Technavio has been monitoring the payroll outsourcing services market and it is poised to grow by USD 5.01 billion during 2020-2024, progressing at a CAGR of almost 5% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Payroll Outsourcing Services Market 2020-2024 (Graphic: Business Wire)
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Frequently Asked Questions-
Based on segmentation by application, which is the leading segment in the market?
The mid-market segment is expected to be the leading segment based on application in the global market during the forecast period.
What are the major trends in the market?
Rise of multi-country and centralized outsourcing models is one of the major trends in the market.
At what rate is the market projected to grow?
Growing at a CAGR of almost 5%, the incremental growth of the market is anticipated to be USD 5.01 billion.
Who are the top players in the market?
Accenture Plc, Automatic Data Processing Inc., Deloitte Touche Tohmatsu Ltd., HP Inc., International Business Machines Corp., Infosys Ltd., Sage Group Plc, Wipro Ltd., Workday Inc., and Xerox Corp. are some of the major market participants.
What are the key market drivers and challenges?
Implementation of automation is one of the major factors driving the market. However, the issues related to geographical transition restraints the market growth.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Accenture Plc, Automatic Data Processing Inc., Deloitte Touche Tohmatsu Ltd., HP Inc., International Business Machines Corp., Infosys Ltd., Sage Group Plc, Wipro Ltd., Workday Inc., and Xerox Corp. are some of the major market participants. The implementation of automation will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Payroll Outsourcing Services Market 2020-2024: Segmentation
Payroll Outsourcing Services Market is segmented as below:
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Payroll Outsourcing Services Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The payroll outsourcing services market report covers the following areas:
Payroll Outsourcing Services Market Size
Payroll Outsourcing Services Market Trends
Payroll Outsourcing Services Market Analysis
This study identifies rise of multi-country and centralized outsourcing models as one of the prime reasons driving the payroll outsourcing services market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Payroll Outsourcing Services Market 2020-2024: Key Highlights
CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist payroll outsourcing services market growth during the next five years
Estimation of the payroll outsourcing services market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the payroll outsourcing services market
Analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of payroll outsourcing services market vendors
Table of Contents:
Value chain analysis
Market segment analysis
Market size 2019
Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
Five Forces Summary
Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
Market Segmentation by Product
Comparison by Product
Hybrid - Market size and forecast 2019-2024
Fully outsourced - Market size and forecast 2019-2024
Market opportunity by Product
Market Segmentation by Application
Comparison by Application
Mid-market - Market size and forecast 2019-2024
National - Market size and forecast 2019-2024
Multinational - Market size and forecast 2019-2024
Market opportunity by Application
North America - Market size and forecast 2019-2024
Europe - Market size and forecast 2019-2024
APAC - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
Key leading countries
Market opportunity by geography
Market positioning of vendors
Automatic Data Processing Inc.
Deloitte Touche Tohmatsu Ltd.
International Business Machines Corp.
Sage Group Plc
Scope of the report
Currency conversion rates for US$
List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200820005059/en/