The Payroll Services Global Market Report 2023, provides comprehensive information on the payroll services market across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.

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As per The Business Research Company’s Payroll Services Global Market Report 2023, the market size 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 global payroll services market size is expected to reach $80.66 billion in 2027 at a CAGR of 2.1%.

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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.

The payroll services market 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

Asia-Pacific was the largest region in the payroll services market in 2022.

The table of contents in TBRC’s payroll services market report includes:

Executive Summary
Payroll Services Market Characteristics
Payroll Services Market Trends And Strategies
Payroll Services Market - Macro Economic Scenario
Payroll Services Market Size And Growth
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Africa Payroll Services Market
Payroll Services Market Competitive Landscape And Company Profiles
Key Mergers And Acquisitions In The Payroll Services Market
Payroll Services Market Future Outlook and Potential Analysis
Appendix
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