The global Payroll Outsourcing Services Market was valued at US$ 9.9 Billion in 2022 and is expected to reach US$ 19.5 Billion by 2030, growing at a CAGR of 7.2% from 2022 to 2030.

Payroll Outsourcing Services Market Overview

Payroll outsourcing services are one of the fastest-growing segments in the global payroll outsourcing services market. The adoption of payroll services is increasing in various organizations to reduce costs. Organizations can also outsource entire services and outsource single processes as well. In-house payroll management is very expensive. Payroll outsourcing capabilities are popular in human capital management (HCM), finance and accounting (F&A), and various fulfillment centers. Human Resources also uses payroll outsourcing services more often than other departments in an organization.

Demand for payroll outsourcing is growing due to increasing emphasis by MCPOs and MNCs on cost reduction and time efficiencies. The increasing popularity of the payroll outsourcing services market with employee self-service (ESS) and human resources is driving the payroll outsourcing services market. Advancements in commerce activities are increasing the demand for payroll outsourcing due to functions such as team management and staffing. Increased emphasis on automation implementation is very likely to boost the market during the forecast period and growing demand for cloud-based payroll, security, functionality, scalability, easy access, and low cost boosts the payroll outsourcing market.

The Payroll Outsourcing Services Market has been recently published by Contrive Datum Insights to its huge database which helps to shape the future of businesses by making well-informed business decisions. It offers a comprehensive analysis of various business aspects such as global market trends, recent technological advancements, market size, shares, and new innovations. Furthermore, this analytical data has been compiled through data exploratory techniques such as primary and secondary research. Moreover, an expert team of researchers throws light on various static as well as dynamic aspects of the global Payroll Outsourcing Services market.

Some of the key players profiled in the study are:

Different leading key players have been profiled to get better insights into the businesses. It offers detailed elaboration on different top-level industries which are functioning in global regions. It includes informative data such as company overview, contact information, and some significant strategies followed by key players: Hewlett Packard Enterprise Development, IBM, ADP, Ceridian HCM, NGA Human Resources, Paychex, Accenture, Caliber Point Business Solutions (Hexaware Technologies), CGI Group, Genpact, Infosys, Intuit, Ramco Systems, SafeGuard World International, Workday and Dodo Point, MiL.k, and others.

Industry Development:

• In 2020, Dodo Point announce its strategic collaboration with Carry Protocol, the blockchain project that aims to return control of data privacy and monetization back to the consumers. Under this strategic collaboration, consumers who share the data with Carry Protocol are getting rewarded with CRE tokens.
• In 2020, MiL.k, the blockchain-powered rewards platform, announced its entry into a strategic partnership with Shinsegae Duty-Free, a Seoul-based luxury retail space chain, in order to provide loyalty point compatibility and management. This strategic collaboration allows Shinsegae customers to get connected to their existing rewards accounts through the mobile application offered by MiL.k.

What are the major Applications, Types, and Regions for the Payroll Outsourcing Services Market?

On the Basis of Type:

• Hybrid
• Fully outsourced

By Business Size

• Small Business
• Medium Business
• Large Business

On the Basis of Application:

• Mid-market
• National
• Multi-national
• Others

By Industry Vertical

• BFSI
• Consumer and Industrial Products
• IT and Telecommunication
• Public Sector
• Healthcare
• Others

Payroll Outsourcing Services Market Regional Insights:

North America will offer maximum growth opportunities in payroll outsourcing processing during the forecast period. According to our research, this region will contribute 54% of the global market growth during the forecast period. Most organizations in North America rely on outsourcing service providers. North America will experience steady growth during the forecast period in mid-market and transatlantic contract segments covering both US and European operations. Companies in North America look for payroll services in low-cost countries like India.

Geographically, the global Payroll Outsourcing Services market has been analyzed in various regions such as North America, Europe, Asia-Pacific, Latin America, the Middle East, and India. The global region is dominating this market in the upcoming future.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Payroll Outsourcing Services Market Report Scope:

Report Attributes	Details
Growth Rate	CAGR of 7.2% from 2022 to 2030.
By Type	Hybrid, Fully outsourced
By Application	Mid-market, National, Multi-national, Others
By Companies	Hewlett Packard Enterprise Development, IBM, ADP, Ceridian HCM, NGA Human Resources, Paychex, Accenture, Caliber Point Business Solutions (Hexaware Technologies), CGI Group, Genpact, Infosys, Intuit, Ramco Systems, SafeGuard World International, Workday and Dodo Point, MiL.k
Regions and Countries Covered	North America: (US, Canada, Mexico, Rest of North America) Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe) Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific) The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa) Latin America(Brazil, Argentina, Rest of Latin America) Rest Of the World
Base Year	2022
Historical Year	2017 to 2022
Forecast Year	2023 to 2030

Frequently Asked Questions (FAQ) about the Payroll Outsourcing Services market:

What is the CAGR of the global Payroll Outsourcing Services market?

The Payroll Outsourcing Services Market is growing at a CAGR of 7.2% during the forecast period.

Which region would offer high growth for vendors in the Payroll Outsourcing Services market?

North America offers high growth for vendors in the Payroll Outsourcing Services market

Which Is the Most potential market segment?

By Types- Hybrid, Fully outsourced

By Applications - Mid-market, National, Multi-national, Others

Which are the top industry players in the Payroll Outsourcing Services market?

Hewlett Packard Enterprise Development, IBM, ADP, Ceridian HCM, NGA Human Resources, Paychex, Accenture, Caliber Point Business Solutions (Hexaware Technologies), CGI Group, Genpact, Infosys, Intuit, Ramco Systems, SafeGuard World International, Workday and Dodo Point, MiL.k

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