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posted on Oct 13, 2016 by Gary Bragar
NelsonHall’s recently published Payroll Outsourcing market analysis reveals that the Asia Pacific market is forecast to grow at 11% CAAGR to reach $1.2bn by 2020, which is approx. twice the rate of the overall market. Along with Latin America, APAC is the region seeing the highest growth, with increasing demand for outsourcing solutions in relatively immature markets. Growth is also due to demand for multi-country payroll in these regions, together with an increased focus on compliance. It’s therefore no surprise that half of all the vendors included in our market analysis are targeting clients in APAC.
APAC is typically supported from service delivery centers in Manila, India or China. China is becoming increasingly popular as a delivery location, not only for onshore clients but also for nearshore clients based out of Japan.
One of the leading vendors in the region, achieving double-digit growth, is Excelity Global, which has delivery locations in Singapore, India (Bangalore, Gurgaon, Noida, Hyderabad, Pune, Chennai, Mumbai), China (Shanghai, Beijing, Shenzhen) and the Philippines. In addition, China is also used as a nearshore center for all Japanese service delivery.
Growth in APAC is evidenced by a wealth of market activity from Excelity and several other vendors, including:
Vendors will continue to invest in developing cloud technology solutions to address the growing demand from the APAC market. For example, Excelity’s first cloud services product, Payroll on Demand, was launched in Q2 2016 – and it will be launching a fully unified regional payroll platform and SaaS capability in eight additional APAC countries in 2016, including Australia, New Zealand, Taiwan, and Japan.
With the evolution of its cloud-based payroll offering, Excelity has the chance to make further inroads into organizations needing a payroll solution initially in single country. As its experience and product offering strengthens over time, with localized client wins, Excelity is likely to gain multinational clients seeking a standardized payroll platform across the entire APAC region. Excelity’s certified partner relationship with Workday will help to accelerate its growth, particularly given Workday’s roadmap to increase its own APAC presence. Its cloud payroll offering will appeal to fast-growing companies due to its relatively low cost and quick implementation times.