Online Payroll Service Market Scope
Online Payroll Service offers many benefits to the HR professionals by providing convenient way to manage payrolls and offers time savings, easy access to data, deadline alerts, as well as affordability. Owing to advantageous features offered by the online payment services such as efficient labour management, minimization of errors, and simplification of compliance, coupled with increased inclination of employees towards adapting self services, the market is expected to witness high growth during the forecast period.
|Unit||Value (USD Million)|
|Key Companies Profiled||Gusto (United States), Paychex Inc. (United States), OnPay Insurance Agency, LLC (United States), Intuit (United States), ADP, Inc. (United States), Paycor, Inc. (United States), Patriot Software, LLC (United States), Rippling People Center Inc. (United States), Workful (United States) and Papaya Global (United States)|
Online payroll services is a fragmented market due to the presence of various competitors. The key players are highly focusing on developing and innovating new strategies to maintain their market position and customer base. The companies are also planning strategic activities like partnerships, collaboration, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Online Payroll Service market throughout the predicted period.
Gusto (United States), Paychex Inc. (United States), OnPay Insurance Agency, LLC (United States), Intuit (United States), ADP, Inc. (United States), Paycor, Inc. (United States), Patriot Software, LLC (United States), Rippling People Center Inc. (United States), Workful (United States) and Papaya Global (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Xero Limited (New Zealand), IRIS Software Group Ltd (United Kingdom), TriNet Group Inc. (United States), Deluxe Corporation (United States) and BambooHR LLC (United States).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Online Payroll Service market by Type , by Application (Payroll Processing, Payroll Tax, Employee Self-Service, New Hire Reporting, HR Features and Others) and Region with country level break-up.
On the basis of geography, the market of Online Payroll Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2022.
Market Leaders and their expansionary development strategiesOn 6th October 2021, Paychex Inc. acquired Flock, a benefits enrolment and administration, onboarding, and human resources information system provider. With the acquisition, Paychex gained state-of-the-art benefits administration software that is aligned with the company’s commitment to driving innovation and delivering a suite of digital services.
On 1st September 2022, Rippling People Center Inc. expanded its partnership with Brex. The company’s integration with Brex enables customers to seamlessly automate card management, gain deeper insights through custom reporting, and eventually manage their global spend in one unified platform.
Payroll compliance means adhering to all federal, state and local regulations that govern how employees are paid. The laws that govern payroll are extensive that includes laws such as Fair Labor Standards Act (FLSA), Federal Insurance Contributions Acts (FICA), Federal Unemployment Tax Act (FUTA), Equal Pay Act (EPA) and Davis-Bacon Act.
Influencing Trend:Increasing Transparency with Introduction of Cryptocurrency Payroll
Market Growth Drivers:Increasing Demand for Real-Time Data Visibility and Access in Payroll and Growing Adoption of Employee Self Services
Challenges:Presence of Compliance Management Issues Related to Payroll Processes
Restraints:Lack of Skilled Professionals and Labour Force
Opportunities:Increasing Demand for Automated and Convenient Payroll Services and Leveraging Robot Process Automation Process to Offer Efficient Payroll Services
Key Target AudienceHR Professionals, Government Agencies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users and Others