Payroll Services: Global Market Insights and Trends for 2024

The payroll services market size has grown steadily in recent years. It will grow from $75.21 billion in 2023 to $77.63 billion in 2024 at a compound annual growth rate (CAGR) of 3.2%. The growth in the historic period can be attributed to complex payroll regulations, small and medium-sized enterprises (SMEs) growth, globalization of businesses, focus on core competencies, competition for talent, cost savings and efficiency.

The payroll services market size is expected to see steady growth in the next few years. It will grow to $89.97 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to remote work and gig economy trends, compliance with evolving regulations, cybersecurity concerns, customization and scalability, strategic workforce planning. Major trends in the forecast period include integration of AI and automation, technological advancements, increased adoption of cloud-based payroll solutions, employee self-service portals, expansion of global payroll services.

Market Overview -
Payroll Services are third-party companies that assist businesses with payroll and HR functions using software and automated solutions. It makes operations related to correct and schedule payment easier, employee time and attendance, workers' compensation, payroll taxes, and direct deposit information.

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Mobile And Internet Proliferation Propelling Growth In Payroll Services Market
The increasing proliferation of mobile devices and the internet is expected to propel the growth of the payroll services market going forward. A mobile device refers to a compact, hand-held gadget that can make calls and contains a touch-screen display and other features. The majority of companies are introducing payroll apps to provide ease of use, unrivaled convenience, and the ability to increase employee engagement and business productivity. Thus, increasing penetration of mobile and internet will allow the users to access the payroll from anywhere. For instance, in November 2022, according to the International Telecommunication Union, a US-based specialized agency, individuals using the Internet worldwide reached 5.3 billion in 2022 from 4.9 billion in 2021. Therefore, the increasing proliferation of mobile devices and the internet are driving the payroll services market.

Competitive Landscape -
Major companies operating in the payroll services market report are International Business Machines Corporation, Deloitte Touche Tohmatsu, PricewaterhouseCoopers International Ltd., Ernst and Young Global Limited, KPMG International Limited, Automatic Data Processing Inc., HCL Technologies Limited, BDO International Inc., Intuit Inc., Insperity Inc., Workday Inc., Paychex Inc., Alight Solutions Inc., Sage Group plc, Grant Thornton LLP, Paycom Software Inc., Ceridian Inc., Nethris Inc., Neeyamo Inc., Gusto Inc., Zalaris ASA, Papaya Global Inc., CloudPay Inc., Namely Inc., Keka Inc., OnPay Inc., HRMantra Software Pvt Ltd., Infosys BPM, Vision H.R., Populis Servicos

Transforming Payroll Management Through Innovative Hr Technology Integration
Technological advancements are a key trend gaining popularity in the payroll services market. Companies operating in the payroll services market are adopting new technologies to sustain their position in the market. For instance, in December 2021, HiBob, a Germany-based modern HR technology company, launched Payroll Hub, a central dashboard on the Bob platform that automatically changes the payroll information for businesses. The Payroll Hub allows managers to ensure that all data is accurate for upcoming pay cycles, saving time and lowering the risk of error. It integrates seamlessly with top payroll providers, including ADP Workforce Today, CloudPay, TriNet, Paylocity, and more. Payroll Hub supports both single-cycle and multi-cycle schedules to meet the unique demands of midsized businesses.

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Key Segments -

The payroll services market covered in this report is segmented -

1) By Type: Payroll And Bookkeeping Services, Tax Preparation Services, Other Accounting Services
2) By Business Size: Small Business, Medium Business, Large Business
3) By Industry Vertical: Banking, Financial Services and Insurance (BFSI), Consumer and Industrial Products, IT and Telecommunication, Public Sector, Healthcare, Other Industry Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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