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Payroll Outsourcing Services Market Demand Is Expected To Rise at A 6.1% Value CAGR by 2033; Fact.MR Study

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Rockville, Feb. 27, 2023 (GLOBE NEWSWIRE) — The global payroll outsourcing services market was valued at US$ 17000 Million in 2022. During the 2023-2033 period of assessment, demand is expected to rise at a 6.1value CAGR, likely to surpass a valuation of US$ 32607.5 Million by the end of 2023-2033.

The increasing adoption of payroll services in various organizations to reduce expenses is likely to drive the payroll outsourcing services market during the forecast period. Human Capital Management (HCM), Finance and Accounting (F&A), and various service centers used payroll-outsourcing services either for a single process or outsourcing the entire service.

Increased demand for standardized process, technology, and governance are expected to provide opportunities for the growth of the payroll outsourcing services market. The growing popularity of employee self-service (ESS) and the payroll outsourcing market with human resources are driving the payroll outsourcing services market.

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Report Attributes
             Details
Forecast Period        2023 – 2033
Value Projection (2032)      US$ 32607.5 Million
Growth Rate (2022-2032)              6.1 % CAGR
No. of Pages              170 pages
No. of Tables             41 Tables
No. of Figures            74 Figures

Key Takeaways from Market Study

  • The global payroll outsourcing services demand is likely to surge at a 6.1% CAGR during the forecast period.
  • North America dominates the global payroll outsourcing services market, with a market share of 37% and registering a value of 6290Million
  • Based on Customer, Small size company, accounting for a market share of 41% over the forecast period
  • By end-user, the services segment will remain the most prominent user, accounting market share of 23% throughout the forecast period

“Increasing application of payroll outsourcing in various end-use industries is projected to drive the growth of the payroll outsourcing services market”, says a Fact.MR analyst.

The demand for payroll outsourcing services has increased owing to features like possessing security, functionality, scalability, easy access, and low cost. The growing trend of multi-country payroll outsourcing (MCPO), bundling payroll services, and process automation is further contributing to the market growth. 

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Competitive Landscape

Examples of some of the market participants in the global payroll outsourcing services market identified across the value chain include ADP, Gusto, Infosys Limited, International Business Machines Corporation, Intuit Quickbooks, Keka Inc., KPMG, OnPay, Papaya Global, Paychex, Sage Group plc, Square, SurePayroll, Vision H.R, Workday Inc., Zalaris ASA among others.
To achieve a substantial market share in the worldwide payroll outsourcing services market players are strengthening their position, pursuing expansion methods such as current developments, mergers and acquisitions, collaborations, and partnerships, joint ventures.

Some of the development is as follows-

  • In November 2021, ADP announced that it has acquired Integrated Design, Inc. (IDI). By further integrating IDI’s expertise with ADP’s global reach and comprehensive HCM and Workforce Management solutions, clients will have access to an enhanced payroll and HR experience that will allow them to better grow and scale their businesses.
  • In August 2022, Sage, launched Sage People Payroll in the US and UK.
  • In September 2022 – Paychex, Inc., announced the company’s SaaS-based HR software solution, a new conversational artificial intelligence (AI) feature called Paychex Voice Assist.
  • In October 2022, KPMG in India & IBSFINtech announced an alliance relationship to offer their clients a holistic suite of corporate treasury automation solutions, thus helping them to accelerate the digital transformation of their treasury function.

Key Segments Covered in the Payroll Outsourcing Services Industry Report

  • By Customer Type :
    • Small Size Company
    • Mid-size Company
    • Large Enterprises
  • By End-use Industry :
    • Services
    • Manufacturing
    • BFSI
    • Healthcare
    • Retail
    • Oil& Energy
    • Public Sector
    • Others
  • By Region :
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia and Oceania
    • Middle East & Africa

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More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the payroll outsourcing services market, presenting historical demand data (2018-2022) and forecast statistics from 2023 to 2033.

The study divulges essential insights into the payroll outsourcing services market Analysis Report by Customer Type (Small Size Company, Mid-size Companies, Large Enterprises) by End-use Industry (Services, Manufacturing, BFSI, healthcare, Retail, Oil& Energy, Public Sector, Others) By Region – Global Forecast 2022-2032

Key Questions Covered in the Payroll Outsourcing Services Market Report

  • What is the projected value of the Payroll Outsourcing Services Market in 2023?
  • At what rate will the global Payroll Outsourcing Services Market grow until 2033?
  • Which are the factors hampering the growth in the Payroll Outsourcing Services Market?
  • Which region is expected to lead in the global Payroll Outsourcing Services Market during 2023 to 2033?
  • Which are the factors driving the Payroll Outsourcing Services Market during the forecast period?
  • What is the expected market value of the Payroll Outsourcing Services Market during the forecast period?

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Tata Elxsi and Telefónica Collaborate to Achieve True Cloud-Native Infrastructure Management, Revolutionising Telecommunications Landscape

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BENGALURU, India and BARCELONA, Spain, Feb. 27, 2024 /PRNewswire/ — Tata Elxsi and Telefónica proudly announce a groundbreaking achievement in the realm of the automation of cloud infrastructure for telecommunications, with the successful implementation of true cloud-native infrastructure management powered by ETSI Open-Source MANO (ETSI OSM). This milestone represents a significant evolution in network management, enabling operators to build intent-driven network systems with unprecedented efficiency and agility.

