Global Payroll And Bookkeeping Market Overview
Payroll and Bookkeeping Market was valued at US$ 462.1 Billion in 2024 and is projected to grow at a CAGR of 7.50% to reach US$ 950.3 Billion by 2034.
Payroll & bookkeeping services include formations to collect information on hours worked, pay rates, deductions and other payroll-related data from their clients to generate paychecks, payroll reports, and tax filings. Payroll and bookkeeping services are progressively moving their business processes to the cloud platform to reduce their operational expenditures. Also this services helps to take out the need of installing, updating programs and reduces investments on hardware and server equipment. As well as this services are integrating with banking and accounting software, so saving time and costs and provide safety and security to data.
Factors such as growing workforce and growing demand of payroll services across various companies to ensure proper management due to its benefits factors driving the growth of the market for example serval benefits of payroll & bookkeeping services include helps to identify growth segments for investment, simplify decision making on the basis of historic and estimate data and the drivers and restraints of the market, make regional and country strategies on the basis of local data and analysis, stay abreast of the latest customer and market research findings, scale performance against key competitors, develop strategies based on likely future developments. Such benefits of payroll & bookkeeping services propel the demand of the target market. Furthermore, this software is costly for small and medium size enterprises is major restraining factor for target market. Additionally, government initiatives towards creating more employment avenues and growing start-up culture is major factor propelling the growth of target market for instance, according to thegedi.org globally, the GEI (Global Entrepreneurship Index) scores have upgraded by 3% on average since last year Index. In 2018 GEI, Asia Pacific region score best and work well in Product Innovation. Europe shows steady high scores in technology preoccupation and show average score on startup skills.
The payroll and bookkeeping market is segmented based on by type, by application, and region. By type the target market classified as bookkeeping services and payroll services. The pay roll service is expected to dominate the market in coming year, due to increasing government initiatives for creating more employment and providing an opportunity to starts such factor are driving the growth of target segment. By application the market is classified into science & technology industry, medical industry, manufacturing industry, and finance industry.
by application the science & technology industry is expected to dominate the market share, due to the growing innovation in science & technology industry therefore more start up and investment are taking place in this sector this simultaneously drives the segment growth.Based on region the Payroll and Bookkeeping market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. APAC is forecasted for largest market share in coming year with due to increasing government initiatives to provide an employment and support the startup is propelling the growth of target market in the region. For instance, the in India the government introduce of Make in India as the startup initiatives and efforts towards Digital India to invite investments from foreign countries.
Global Payroll And Bookkeeping Market Competitive Landscape & Key Players
Key players operating in the Payroll and Bookkeeping market includes Searle Hart & Associates PLLC, Payroll Post LLC, SurePayroll, Paychex, Inc., Hogan Hansen, Merry Mullen, Intuit Inc., PricewaterhouseCoopers, Global Billing Solutions Inc., and Paycor., Inc.
Global Payroll And Bookkeeping Market Company Profile
- Searle Hart & Associates, PLLC.*
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Payroll Post LLC
- SurePayroll
- Paychex, Inc.
- Hogan Hansen
- Merry Mullen
- Intuit Inc.
- PricewaterhouseCoopers
- Global Billing Solutions Inc.
- , Inc
‘marked represents similar segmentation in other categories in the respective section
FAQs
The Payroll and Bookkeeping Market report segments the market been segmented on the basis of Type, Application and Region.
The future growth of the Payroll and Bookkeeping market is expected to be driven by the continued adoption of cloud-based solutions.
North America Is Expected to Hold Largest Market Share
The leading players operating in the Payroll and Bookkeeping Market includes Payroll Post LLC, SurePayroll, Paychex, Inc., Hogan Hansen, Merry Mullen, Intuit Inc., PricewaterhouseCoopers, Global Billing Solutions Inc., Searle Hart & Associates, PLLC and others.