Albany, NY -- (SBWIRE) -- 10/24/2016 -- Payroll outsourcing is the fastest-growing segment of the global human resource outsourcing (HRO) market. Organizations are rapidly adopting payroll services to achieve cost reduction. They either outsource a single process or the entire services to enhance the existing function. Managing payroll in-house involves high costs. Organizations that maintain an in-house team for tasks such as payroll, time and attendance, workforce administration, and benefits administration spend 20% more than organizations that outsource the same functions.

The majority of payroll outsourcing functions are related to finance and accounting (F&A), human capital management (HCM), and shared service centers. The HR department uses outsourcing services more commonly than any other departments.

The global payroll outsourcing market to grow at a CAGR of 4.4% during the period 2016-2020. The report covers the present scenario and the growth prospects of the global payroll outsourcing market for 2016-2020. To calculate the market size, the report considers the revenue generated from payroll services outsourced to third-party service provider.

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Technavio's report, Global Payroll Outsourcing Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
- ADP
- Ceridian
- Genpact
- NGA
- Workday

Other prominent vendors
- Accenture
- Caliber Point
- Cegadim SRH
- CGI
- Excellerate HRO
- HP
- HR Access
- IBM
- Infosys
- Logica
- Neeyamo
- Paychex
- Ramco Systems
- Safeguard
- Steria
- TDS
- Workday

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Key questions answered in this report:
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?

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