Through this collaboration, Tata Elxsi and Telefónica have enhanced the capabilities of OSM, introducing innovative features such as infrastructure automation, serverless operations execution environments, and the deployment of multi-cloud Platform-as-a-Service (PaaS) solutions. These advancements mark a new phase in the evolution of Telco Cloud technologies and signify a commitment to driving digital transformation across the telecommunications industry.
The integration of OSM with Tata Elxsi’s award-winning NEURON platform represents a pivotal moment in multi-domain transformation towards autonomous network systems. NEURON’s business intent-driven functionalities, coupled with OSM’s platform, provide operators with unparalleled control and flexibility in managing complex infrastructures.
“In our collaboration with Tata Elxsi, our objective is to advance the boundaries of technology and standardization, propelling operators towards cloud-native agility,” emphasised Francisco-Javier Ramón, Multicloud Tools Manager in gCTIO Unit at Telefónica.
“We are thrilled to partner with Telefónica to revolutionize the orchestration landscape,” commented B. Ramesh Ramanathan, Principal Architect, CTO Office at Tata Elxsi. “This collaboration enhances our presence within the open-source community and propels NEURON towards the realm of 5G and beyond and autonomous networks.”
The strategic collaboration between Tata Elxsi and Telefónica sets the stage for future advancements in Telco Cloud technology, paving the way for cutting-edge solutions that address the evolving needs of the telecommunications industry.  Powered by OSM, NEURON now possesses the capability to seamlessly integrate infrastructure, services, security, networking, and configuration into a unified, intent-driven deployment.
Please visit MWC Hall 2 – 2A53MR to see the joint demonstration by Telefónica and Tata Elxsi.
About Tata Elxsi
Tata Elxsi is a global design and technology services company that blends technology, creativity, and engineering to help customers transform ideas into world-class products and solutions. With expertise in industries such as automotive, broadcast, communications, healthcare, and more, Tata Elxsi is committed to driving innovation and delivering value to its clients worldwide. For more information, visit www.tataelxsi.com.
About Telefónica:
Telefónica is a leading telecommunications company operating in Europe and Latin America. With a presence in over 15 countries and a customer base exceeding 350 million, Telefónica is committed to providing cutting-edge solutions and services that enable individuals, businesses, and communities to connect and thrive in the digital world.
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Netcore Unbxd’s Strategic Expansion in Europe Fuels 150% Revenue Growth, Redefining Ecommerce in Europe

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LONDON, Feb. 27, 2024 /PRNewswire/ — Netcore Unbxd, a leading AI-powered Commerce Search and Product Discovery landscape player, proudly announces exceptional growth in the UK and European markets. This growth which has tripled in the last year, is marked by the successful onboarding of market-leading retailers, including Waitrose, Unilever Europe, Camper Footwear, Dobbies, Alohas, OceansApart, Goodform, and ResMed Europe. What sets this accomplishment apart is its tangible impact on the retailer’s bottom line, as they leverage the advanced capabilities of Netcore Unbxd’s platform, resulting in an impressive 40% surge in revenue and a substantial 25% increase in conversions.

As a wholly owned subsidiary of Netcore Cloud Pvt Ltd, Netcore Unbxd has strategically scaled its teams across key markets in the UK, France, Spain, and Portugal. Unbxd’s data infrastructure spans five regions, including one in the EU. Additionally, the region has established a comprehensive Go-To-Market (GTM) team comprising skilled professionals in customer success, account management, and sales to reinforce its commitment to providing exceptional services and support to its expanding clientele.
Netcore Unbxd’s success lies in the compelling stories of its customers, which include:
Fishpools, a significant player in the UK furniture industry, experienced a 51% increase in Average Order Value (AOV) and a 20% surge in search-related revenue within 12 months of implementing the Unbxd platform.Wex Photo Video, a leading electronics retailer, saw a remarkable 35% reduction in bounce rates within the same period.The company’s recognition as a leader in the Forrester Wave report in the Commerce Search and Product Discovery category in Q3 of 2023 further solidifies its position in the market. This is in addition to Netcore’s previous recognition as a top vendor in Email Marketing Services (Q1 2022) and Cross-Channel Marketing (Q1 2023).
Netcore Unbxd’s advanced AI technology empowers retailers to deliver highly personalised shopping experiences, optimising product discovery and ensuring a seamless shopper journey. The region’s platform has been highly successful, offering enterprise features such as omnichannel search, natural language processing (NLP) models, and multi-language understanding. Recent collaborations with industry leaders such as Unilever and Waitrose highlight the platform’s effectiveness across diverse UK and European sectors.
Nishant Jain, COO of Netcore Unbxd, stated, “Our vision is to revolutionise the ecommerce landscape by leveraging AI technologies like large language models (LLMs) and vector models to enhance product discovery. Netcore Unbxd, a platform designed for enterprise retailers, has observed a significant 150% growth in revenue within the region over the past year.”
Laura Burbedge, Director of Online at Waitrose, said, “We know that our customers are busy and have lots of demands on their time – they need to be able to fill their online shopping trolley quickly and easily with minimal effort. Through working with Unbxd we have already seen a significant improvement in customer satisfaction with our search feature, with more personalised results.”
As AI continues to evolve in ecommerce, Netcore Unbxd remains well-positioned to leverage innovative solutions that empower businesses to stay ahead of the curve.
About Unbxd
Netcore Unbxd is a cutting-edge AI-powered product discovery platform that elevates the ecommerce experience with personalised interactions. By providing a range of solutions, including contextually relevant Search, Personalisation, and Product Recommendations, alongside an intelligent Product Information Management (PIM) platform and an intuitive merchandising console, Unbxd offers brands the tools to optimise their ecommerce objectives. Noteworthy global brands such as Unilever, MattressFirm, Waitrose, Advance Auto Parts, Dillard’s, The Children’s Place, HSN, and Wex have trusted Unbxd. Across the world, Unbxd consistently delivers exceptional shopping journeys to countless online visitors at scale.
Media Contact:Mekhala [email protected] 
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ZwickRoell selects IFS Cloud to drive operational efficiency and support growth

