
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3. Report Description
Report Description and Highlights
Global Payroll Outsourcing Market Research Report:
The latest report by IMARC, titled “Payroll Outsourcing Market: Global Industry Trends, Share, Size,
Growth, Opportunity and Forecast 2023-2028” " the global payroll outsourcing market size reached
US$ 8.9 Billion in 2022.
Payroll outsourcing refers to the process of outsourcing services to third-party organizations for
handling the administrative and compliance functions of paying employees. Its adoption aids
enterprises in minimizing the costs of purchasing and maintaining appropriate software packages and
hiring in-house trained payroll staff.
The essential functions of payroll outsourcing include calculating employee salary, maintaining
employee records, computing bonuses, distributing payroll and generating payroll-related reports
while complying with the taxation laws of the government. This assists in improving overall efficiency
by saving additional costs and time of the organization. It is also employed to keep the users updated
with foreign tax legislation to avoid any potential penalties.
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market/requestsample

4. Report Description
Report Description and Highlights
Global Payroll Outsourcing Market Trends:
The market is primarily driven by the increasing adoption of HR outsourcing across the globe. Numerous companies
are focusing on outsourcing complex HR processes to enhance the cost and time efficiency of their firm. They are
widely adopting payroll outsourcing services in an attempt to reduce the complexities associated with the in-house
payroll related activities and focus on core issues of their businesses to ensure smooth functioning of the company.
This, in turn, is creating a positive outlook for the market. Furthermore, extensive utilization of big data and business
analytics is expected to facilitate the uptake of these services on the global level. Apart from this, the current trend of
remote working among the majority of the companies on account of the rapid outbreak of the coronavirus disease
(COVID-19) and the consequent need for social distancing is acting as another major growth-inducing factor.
This has impelled enterprises to shift to online payroll services offered by service providers to streamline the overall
process. The market is further driven by the rising preference for multi-country payroll outsourcing (MCPO), bundling
payroll services and process automation across the corporate sector. Several key players are also providing hybrid
payroll solutions that are gaining widespread preference among end users. These services aid in reducing the
confidentiality concerns by offering improved control to users over confidential data. On account of the
aforementioned factors, the market is anticipated to exhibit a CAGR of 5.24% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period
(2023-2028).

5. Report Description
Report Description and Highlights
Market Summary:
Breakup by Type:
• Full-Managed Outsourcing
• Co-Managed Outsourcing
Breakup by Application:
• Small Business
• Medium Business
• Large Business
Breakup by End Use Industry:
• BFSI
• Consumer and Industrial Products
• IT and Telecommunication
• Public Sector
• Healthcare
• Others

6. Report Description
Report Description and Highlights
Breakup by Region:
• North America
• United States
• Canada
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others

7. Report Description
Report Description and Highlights
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa

8. Competitive Landscape with Key Players:
• Accenture Plc
• ADP Group Companies
• Deloitte Touche Tohmatsu Limited
• Hewlett Packard Enterprise Company
• Infosys Limited
• International Business Machines Corporation
• Intuit Inc.
• Paychex Inc.
• Wipro
• Workday Inc.
• Xerox Corporation
• Zalaris
View Full Report with TOC & List of Figure: https://www.imarcgroup.com/payroll-outsourcing-
market
Report Description
Report Description and Highlights

9. A partial List of our Clients
We are the trusted business partners to the
world's leading corporates, governments, and
institutions
Partial List of Clients

10. A partial List of our Clients
We are the trusted business partners to the
world's leading corporates, governments, and
institutions
Partial List of Clients

11. Report Description
Report Description and Highlights
© 2019 IMARC All Rights Reserved
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International Market Analysis Research and Consulting (IMARC). No part of this publication may be
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the accuracy or completeness of any Information provided. IMARC accepts no liability whatsoever for any
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