The Business Research Company’s Payroll Outsourcing Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Payroll Outsourcing Global Market Report 2023 evaluates payroll outsourcing market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global payroll outsourcing market is expected to grow from $10.39 billion in 2022 to $11.17 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The payroll outsourcing market is expected to reach $14.8 billion in 2027 at a CAGR of 7.3%.
The rise in demand for cloud-based payroll is expected to propel the growth of the payroll outsourcing market going forward. Cloud-based payroll is a system that allows users to manage every aspect of payroll online by connecting a computer to the internet. The Cloud-based payroll solutions make payroll data easier to access, improve communication between customers and service providers, and give scalable and affordable options for handling payroll procedures. For instance, in 2023, according to Alight Solutions, a US-based cloud provider of integrated digital human capital and business solutions, 40% of businesses plan to update their payroll systems, and Payroll delivery platforms will be dominated by cloud-based payroll solutions (61%) over on-premise (39%). A further quarter of businesses (26%) have advanced digital payroll efforts in the previous year, and another two-thirds (62%) anticipate undergoing a digital transition in the following two years. Therefore, the rise in demand for cloud-based payroll is driving the payroll outsourcing market.
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The payroll outsourcing market segments in the report are:
1) By Type: Fully-Managed Outsourcing, Co-Managed Outsourcing
2) By Application: Small Business, Medium Business, Large Business
3) By End Use: Banking, Financial Services And Insurance (BFSI), Consumer and Industrial Products, IT (Information Technology) And Telecommunication, Public Sector, Healthcare, Other End Users
The table of contents in TBRC’s payroll outsourcing market report includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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