Lewes, DE -- (SBWire) -- 02/18/2016 --Report forecast the 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.
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.
The market is divided into the following segments based on geography:
- APAC
- Americas
- EMEA
According to the report, clients typically prefer vendors with domain expertise and those that conform to strict service levels agreements. The primary focus includes providing a hassle-free environment for HR professionals to drive and develop strategic activities, rather than spending time on administration and transactional duties.
Further, the report states that Payroll companies that have never dealt with unique aspects of payroll functions might unknowingly introduce errors into the payroll system, resulting in administrative problems.
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.
key players in the Global Payroll Outsourcing Market: ADP, Ceridian, Genpact, NGA and Workday.
Other Prominent Vendors in the market are: Accenture, Caliber Point, Cegadim SRH, CGI, Excellerate HRO, HP, HR Access, IBM, Infosys, Logica, Neeyamo, Paychex, Ramco Systems, Safeguard, Steria, TDS and Workday.
Market driver
- Need for payroll cost visibility
- For a full, detailed list, view our report
Market challenge
- Inability to offer proven services
- For a full, detailed list, view our report
Market trend
- Improved usage of technology
- For a full, detailed list, view our report
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?
Spanning over 62 pages and 24 Exhibit "Global Payroll Outsourcing Market 2016 - 2020" report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market Overview, Market Landscape, Product segmentation, Geographical segmentation, Market drivers, Impact of drivers, Market challenges, Impact of drivers and challenges, Market trends, Vendor landscape, Key vendor analysis, Appendix.
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