What is Payroll Outsourcing Services Market?
Payroll outsourcing services in a business means engaging an external party to handle all payroll related activities. Outsourcing of payroll functions is generally done to reduce cost and save time required to deal with financial tasks related to payroll. Hiring an external firm to handle payroll activities means a business organization can do away with the need to hire and train a large in-house payroll staff, buy appropriate software packages for payroll functions, and remain constantly updated about complicated tax regulations. Payroll outsourcing services are beneficial for all kinds of businesses, regardless of the organization having a large payroll or a mid-range or small payroll. This has projected the growth of the global payroll outsourcing services market over the forecast period.
The market study is being classified by Type (Software/Online Services, Professional Employment Organization and Others) and major geographies with country level break-up.
Accenture plc (Ireland), Genpact (United States), Infosys (India), IBM (United States), CGI Inc. (Canada), Cegedim (United Kingdom), Ceridian HCM, Inc. (United States), NGA Human Resources (United Kingdom), Neeyamo (India), Workday, Inc. (United States), Automatic Data Processing, Inc. (United States) and Logica plc (United Kingdom) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are ADP, LLC (United States), KPMG (Netherlands), Caliber (India) and HR PAYROLL OUTSOURCING (India).
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Payroll Outsourcing Services market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Payroll Outsourcing Services market by Type, Application and Region.
On the basis of geography, the market of Payroll Outsourcing Services 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rising Adoption of New IT Solutions like Payroll Outsourcing Services
- Growing Digitization in Numerous Industries across the Globe
- Growing Focus on Business Process Automation
- Emphasizing On the Technological Advancement in the Payroll Outsourcing Services
- Stringent Government Regulations Regarding Data and Network Security Process
- Growth in the IT Sector in Emerging Economies
- Increasing Demand for Payroll Outsourcing Services From the Manufacturing and BFSI Industry
- Lack of Awareness in the Low and Middle Income Group Countries
US federal laws do not specifically regulate outsourcing transactions. Contract law is generally governed by state law, subject to any applicable federal laws (such as laws relating to intellectual property (IP) rights, immigration, export controls, and bankruptcy). Certain industries such as healthcare, finance, and insurance are regulated either on a state or federal level or both. These regulations (and related regulatory guidelines) frequently affect the negotiated content of outsourcing transactions to the extent that the outsourced activities implicate regulatory obligations of the entity purchasing the outsourced services.
Key Target AudiencePayroll Outsourcing Services Providers, Research Organizations and Consulting Companies, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Others
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