Employer of Record Platform Market Size, Share, Growth, and Industry Growth by Type (Aggregator Model and Wholly Owned Infrastructure Model) By Application (SMEs and Large Enterprises), Regional Forecast to 2031

Updated On: 08 April 2024

Employer of Record Platform Market REPORT OVERVIEW

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The global employer of record platform market is expected to grow from USD 4299.1 million in 2021 to USD 8045.4 Million by 2031, at a CAGR of 6.8% from 2021 to 2031. 

An employer of record (EOR) is a third-party organization. The software applications take accountability for all formal occupation tasks on behalf of any other company. It allows companies to efficiently and legally engage with overseas workers in a new state or country. The software offers to manage the hiring time and ensure an effective hiring process.

The market growth is anticipated to expand due to the lack of an international market and ease of business. The absence of additional payroll tax requirements is expected to boost the product adoption. Increased need for payroll processing and the presence of several payroll solutions is anticipated to accelerate market growth. The service offers ease of business and immigration compliance is predicted to fuel market progress. Huge technological development and rise in software adoption in multiple businesses and enterprises. EORs helps in saving money before hiring a new employee. Increased employee rate and growing need for payroll processing for international staff. The software manages bank fees, payment options, and currency conversion. Rapid development in small and medium businesses is expected to drive market growth. Adopting EOR can help businesses reduce compliance infractions and risks of penalties. EORs have several benefits, such as ensuring the workplace is proper and safe, and the increased need for a highly productive workforce is anticipated to drive market growth in the upcoming years. On the contrary, the higher cost of the service is anticipated to hamper market progress.

COVID-19 Impact: Uncertain Scenario and Lower Production Activities to Minimize Market Growth

The spread of COVID-19 pandemic affected several businesses. Closing of multiple business and enterprises due to lockdown restrictions reduced market progress. Further, uncertain scenario and lower production activities to minimize market growth. Also, supply and chains disruptions and travel ban across the globe hinder market development.

LATEST TRENDS

"Rise in Need for Effective Business Methods to Stimulate Market Progress"

The growing awareness about effective business strategies. The huge adoption of modern technology to perform business responsibilities is anticipated to fuel market growth. The rise in demand for service in small and large businesses and the growing need to speed up business growth is predicted to fuel market progress. EORs have several benefits, such as ensuring the workplace is proper and safe, and an increased need for a highly productive workforce is anticipated to drive market growth in the upcoming years.

Employer of Record Platform Market SEGMENTATION

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• By Type

Based on type, the market is divided into the aggregator model and wholly owned infrastructure model.

• By Application

Based on the application, the market is divided into SMEs and large enterprises.

Large enterprises are expected to be the top part of application segmentation.

DRIVING FACTORS

"Increased Adoption of Service in Large Enterprises to Fuel Market Growth"

Growing adoption of the service in large enterprises and lack of international market and ease with business. Absence of additional payroll tax requirements is expected to boost the product adoption. Increased need for payroll processing and the presence of several payroll solutions is anticipated to accelerate market growth. The service offers ease of business, and immigration compliance is predicted to fuel market progress. Huge technological development and rise in software adoption in multiple businesses and enterprises. EORs helps in saving money before hiring a new employee. Increased employee rate and growing need for payroll processing for international staff. The software manages bank fees, payment options, and currency conversion, which is predicted to drive market progress.

"Additional Benefits of Hiring an EORs to Foster Market Progress"

The adoption of EORs offers an easy hiring procedure by ensuring the workplace is proper and safe. The software manages bank fees, payment options, and currency conversion. Rapid development in small and medium businesses is expected to drive market growth. EORs handle payroll taxes, returns, and deductions. The software is capable of selecting from a variety of payroll solutions and delivering pay stubs. It helps to reduce the expenses of local incorporation, which is predicted to drive market growth.

RESTRAINING FACTORS

"High Cost of Employer of Record Platform to Hinder Market Growth "

The higher cost of the service is anticipated to hamper market progress in the forthcoming years.

Employer of Record Platform Market REGIONAL INSIGHTS

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"Growing Need for a Highly Productive Workforce in North America to Drive Market Share "

North America is expected to be the most profitable region for an employer of record platform market share owing to an increased need for a highly productive workforce. Rapid research and development activities are predicted to fuel market growth. The service offers human resources competence and acts as a business server with several benefits. Increased need for payroll processing and the presence of several payroll solutions is anticipated to accelerate market growth. The service offers ease of business, and immigration compliance is predicted to fuel market progress. Huge technological development and rise in software adoption in multiple businesses and enterprises. EORs helps in saving money before hiring new employee. Increased employee rate and growing need for payroll processing for international staff. The software manages bank fees, payment options, and currency conversion. Rapid development in small businesses and medium business is expected to drive market growth.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Adecco (Switzerland)
• Randstad (Netherlands)
• Aquent (U.S.)
• FoxHire (U.S.)
• Infotree Global (India)
• Safeguard Global (U.S.)
• Velocity Global (U.S.)
• Globalization Partners (U.S.)
• Shield GEO (U.K.)
• Acumen International (U.K.)
• Remote Team (Gusto) (U.S.)
• Deel (U.S.)
• Remote Technology (U.S.)
• Elements Global Services (Spain)
• Papaya Global (U.S.)
• Universal Hires (Germany)
• CIIC (Japan)
• Links International (China)
• New Horizons Global Partners (Singapore)
• Sky Executive (China)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.