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AI-Driven Market Transformation, Payroll Outsourcing Services Expected to Grow by USD 5.99 Billion from 2024-2028, Boosted by Demand for Cost Visibility

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NEW YORK, Sept. 26, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global payroll outsourcing services market size is estimated to grow by USD 5.99 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.79% during the forecast period. Growing need for payroll cost visibility is driving market growth, with a trend towards rise of multi-country and centralized outsourcing models. However, issues related to geographical transition poses a challenge. Key market players include Acara Solutions India, Accenture Plc, Alight Solutions LLC, Automatic Data Processing Inc., Ceridian HCM Holding Inc., Complete Payroll Solutions, Deloitte Touche Tohmatsu Ltd., Hewlett Packard Enterprise Co., Hexaware Technologies Ltd., Infosys Ltd., International Business Machines Corp., Intuit Inc., Paycom Software Inc., Paycor Inc., Ramco Systems Ltd., Safeguard World International LLC, TalentPro, The Access Group, Wipro Ltd., and Workday Inc..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Payroll Outsourcing Services Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 4.79%

Market growth 2024-2028

USD 5993.7 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.49

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 55%

Key countries

US, UK, Germany, China, and Australia

Key companies profiled

Acara Solutions India, Accenture Plc, Alight Solutions LLC, Automatic Data Processing Inc., Ceridian HCM Holding Inc., Complete Payroll Solutions, Deloitte Touche Tohmatsu Ltd., Hewlett Packard Enterprise Co., Hexaware Technologies Ltd., Infosys Ltd., International Business Machines Corp., Intuit Inc., Paycom Software Inc., Paycor Inc., Ramco Systems Ltd., Safeguard World International LLC, TalentPro, The Access Group, Wipro Ltd., and Workday Inc.

Market Driver

Organizations seek experienced payroll outsourcing partners with expertise in multiple countries, managing recruitment functions through advanced methods such as benchmarking, best practices, and process improvement. The competitive landscape has intensified due to globalization, with India and China being major recipients of outsourcing projects. Eastern European countries are also adopting payroll outsourcing strategies. Mid-sized US companies are playing a larger role in the global economy, and multinational companies are rapidly adopting payroll outsourcing. Globalization offers companies the opportunity to streamline international expansion without navigating complex national regulations. Multi-Country Recruitment Process Outsourcing (MCRPO) is a growing trend, involving the outsourcing of payroll sub-processes in two or more countries, which is expected to fuel market growth during the forecast period.

Payroll outsourcing is a popular trend among businesses of all sizes, from small to large, in various industries like IT and telecommunication, healthcare, and more. By partnering with a third-party payroll outsourcing firm, companies can offload administrative tasks related to employee pay, payroll taxes, tax filing, and tax preparation. This allows businesses to focus on their core activities and save time and cost. Payroll outsourcing firms offer fully outsourced services, including payroll processing, payroll calculation, and record-keeping. They ensure compliance with labor laws and offer real-time data access through cloud computing. Hybrid payroll outsourcing enables businesses to keep their HR team involved while outsourcing specific payroll processes. Cost reduction, process automation, and information protection are key benefits. Payroll outsourcing firms provide a centralized database and unified approach, ensuring data confidentiality and work automation. Payroll reports and tax preparation are handled efficiently, reducing the workload on in-house accounting and bookkeeping teams. With payroll outsourcing, businesses can access the latest payroll software and services, ensuring accurate and timely payroll processing.

