South America Payroll Outsourcing  Market By Product Type (Salary Information Collection, Salary Calculation, Salary Auditing, Salary Processing, Salary Customized Report Forms), By End-Use (Large Enterprises, Smes), And By Region – South America Forecast To 2029

Market.us announces the publication of its most recently generated research report titled, “South America Payroll Outsourcing Market by Product Type (Salary Information Collection, Salary Calculation, Salary Auditing, Salary Processing, Salary Customized Report forms), By End-USe (Large Enterprises, SMEs), and by Region – South America Forecast to 2029.”, which offers a holistic view of the South America Payroll Outsourcing market through systematic segmentation that covers every aspect of the target market.

The South America Payroll Outsourcing market is projected to be US$ 595.8 Mn in 2018 to reach US$ 827.0 Mn by 2028 at a CAGR of 3.7%.

Large enterprises may take advantage of an external firm to handle all payroll functions in order to save time and money, reduce the need for in-house trained payroll staff, purchase and maintain appropriate software packages, and stay compliant with updated labor and salary legislation. Moreover, with the exponential growth of small and medium enterprises across the globe, even SMEs are looking at payroll functions with keen interest. Payroll outsourcing eliminates the necessity to hire qualified accounts personnel for doing salary-related tasks. In large companies, there are several employees with varying salaries, and handling the salary calculation and processing can be a laborious task and may also lead to errors.

Payroll outsourcing firms or solutions manage these end-to-end administrative tasks for companies while reducing time, and money, without any room for errors. In other words, payroll outsourcing is exporting some or all of payroll administration to a specialist third-party organization. The payroll package will integrate with the existing business infrastructure, including the HR department, and deliver its services each pay cycle.

For the past couple of years, an increasing number of multinational companies are focusing on converting Brazil and other South American countries into their manufacturing and outsourcing hubs. Robust growth in the number of business enterprises in South America, both national and interregional, is a major factor anticipated to fuel the growth of the South American payroll outsourcing market.

South America Payroll Outsourcing  Market Revenue (US$ Mn), 2018–2028

However, skilled professionals in the field of accounting are required by payroll outsourcing companies. However, the lack of skilled professionals could be a factor that may hinder the growth of the South American payroll outsourcing market to a certain extent. Nonetheless, in terms of penetration, South America still remains a largely untapped market for payroll outsourcing services. An early entry in this region can provide lucrative opportunities to several key players in the market, which is expected to further augment the global payroll outsourcing market growth.

The South America Payroll Outsourcing market is segmented on the basis of product type, and application. On the basis of product type, the market is segmented into Salary Information Collection, Salary Calculation, Salary Auditing, Salary Processing, Salary Customized Report forms, and the Salary Processing segment accounts for the majority share and is expected to register the highest growth over the forecast period, followed by Salary Calculation segment. On the basis of application, the market is segmented into Large Enterprises and SMEs. The Large Enterprise segment accounts for a majority share in the South America Payroll Outsourcing market.

South America Payroll Outsourcing  Market by Product Type, 2018

The research report on the South America Payroll Outsourcing market includes profiles of some major companies such as International Business Machines Corporation, The Sage Group plc, Xerox Corporation, KMC solutions, Automatic Data Processing (ADP) India, Zalaris ASA, and Tata Consultancy Services Limited.

Key Market Segments:

Product Type

• Salary Information Collection
• Salary Calculation
• Salary Auditing
• Salary Processing
• Salary Customized Report Forms

End-User

• Large Enterprises
• SMEs

Key Market Players included in the report:

• International Business Machines Corporation
• The Sage Group plc
• Xerox Corporation
• KMC solutions
• Automatic Data Processing (ADP) India
• Zalaris ASA and Tata Consultancy Services Limited.