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Global payroll outsourcing market to grow at a CAGR of 4.4% during 2015-2020 according to market forecasts

The report covers the present scenario and the growth prospects of the global payroll outsourcing market for 2016-2020. To calculate the market size, the report considers the revenue generated from payroll services outsourced to third-party service provider.

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The analysts forecast global payroll outsourcing market to grow at a CAGR of 4.4% during the period 2016-2020.

Payroll outsourcing is the fastest-growing segment of the global human resource outsourcing (HRO) market. Organizations are rapidly adopting payroll services to achieve cost reduction. They either outsource a single process or the entire services to enhance the existing function. Managing payroll in-house involves high costs. Organizations that maintain an in-house team for tasks such as payroll, time and attendance, workforce administration, and benefits administration spend 20% more than organizations that outsource the same functions.

The majority of payroll outsourcing functions are related to finance and accounting (F&A), human capital management (HCM), and shared service centers. The HR department uses outsourcing services more commonly than any other departments.

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Covered in this report

The market is divided into the following segments based on geography:

  • APAC
  • Americas
  • EMEA

The report, Global Payroll Outsourcing Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

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Key vendors

  • ADP
  • Ceridian
  • Genpact
  • NGA
  • Workday

Other prominent vendors

  • Accenture
  • Caliber Point
  • Cegadim SRH
  • CGI
  • Excellerate HRO
  • HP
  • HR Access
  • IBM
  • Infosys
  • Logica
  • Neeyamo
  • Paychex
  • Ramco Systems
  • Safeguard
  • Steria
  • TDS
  • Workday

Market driver

  • Need for payroll cost visibility

Market challenge

  • Inability to offer proven services

Market trend

  • Improved usage of technology

Key questions answered in this report

  • What will the market size be in 2020 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities and threats faced by the key vendors?
  • What are the strengths and weaknesses of the key vendors?

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