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Market Challenges

Large organizations face challenges in implementing standard payroll processes across multiple geographies due to varying compliance requirements. This complexity necessitates automation and expert teams for integration. Outsourcing payroll services becomes crucial for businesses to ensure regulatory compliance and streamlined operations. Service providers establish captive centers in respective countries to offer localized solutions and reduce costs. However, these factors may hinder market growth during the forecast period. Organizations rely on payroll outsourcing services to manage their global workforce effectively and maintain regulatory compliance. Service providers must have a strong presence and centralization to cater to diverse client needs and geographical complexities.Payroll outsourcing services have gained popularity among businesses of all sizes, including IT and telecommunication, healthcare, and others. Small, medium, and large businesses benefit from outsourcing payroll processes to focus on core competencies. Challenges such as payroll calculation, tax withholding, and labor law compliance can be efficiently managed. Hybrid payroll outsourcing offers flexibility with on-premises and cloud-based solutions. HR teams save time and resources with real-time data access and automation of processes like payroll calculation and record-keeping. Cost reduction is a significant advantage, as is the ability to access payroll reports and employee self-service options. However, data security and confidentiality are crucial concerns. Service providers must ensure data protection measures to prevent data breaches. Unified approaches to payroll outsourcing, including mobile solutions, centralized databases, and process automation, streamline operations and enhance efficiency. Core businesses trust payroll outsourcing services to handle employee salaries, wages, bonuses, and tax withholding. In today’s digital age, it’s essential to partner with a reliable provider that prioritizes information protection and data confidentiality.

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Segment Overview

This payroll outsourcing services market report extensively covers market segmentation by

Product1.1 Hybrid1.2 Fully outsourcedType2.1 Mid-market2.2 National2.3 MultinationalGeography3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Hybrid- Payroll outsourcing services allow businesses to delegate their payroll processes to specialized providers. This can save time and resources, ensuring accurate and timely payment of employee wages. Outsourcing also offers compliance with tax laws and regulations. Service providers use advanced technology and expertise to manage complex payroll tasks, providing businesses with efficient and cost-effective solutions. Companies across industries are increasingly turning to payroll outsourcing to streamline their HR functions and focus on their core business activities.

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Research Analysis

Payroll outsourcing is the practice of transferring the responsibility of managing and processing employee payroll to a third-party service provider. This includes handling administrative tasks such as calculating employee salaries, wages, bonuses, tax withholding, and payroll taxes in compliance with labor laws. Payroll outsourcing firms offer businesses various payroll processing solutions, including traditional and hybrid models, to help businesses focus on their core competencies. These firms also provide training, payroll systems, and payroll reports. Data security is a critical concern, with payroll outsourcing companies implementing measures to prevent data breaches. Mobile payroll solutions are also available, allowing businesses to manage payroll on-the-go. Payroll outsourcing is suitable for small, medium, and large businesses alike, offering cost savings, efficiency, and expertise in payroll processes.

Market Research Overview

Payroll outsourcing is the practice of transferring the responsibility of managing and processing employee payroll to a third-party service provider. This allows businesses to focus on their core competencies while outsourcing administrative tasks such as payroll processing, tax filing, and tax preparation. Payroll outsourcing firms offer fully outsourced services, including payroll calculation, payroll taxes, and record-keeping, to small, medium, and large businesses across various industries, including IT and telecommunication, healthcare, and others. Outsourcing payroll processes brings several benefits, such as cost reduction, real-time data access, time-saving, and process automation. A unified approach to payroll services, using a centralized database and software, ensures data confidentiality and information protection. Hybrid payroll outsourcing offers a combination of in-house and outsourced services, allowing businesses to maintain some control over their payroll processes while outsourcing complex tasks. Employees can also benefit from self-service options, such as mobile payroll solutions, for accessing their payroll information. Payroll outsourcing firms offer training and support to HR teams to ensure smooth implementation and ongoing management of the payroll system. Additionally, outsourcing payroll processes can help businesses stay compliant with labor laws and reduce the risk of data breaches.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductHybridFully OutsourcedTypeMid-marketNationalMultinationalGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Hyundai Motor Connects with Next Generation of Football Fans through ‘Hyundai NEXT Cup Tour’ on ‘Top Eleven’

