The "Payroll Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The global payroll outsourcing market grew at a CAGR of around 6% during 2014-2019.
Payroll outsourcing refers to the usage of third-party sources and organizations to manage administrative and compliance operations. It involves maintaining employee records, calculating salaries and wages, computing and adding bonuses, generating payroll-related reports, and complying with taxation laws applicable in different countries.
It also assists organizations in saving costs and time, and reducing the need for in-house trained payroll staff, and purchasing and maintaining appropriate software packages. Besides this, it provides organizations dealing internationally with the advantage of staying updated with foreign tax legislation and avoiding any potential penalties.
Due to the expanding geographical reach of organizations, there is a rise in the demand for time-saving and cost-effective measures, such as payroll outsourcing, that allow the management to focus on core issues and run the business smoothly. Moreover, the incorporation of digitized services, such as business analytics, big data and the cloud, is escalating the demand for payroll outsourcing across the globe.
Furthermore, the rising trend of multi-country payroll outsourcing (MCPO), bundling payroll services and process automation is further contributing to the market growth.
Apart from this, the leading players are providing hybrid payroll solutions that enable companies to decide upon customized payroll sub-services as per the requirement to avoid compromising confidential data. Additionally, on account of the spread of the coronavirus disease (COVID-19) and the consequent shift toward remote work by a number of organizations, market players are offering different ways to manage payroll operations online.
Looking forward, the global payroll outsourcing market to continue its moderate growth during the next five years.
Key Questions Answered in This Report:
How has the global payroll outsourcing market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global payroll outsourcing market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end use industry?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global payroll outsourcing market and who are the key players?
What is the degree of competition in the industry?
Key Topics Covered:
2 Scope and Methodology
2.1 Objectives of the Study
2.3 Data Sources
2.4 Market Estimation
2.5 Forecasting Methodology
3 Executive Summary
4.2 Key Industry Trends
5 Global Payroll Outsourcing Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Full-Managed Outsourcing
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Co-Managed Outsourcing
7 Market Breakup by Application
7.1 Small Business
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Medium Business
7.3 Large Business
8 Market Breakup by End Use Industry
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Consumer and Industrial Products
8.3 IT and Telecommunication
8.4 Public Sector
9 Market Breakup by Region
10 SWOT Analysis
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
Automatic Data Processing Inc.
Deloitte Touche Tohmatsu Limited
International Business Machines Corporation
For more information about this report visit https://www.researchandmarkets.com/r/i2kkq9
View source version on businesswire.com: https://www.businesswire.com/news/home/20201118005821/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900