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IFS Cloud ERP will streamline ZwickRoell’s processes to reduce complexity and improve efficiencies to build business resilience.
LONDON, Feb. 27, 2024 /PRNewswire/ — IFS, the global cloud enterprise software company, today announced that ZwickRoell Gmbh & Co.KG, a leading worldwide manufacturer of materials testing equipment, has selected IFS Cloud in a strategic move to harmonize its business processes and deliver enhanced visibility across its operations.

The move to IFS Cloud was driven by the need to modernize its current Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) solution, which could no longer meet the business’ requirements needed to support its strategic growth plans.  Amid industry challenges, including global supply chain disruption, meeting sustainability goals and readiness for increased automation, ZwickRoell sought a new solution that would simplify its daily operations and eliminate existing IT operating risks.
IFS Cloud will enable the company to harmonize its disparate systems and simplify processes across its operations, driving continuous improvements and efficiency. With IFS Cloud, ZwickRoell will benefit from a single, composable digital platform that is designed to fit the needs of its complex manufacturing cycle today, from product development through to service and maintenance, and scale in future.
A key advantage of IFS Cloud is its evergreen model, which allows ZwickRoell to seamlessly integrate composable business applications across ERP, Enterprise Asset Management (EAM) and Field Service Management (FSM) as needed, enabling a solid data foundation across organization, and therefore delivering faster time to insight and minimizing costs. IFS Cloud will also enable the company to easily integrate users from MS Dynamics CRM systems, one of ZwickRoell’s key requirements.
Klaus Cierocki, CEO of ZwickRoell, said: “We are excited to begin a new chapter with IFS. Their manufacturing industry expertise and leading enterprise software differentiated them during the competitive selection process and they have given us complete confidence that they will support. IFS Cloud will provide us with the single platform that we knew was necessary to properly support our entire manufacturing and production cycle, ultimately helping us deliver better value to our customers and to build resiliency and agility into our business.”
Frank Beerlage, Managing Director DACH, IFS, said: “ZwickRoell is a strong family-run organization with traditions reaching back 160 years. Its values of honesty and fairness and its commitment to its customers are deeply aligned with IFS’s own mission. Globally, we are seeing manufacturers are increasingly accelerating their adoption of cloud-enabled solutions to enable the agility needed in the face of global challenges. We look forward to partnering with ZwickRoell on their digital transformation journey with IFS Cloud a core part of their strategic growth plans.”
The scale of deployment will include 1,390 users and two sites in Germany and Austria, with an 18-month global rollout to follow.
About ZwickRoell
For more than 160 years ZwickRoell has delivered outstanding technical performance, innovation and quality, in materials and component testing. ZwickRoell testing machines are used in R&D and quality assurance in more than 20 industries with one common goal – reliable test results This is ensured by a team of 1,900 dedicated employees in +50 countries, with competence, openness and passion.
Learn more about how automation and digitalization can make testing processes more efficient, simpler and safer at zwickroell.com  
About IFS
IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build and maintain assets, and manage service-focused operations. Within our single platform, our industry specific products are innately connected to a single data model and use embedded digital innovation so that our customers can be their best when it really matters to their customers-at the Moment of Service™. The industry expertise of our people and of our growing ecosystem, together with a commitment to deliver value at every single step, has made IFS a recognized leader and the most recommended supplier in our sector. Our team of over 6,000 employees every day live our values of agility, trustworthiness, and collaboration in how we support our 6,500+ customers. Learn more about how our enterprise software solutions can help your business today at ifs.com.
IFS Press Contacts:EUROPE / MEA / APJ: Adam GillbeIFS, Director of Corporate & Executive CommunicationsEmail: [email protected]: +44 7775 114 856
NORTH AMERICA / LATAM: Mairi MorganIFS, Director of Corporate & Executive CommunicationsEmail: [email protected]: +44 7018 607 299
The following files are available for download:
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