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Hyundai Motor, together with Nordeus, launches the ‘Hyundai NEXT Cup Tour,’ an immersive in-game event on the popular mobile football management game ‘Top Eleven: Be a Football Manager’The campaign builds on Hyundai Motor’s 25+ year history in football, extending its presence beyond physical stadiums to connect with digital-native generations (Gen Z and Gen Alpha)The event integrates Hyundai Motor’s strategic vehicle models into a 10-nation virtual tour, reinterpreting their unique features as in-game football skillsThis collaboration marks Hyundai Motor’s expansion into the tactical football management genre, moving beyond traditional racing game partnerships

SEOUL, South Korea, April 22, 2026 /PRNewswire/ — Hyundai Motor Company today announced the launch of the ‘Hyundai NEXT Cup Tour,’ a new in-game event in ‘Top Eleven: Be a Football Manager‘, one of the world’s most popular mobile football management games.

Running from April 23–May 2, the event coincides with Top Eleven’s 16th Anniversary season, leveraging a period of peak player engagement. As football fandom continues to evolve, Hyundai Motor has been exploring new ways to connect with fans across different environments and moments — from shared live experiences to more personal, digital-first forms of engagement. Rather than simply branching into new genres, the initiative broadens the football experience beyond physical venues — creating a vibrant space for fans to connect with the sport anytime, anywhere.

“For more than 25 years, football has been a powerful platform for Hyundai to connect with people worldwide. With the ‘Hyundai NEXT Cup Tour’ in Top Eleven, we are opening a new chapter by translating the energy and strategy of the game into an interactive experience. This collaboration feels native to digital-first audiences and reflects how the next generation engages with the sport they love.” – Sungwon Jee, Executive Vice President and Global Chief Marketing Officer at Hyundai Motor Company

“Hyundai Motor has, for years, been at the intersection of football and some of the world’s most celebrated brands, so welcoming them to the Top Eleven touchline is an exciting milestone. As the game approaches its 16th anniversary of delighting football fans worldwide, bringing this event to life at such a thrilling moment for football, together with Hyundai Motor, reflects Top Eleven’s commitment to continuously finding new ways to deliver unique, evergreen football stories for fans.” – Marko Jevtic, Executive Vice President at Nordeus

What is the ‘Hyundai NEXT Cup Tour’?

‘Hyundai NEXT Cup Tour’ invites Top Eleven players to manage their club through a series of 10 sequential missions across the world. The virtual tour begins in Indonesia and travels through 10 of Hyundai Motor’s key global markets, culminating in the United States, mirroring the brand’s story of global growth. This structure allows the brand to deliver high-impact engagement that connects with the game’s core loop of strategy, progression and decision-making.

How Does the In-Game Integration Work?

Rather than a one-way advertising exposure, the event seamlessly integrates Hyundai Motor’s flagship vehicle models into the player’s strategic journey. Each of the 10 tour stops features a locally representative model, with the vehicle’s unique selling proposition reinterpreted as an in-game football activity.

For example, IONIQ 5’s ultra-fast charging is framed as keeping a team’s condition high during a packed schedule, while INSTER’s blend of speed and compactness positions it well for reacting at a moment’s notice with velocity and agility. Players who progress through the in-game missions can earn exclusive, limited-edition Hyundai-branded in-game items, including a team jersey and an emblem.

This initiative reflects Hyundai Motor’s commitment to evolving its brand experience for digital natives, carrying the energy, unity and inspiration of sport into the next generation of gaming experiences.

More information about Hyundai Motor and its products can be found at:
https://www.hyundai.com/worldwide/en/ or Newsroom: Media Hub by Hyundai

 

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SOURCE Hyundai Motor Company

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SK hynix Announces 1Q26 Financial Results

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Reports revenues of 52.5763 trillion won, operating profit of 37.6103 trillion won, net profit of 40.3459 trillion wonRecord-high quarterly performance driven by increased sales of high value-added products from strong AI demandBy launching advanced products, the company will try to address growing market demand in the looming agentic AI eraCompany to secure both stable supply and robust financial conditions through investment aligned with demand

SEOUL, South Korea, April 22, 2026 /PRNewswire/ — SK hynix Inc. (or “the company”, www.skhynix.com) announced today that it has recorded 52.5763 trillion won in revenues, 37.6103 trillion won in operating profit (with an operating margin of 72%), and 40.3459 trillion won in net profit (with a net margin of 77%) in the first quarter.

