Insights Into The Payroll Services Market’s Growth Opportunities Through 2023-2032 – Includes Payroll Services Industry
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The increasing prevalence of mobile devices and the internet is likely to encourage innovation in payroll services manufacturing, hence propelling the market during the forecast period.
The global payroll services market is expected to grow from $72.14 billion in 2022 to $74.29 billion in 2023 at a compound annual growth rate (CAGR) of 3.0%. The global payroll services market size is expected to reach $80.66 billion in 2027 at a CAGR of 2.1%.
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Global Payroll Services Market Segments Include:
- By Type: Payroll And Bookkeeping Services, Tax Preparation Services, Other Accounting Services
- By Business Size: Small Business, Medium Business, Large Business
- By Industry Vertical: Banking, Financial Services and Insurance (BFSI), Consumer and Industrial Products, IT and Telecommunication, Public Sector, Healthcare, Other Industry Verticals
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global payroll services market in 2021.
Major Market Players in the payroll services market include PricewaterhouseCoopers (PwC), Ernst and Young Global Limited, Deloitte Touche Tohmatsu, KPMG International Limited, BDO International Inc., Grant Thornton LLP, Sage Group Plc.
Technological developments are a major trend that is gaining traction in the payroll services market. Companies in the payroll services sector are embracing new technology in order to maintain their market position. For example, HiBob, a modern HR technology firm based in Germany, debuted Payroll Hub in December 2021, a central dashboard on the Bob platform that automatically modifies payroll information for enterprises. The Payroll Hub enables managers to confirm that all data for upcoming pay cycles is correct, saving time and minimising the chance of error. It works smoothly with leading payroll providers such as ADP Workforce Today, CloudPay, TriNet, Paylocity, and others. To satisfy the specific needs of midsized organisations, Payroll Hub supports both single-cycle and multi-cycle schedules.
The Payroll Services Global Market Report 2023 provides a payroll services market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The payroll services market forecast analyzes payroll services market size, payroll services market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Payroll Services are third-party firms that use software and automated solutions to assist businesses with payroll and HR functions. It facilitates procedures involving proper and scheduled payment, employee time and attendance, workers’ compensation, payroll taxes, and direct deposit information.
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