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How big is the payroll services market today, and what are its future growth expectations?
The payroll services market size has grown steadily in recent years. It will grow from $71.14 billion in 2024 to $73.37 billion in 2025 at a compound annual growth rate (CAGR) of 3.1%. 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 $85.73 billion in 2029 at a compound annual growth rate (CAGR) of 4.0%. 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.
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What are the top drivers to the rising demand in the 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.
How is the payroll services market segmented?
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
Subsegments:
1) By Payroll And Bookkeeping Services: Payroll Processing, Employee Record Management, Payroll Reporting
2) By Tax Preparation Services: Individual Tax Preparation, Business Tax Preparation, Tax Consulting Services
3) By Other Accounting Services: Financial Statement Preparation, Accounts Payable and Receivable Management, Budgeting And Forecasting Services
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Who are the top competitors in the payroll services market?
Major companies operating in the payroll services market include 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
What significant trends should we anticipate in the payroll services market over the forecast period?
Major companies operating in the payroll services market are adopting new technologies, such as platform-based payroll software, to sustain their position in the market. Platform-based payroll software refers to a cloud-based system designed to manage and automate payroll processes. For instance, in February 2024, Ramco Systems Limited, an India-based enterprise software product and platform provider, launched Ramco Payce, a comprehensive, cloud-based payroll platform designed to streamline payroll management and compliance for organizations across multiple geographies. With features like swift implementation in under six weeks, no-code rule building, lightning-fast payroll processing, real-time compliance updates, and on-demand reporting, Payce enhances efficiency and accuracy. The software allows remote access, empowering organizations to manage payroll data flexibly.
Which regional trends are influencing the payroll services market, and which area dominates the industry?
The countries covered in the payroll services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Payroll Services Market Report 2025 Offer?
The payroll services market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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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