Revenue surpassed 50 trillion won for the first time on a quarterly basis, while operating profit and operating margin reached record highs at 37.6 trillion won and 72%, respectively[1]. Operating profit has nearly doubled compared to the previous quarter, clearly demonstrating an improving profitability.

[1] 4Q2025 Revenue: 32.8267 trillion won / 4Q2025 Operating Profit: 19.1696 trillion won

SK hynix noted that despite the fact that first quarter is typically a seasonal downturn, strong demand persisted due to expanded investments in AI infrastructure. The company sustained its upward performance trend by increasing sales of high-value-added products, including HBM, high-capacity server DRAM modules, and eSSDs.

Building on this strong performance, the company’s cash and cash equivalents at the end of the first quarter increased by 19.4 trillion won from the previous quarter, reaching 54.3 trillion won. Meanwhile, interest bearing debt stood at 19.3 trillion won down 2.9 trillion won from the previous quarter, enabling the company to reach a net cash position of 35 trillion won.

The company analyzed that as AI evolves from large model training to the stage of agentic AI, which repeatedly performs real-time inference across various service environments, the foundation for memory demand is expanding across both DRAM and NAND flash.

SK hynix also predicted that the spread of memory efficiency technologies will enhance the economic viability of AI services, leading to an expansion of the overall service scale and further drive memory demand. Based on this, the company forecasted that favorable pricing conditions will continue for both DRAM and NAND flash.

To meet this demand, the company, plans to continue rolling out new products across both DRAM and NAND flash to address the diversifying memory demand.

Regarding HBM, the company will further strengthen its capabilities, encompassing performance, yield, quality, and supply stability. In DRAM, the company will fully ramp up the shipment of LPDDR6, which applied 1cnm process, or the sixth-generation of the 10-nanometer technology, for the world’s first time, and the 192GB SOCAMM2, which is based on the same process and began mass production this month.

For NAND flash, the company will flexibly address AI demand with CTF[2] based 321-layer QLC[3] cSSD ‘PQC21’, and eSSD lineup of high-performance TLC and high-capacity QLC. Especially, by leveraging synergies with Solidigm, which holds strengths in high-capacity QLC eSSDs, the company plans to strengthen its competitiveness in the AI data center and AI PC storage markets.

[2] Charge Trap Flash (CTF): Unlike floating gate, which stores electric charges in conductors, CTF stores electric charges in insulators, which eliminates interference between cells, improving read and write performance while reducing cell area per unit compared to floating gate technology.

[3] Quad-level cell (QLC): NAND flash is categorized as single-level cell (SLC), multi-level cell (MLC), triple-level cell (TLC), QLC, and penta-level cell (PLC) depending on how many data bits can be stored in one cell. As the amount of information storage increases, more data can be stored in the same volume.

Meanwhile, SK hynix emphasized that within the environment where customer demand exceeds supply capacity, securing stable supply capability to meet the structural demand growth of the AI era has emerged as a key competitive advantage.

Accordingly, the company explained that this year’s investment scale will increase significantly compared to the previous year, focusing on the ramp-up of M15X, infrastructure preparation on the Yongin cluster, and securing key equipment such as EUV.

The company highlighted that it will secure both stable supply and robust financial conditions through investment aligned with demand and will strategically expand production bases to proactively respond to long-term demand growth.

