Payroll Services Industry Procurement Intelligence Day One Analysis Report, 2020 – 2027
Procurement
Outlook
A payroll service provider is a company that specializes in
payroll operations for their customers to ensure that the client’s employees
are paid on time without any discrepancy and the client’s legal obligations
related to payroll are met. The matrices that a payroll service provider
operates with a monitoring employee work time and attendance, setting up or
maintaining the direct deposits to a salary account, calculation of payroll
taxes, calculation of incentives, bonuses, or other similar variables included
in the payroll of their client’s company, integrating third party 401(K) and
employee benefit plans, ensuring, storing and sharing payment records, and
ensuring compliances related to payroll as mandated by the state or nation.
However, in the age of bundled services, a service provider
often provides an assortment of functions like deposits and withdrawals,
withholding and payment garnishment, and new-hiring reporting to name a few.
Therefore, prices that are charged are often charged for the bundled services
provided rather than just payroll options unless that is the specific
requirement.
Read report summary: PayrollServices Industry Procurement Intelligence
Demand
Outlook
The global market for payroll service was valued at USD 9.08
billion in 2020 and is projected to grow at a CAGR of 4.4% between 2020 and
2027. From a growth standpoint, the growth rate is comparable across all
geographies. From a customer segmentation perspective, the maximum growth is
expected to come from multi-country payroll contracts. Multi-country payroll
services are currently representing just over 15% of the overall payroll
services industry.
North America and Europe are the dominant markets for payroll
services and APAC is emerging as a major region for payroll service. There is a
surge in cloud migration with several payroll service providers shifting to
cloud-based software which streamlines payroll calculation. Among the types of
services provided, cloud-based software is expected to register the fastest
growth rate among all types of payroll services based on installation.
Cost
Drivers
The COVID-19 pandemic led to several changes for the payroll services category. Consumers have demonstrated a trend to opt for a single global provider with an MCPO sourcing model. Also, the service providers are opting to shift to a cloud-based service model. While these appear to be separate industry drivers, one thing that remains common is the reduction in geographic dependencies. Along with this, comes an increase in automation of tasks and hence fewer analyst hours spent over redundant or iterative tasks.
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