New York, June 26, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Payroll Services Global Market Report 2023" - https://www.reportlinker.com/p06464000/?utm_source=GNW
, Workday Inc., Alight Solutions Inc., Infosys BPM, Automatic Data Processing Inc., Gusto Inc., Paycom Software Inc., Paychex Inc., and Namely.
The global payroll services market is expected to grow from $72.14 billion in 2022 to $74.29 billion in 2023 at a compound annual growth rate (CAGR) of 3.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The payroll services market is expected to reach $80.66 billion in 2027 at a CAGR of 2.1%.
The payroll services market includes revenues earned by providing time tracking integration, expense management, payroll reports, tax filing, and more.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Payroll Services are third-party companies that assist businesses with payroll and HR functions using software and automated solutions. It make operations related to correct and schedule payment easier, employee time and attendance, workers’ compensation, payroll taxes, and direct deposit information.
Asia-Pacific was the largest region in the payroll services market in 2022. The regions covered in payroll services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of payroll services are payroll and bookkeeping services, tax preparation services, and other accounting services, which are used in small businesses, medium-sized businesses, and large businesses.Payroll and bookkeeping services refer to the processes for paying and managing award rates to staff and the day-to-day management of the company’s finances.
These are used in several industry verticals, including BFSI, consumer and industrial products, IT and telecommunications, the public sector, healthcare, and others.
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, according to the Pew Research Center, a nonpartisan American think tank, the percentage of Americans who own a smartphone climbed from 81% in February 2019 to 85% in February 2021, which was just 35% a decade ago (in 2011). Furthermore, in November 2022, according to International Telecommunication Union, a US-based specialized agency, individuals using the Internet worldwide reached to 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.
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.
In November 2022, Deel, a US-based privately held payroll and compliance provider, acquired PayGroup Limited for approximately $80 million.This transaction extends Deel’s clientele in the Asia-Pacific region, strengthens its position as a leader in the worldwide payroll industry, and scales its payroll and HCM capabilities.
PayGroup is an Australia-based provider of payroll and human capital management (HCM) solutions.
The countries covered in the payroll services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The payroll services market research report is one of a series of new reports that provides payroll services market statistics, including payroll services industry global market size, regional shares, competitors with a payroll services market share, detailed payroll services market segments, market trends and opportunities, and any further data you may need to thrive in the payroll services industry. This payroll services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464000/?utm_source=GNW
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