1Q26 Financial Results (K-IFRS)

*Unit: Billion KRW

1Q26

QoQ

YoY

4Q25

Change

1Q25

Change

Revenues

52,576.3

32,826.7

60 %

17,639.1

198 %

Operating Profit

37,610.3

19,169.6

96 %

7,440.5

405 %

Operating Margin

72 %

58 %

14%P

42 %

30%P

Net Income

40,345.9

15,246.0

165 %

8,108.2

398 %

 

※ Financial information of the earnings is based on K-IFRS

※ Please note that the financial results discussed herein are preliminary and speak only as of April 23, 2026. Readers should not assume that this information remains operative at a later time.

Disclaimer

This material has been prepared by the Company for informational purposes only, and the information contained herein has not undergone any separate, independent verification process. No representations or warranties are made regarding the fairness, accuracy, or completeness of the information contained in this material, and such information should not be relied upon. Neither the Company nor its employees bear any civil, criminal, or administrative liability for any damages arising from this material or from its use.

Review of the FY2026 Q1 financial results has not been finalized. Figures in this earnings release are subject to changes during the independent auditing process.

All financial information contained in this document is based on consolidated K-IFRS.

This material contains forward-looking statements which can be subject to certain risks and uncertainties that could cause actual results to differ materially.

This material does not constitute a solicitation for the acquisition or purchase of securities, and no part of this material should serve as the basis for any contract, agreement, or investment decision, nor should it be relied upon in connection therewith.

About SK hynix Inc.

SK hynix Inc., headquartered in Korea, is the world’s top tier semiconductor supplier offering Dynamic Random Access Memory chips (“DRAM”) and flash memory chips (“NAND flash”) for a wide range of distinguished customers globally. The Company’s shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxembourg Stock Exchange. Further information about SK hynix is available at www.skhynix.com, news.skhynix.com.

 

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SOURCE SK hynix Inc.

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RhythMedix Launches Next-Generation RhythmStar® SL Cardiac Monitor

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Advancing Remote Cardiac Monitoring with Faster Insights, Greater Comfort, and Seamless Connectivity

MOUNT LAUREL, N.J., April 22, 2026 /PRNewswire/ — RhythMedix, LLC (RhythMedix), a nationwide U.S.-based cardiac monitoring company, today announced the launch of its next-generation RhythmStar® SL cardiac monitoring wearable. The third-generation design significantly enhances the patient experience, improving comfort, wearability, and patient adherence. These advancements are enabled by a compact lead configuration, waterproof IPX-6 rating, and increased battery life.

RhythmStar continues to differentiate through its built-in cellular connectivity, enabling ECG data to be automatically transmitted to the cloud for seamless, prompt review across all monitoring modes – without requiring device return by mail for data processing.

When paired with the company’s proprietary Augmented Arrhythmia Intelligence™ (AAI), RhythmStar SL delivers precise arrhythmia detection by combining advanced algorithms with a multi-layered data review process.

“RhythmStar represents our commitment to delivering a better way to monitor, one that prioritizes both patient comfort and clinical performance,” said Brian Pike, CEO of RhythMedix. “By combining a more wearable design with seamless data transmission and expert review, we’re helping clinicians access the insights they need, when they need them.”

“RhythMedix is taking a truly visionary approach to cardiac monitoring by combining patient-friendly design with advanced technology and expert oversight, helping clinicians make more confident, timely decisions,” stated George Shaw, MD, Electrophysiologist at AHN Allegheny Health Network. “It’s a meaningful step forward in how we deliver and manage cardiac care.”

With over 2 million hearts monitored to date, RhythMedix continues to advance remote cardiac monitoring through technology designed to improve both patient adherence and clinical workflow. The company will be exhibiting at HRS 2026 (Booth #531), including in-booth discussions with leading electrophysiologists.

About RhythMedix

Founded in 2013 and headquartered in Mount Laurel, New Jersey, RhythMedix is a fully integrated cardiac monitoring company providing end-to-end device manufacturing, software development, and 24/7 U.S.-based monitoring services. With no third-party dependence, RhythMedix delivers a seamless and secure remote cardiac monitoring experience for clinics, health systems, and patients nationwide.

To learn more, visit rhythmedix.com.

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SOURCE RHYTHMEDIX

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