MarketResearchReports.biz has added a research report to its market intelligence repository on the ICT domain. The report, titled “Global Payroll Outsourcing Market 2016-2020,” outlines the key factors that are expected to influence this market through a more detailed perspective formed by gathering recent and past data and using market analysis tools to draw an accurate projection for the market’s future till 2020.
According to the report, the global payroll outsourcing market is projected to exhibit a CAGR of 4.40% between 2016 and 2020. The primary driver for the global payroll outsourcing market is the increasing demand for more visibility in a payroll cost structure. Outsourcing firms offer a high level of visibility in their processes, which is adding to the benefits availed by the client company.
One of the major restraints acting on the global payroll outsourcing market is the overall lack of guarantee that these companies can offer. Most outsourcing companies are unable to offer services that are proven due to the complexity required in customizing the processes for each client.
The global payroll outsourcing market is, however, still poised to keep growing at a positive rate, thanks to the major market trend of adopting new technology to improve workflow.
The report explains the role of the global payroll outsourcing market in terms of its importance for major clients and companies to make their business decisions. Payroll outsourcing is currently considered to be a major – and the fastest-growing – segment of the global market for human resource outsourcing. Major organizations are showing a high rate of adoption of payroll outsourcing services as a part of efficient cost reduction strategies.
Companies may outsource individual processes or their entire services to optimize their workflow and functionality as desired. This, coupled with the cost reduction due to not having to build an in-house team, are two of the major benefits that companies can avail through the global payroll outsourcing market.
The report also details the geographical differences that play a part in influencing the global payroll outsourcing market. It highlights the three major regional markets of Asia Pacific, EMEA, and the Americas.
The report describes the competitive landscape of the global payroll outsourcing market by naming its top players. Details of these companies are given in terms of company profile and major business decisions. The key vendors in the global payroll outsourcing market, as given in the report, are Workday, NGA, Genpact, Ceridian, and ADP. Other prominent vendors mentioned in the report include IBM, Accenture, HP, Infosys, Ramco Systems, Caliber Point, Steria, and TDS.
The report therefore covers the entirety of the present scenario of the global payroll outsourcing market and marks areas where vendors can show growth between 2016 and 2020. The report also calculates the market size by incorporating revenue generation by third-party service providers to whom the payroll services have been outsourced.
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