The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global payroll outsourcing market size 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 payroll outsourcing market is expected to reach $14.8 billion in 2027 at a CAGR of 7.3%.

What will drive the payroll outsourcing market?
The rise in demand for cloud-based payroll is expected to propel the growth of the payroll outsourcing market going forward.

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Who are the major players in the market?
Major players in the payroll outsourcing market are Accenture plc., The International Business Machines Corporation, Deloitte & Touche LLP, KPMG International Limited, Block Inc., Automatic Data Processing Inc.

Which trend is gaining popularity in the payroll outsourcing market?
Product innovations have emerged as a key trend gaining popularity in the payroll outsourcing market. Major companies operating in the payroll outsourcing market are concentrating on creating innovative products to strengthen their position in the payroll outsourcing market.

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How is the payroll outsourcing market segmented?

Global Payroll Outsourcing Market Segments Include:

• By Type: Fully-Managed Outsourcing, Co-Managed Outsourcing
• By Application: Small Business, Medium Business, Large Business
• By End Use: Banking, Financial Services And Insurance (BFSI), Consumer and Industrial Products, IT (Information Technology) And Telecommunication, Public Sector, Healthcare, Other End Users
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global payroll outsourcing market in 2021.

The Payroll Outsourcing Global Market Report 2023  provides an overview of the payroll outsourcing market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The payroll outsourcing market forecast analyzes payroll outsourcing market size, payroll outsourcing market share, leading competitor and their market positions.

Payroll outsourcing refers to assigning payroll management responsibilities to an outside service provider, freeing enterprises from having to handle payroll procedures and ensure compliance with applicable laws. It offers businesses assistance with legal, tax, and accounting services to ensure employees get paid on time.

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