Global PEOs (Professional Employer Organizations) Market Overview:
PEO (Professional Employer Organization) is an external personnel provider. This includes various functions such as administration of income taxes, access to benefits, certain personnel functions, and other employer-related administrative functions. A PEO is an outsourcing company that provides services to small and medium-sized enterprises (SMEs). Typically, the PEO offer includes recruiting, security and risk mitigation services, payroll, employer's income tax, employee compensation insurance, health insurance benefits, employer practice and liability insurance (EPLI), and retirement vehicles (401 (k)), regulatory compliance, workforce management technology, and training and development. The PEO concludes a contractual cooperation agreement with its customers. The PEO outsourcing for the growing demand is as good as many organizations related to personnel and employee management, which triggers the growth of the PEO service provider market. In addition, the organization focuses on the benefits of reaping the benefits of its employees, as well as large companies, and PEO service providers for the growing demand.
- Increasing Demand for the PEO Service Provider among the Small and Medium-Sized Enterprises
- Growing Demand for Efficient Management
- Increasing Demand from the End Users
- Growing Number of Small Businesses across the Globe
- Rise the Adoption of the PEO Outsourcing That Drives the Growth of the PEO Service Provider Market
- Implementation of Artificial Intelligence in the Organizations
- Short Term Restraint for the Market Due to Shutting Down of Operations & Process of Different Companies Across the Different Parts of the World Due to COVID-19 Pandemic
- Growing Adoption of SMEs Propelled by Rising Number of SMEs Globally
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are ADP, LLC (United States), Pinnacle PEO Corp (United States), Synergy HR (United States), Insperity (United States), TriNet (United States), Paychex (United States), Human Capital (United Kingdom), TEL Staffing & HR (United States), Oasis Outsourcing, LLC (United States), Ahead Human Resources (United States), Group Management Services, Inc. (United States), Alcott HR (United States), Total HR (United States), Algentis (United States), CoAdvantage (United States), FrankCrum (United States), Premier Employer Services, Inc. (United States), XcelHR (United States), Abel HR (United States) and AccessPoint (United States). Additionally, following companies can also be profiled that are part of our coverage like Acadia HR (United States), Emplicity (United States), Employer Solutions Group (United States), Justworks, Inc. (United States) and OneSource Business Solutions (United States). Analyst at AdvanceMarketAnalytics see United States Manufacturers to retain maximum share of Global PEOs (Professional Employer Organizations) market by 2025. Considering Market by , the sub-segment i.e. will boost the PEOs (Professional Employer Organizations) market.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global PEOs (Professional Employer Organizations) market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in PEOs (Professional Employer Organizations) market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Service Providers of PEOs (Professional Employer Organizations), End-Users, Potential Investors, Market Research Firms and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.