The Multi-country Payroll (MCP) solutions market is among the most competitive and fastest-growing markets in the Human Resources Outsourcing (HRO) space. The importance of MCP solutions has further increased following COVID-19, due to the increasing need to ensure compliance and employee wellness and reduce costs through the digital transformation of payroll systems. Therefore, providers have upped the ante when it comes to providing next-generation MCP solutions and services to clients. They are adding significant capabilities to their platforms in terms of dynamic and configurable dashboards, advanced analytics, automation, cloud implementation, and various advanced employee support features. They are also investing in enhancing their delivery footprint and service scope to keep up with the demands of this fast-growing market. In this research, we analyze the MCP market across various dimensions:
Impact of COVID-19 on MCP solutions
MCP market overview
Solution and transaction trends
Service provider landscape
Outlook in the medium term
Scope
Deals for which the payroll calculation (gross-to-net) has been necessarily outsourced
Deals that have at least two countries in scope
Deals for which the payroll solution (technology/platform) is included in the scope
All industries and geographies
Contents
This report provides comprehensive coverage of the 2019-2020 MCP solutions market and analyzes it across various dimensions such as market overview, solution and transaction trends, and service provider landscape. Some of the report’s findings are:
The MCP market grew rapidly at 13-15% from 2018 to 2019. Growth is expected to pick up after a slight slump in 2020
Proactive measures taken by service providers in 2020 helped cushion the pandemic’s impact
Buyers headquartered in North America and Europe, the two most mature markets, are leading MCP adopters globally. Adoption is increasing in the emerging markets of Asia Pacific and Latin America
The market has experienced strong adoption from small and midsized MNCs spread across two to five countries
ADP, Alight Solutions, and TMF Group dominate the MCP market in terms of market revenue. The three companies together hold a majority of the total market revenue
