Statutory Compliance Management Outsourcing Services Market - Overview

Statutory compliance involves adhering to rules and regulations of the government. With government regulations becoming more stringent by the day, companies tend to spend an increasing amount of time and money to comply with the provisions. Adhering to statutory compliances is crucial for all business establishments in order to keep themselves safe from legal issues. Also, as the landscape of labor laws continues to evolve, streamlining business operations accordingly remains a top concern for companies to ensure compliance. In order to operate their business successfully, companies have started outsourcing statutory compliance management. Statutory compliance management outsourcing services help in managing sound corporate governance, reducing labor overheads, and timely compliance and adherence to different labor laws. These services also help in avoiding costs and litigation that may arise due to non-compliance and maintenance of records relevant to compliance.

Statutory compliance management outsourcing services include quarterly & annual returns, submission of monthly statutory compliance audit, maintenance of registers, formats, statutory records, etc., and support and assistance for documentation and application as prescribed under various acts. These services assist enterprises in compliance-related issues on income tax, sales tax, PF & ESI, customs, HR, Companies Act, and many more. The landscape of statutes of labour laws is continuously changing, and it takes a special nimbleness to remain abreast of all the advanced developments and make sure compliance. It is utterly essential to act in accordance with all the legal as well as statutory standards for businesses to run effectively globally. This often involves important investment of resources, time, constant monitoring to be in the know of all the changes that are happening, in order to evade and compliant penalties. With the ever changing employment rules and regulations, it becomes a challenge for mid-sized as well as small companies to remain themselves always compliant.

Statutory Compliance Management Outsourcing Services Market - Trends and Opportunities

Increasing number of notifications and amendments as well as strict vigil by government authorities have made companies realize the importance of outsourcing their statutory compliance activities. Also, outsourcing of statutory compliance management helps companies save on cost and ensures their adherence to compliance, besides reducing penalties, assisting in better engagement of resources, improving performance, remodeling headcounts, and enhancing productivity and human relations.

Statutory Compliance Management Outsourcing Services Market - Segmentation

The global statutory compliance management outsourcing services market can be categorized based on service type, business function, enterprise size, end-user industry, and region. On the basis of service type, the statutory compliance management outsourcing services market can be classified into statutory compliance audit, trust management services, S&E compliance services, factory compliance services, payroll compliance management services, and CLRA (Contract Labour (Regulation & Abolition) Act.) management. Based on business function, the statutory compliance management outsourcing services market can be divided into finance, labor, technical, and human resources. In terms of enterprise size, the statutory compliance management outsourcing services market can be split into large enterprises and small and medium enterprises (SMEs).

With respect to end-user industry, the statutory compliance management outsourcing services market can be bifurcated into IT & telecom, retail & e-commerce, education & research, media & entertainment, government, transportation & logistics, healthcare, banking, financial services and insurance (BFSI), manufacturing, and others. Based on region, the global statutory compliance management outsourcing services market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Statutory Compliance Management Outsourcing Services Market - Key Players

Major players operating in the global statutory compliance management outsourcing services market include ADP, LLC, Alp Consulting, M. K. Ghosh & Co., S3 Solutions Pvt. Ltd., AMS Human Resources, VIXA, and SDK Associates. These vendors continue to invest significantly to expand their service portfolio by integrating advanced technologies and introducing innovative services. Also, they engage in establishing new partnerships with local players to enhance their presence and share in regional markets.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.


Statutory Compliance Management Outsourcing Services Market

Pre Book