The latest market report published by Credence Research, Inc. “Global HR Outsourcing Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global HR Outsourcing Market generated revenue of around USD 32,986.6 million in 2021 and is anticipated to grow a CAGR of over 5.3% during the forecast period from 2022 to 2028 to reach around USD 44,889.4 million in 2028. At the same time, the cumulative growth opportunity presented by global HR Outsourcing is around USD 11,960.8 million during 2022 to 2028.
The key driver supporting the growth of the human resource outsourcing market is the digitization of human resource outsourcing. Online platforms must be digitized to support the Industry 4.0 trend and advanced database management systems. Human resource outsourcing transforms industrial processes by incorporating cutting-edge technologies such as IoT, cloud computing, big data, analytics, and augmented reality. Such advancements assist industries in integrating horizontal and vertical organizational structures. Furthermore, businesses require human resource outsourcing to manage their divisions. Human resource outsourcing also significantly reduces per-person access costs while increasing overall productivity. Many businesses benefit from human resource outsourcing because it makes business processes more economical and efficient. Such factors fuel the expansion of the human resource outsourcing market. A separate operational HR department also necessitates extensive training. As a result, businesses prefer outsourcing as a solution. Such factors boost the human resource outsourcing market.
HR Outsourcing Market Opportunities
HR outsourcing has become an increasingly important business trend as organizations struggle to find the right fit for their HR operations. There are several reasons for this, including the growth in globalized businesses and the need to focus on core business operations. In addition, HR outsourcing can help organizations save money on payroll costs and improve efficiency by offloading certain HR tasks to a third-party provider.
The market for HR outsourcing is growing rapidly, and many opportunities are available to businesses of all sizes. Here are five tips for evaluating potential HR outsourcing providers:
1. Evaluate the provider’s experience and track record.
2. Consider the provider’s pricing strategy and how it aligns with your needs.
3. Determine whether the provider offers any unique services or capabilities that would benefit your organization.
4. Check out the provider’s customer feedback ratings and reviews online to get a sense of its quality and reliability.
5. Talk to other businesses that have hired the provider and HR professionals who have worked with the provider to fully understand what you can expect from them.
Want to know more about the global HR outsourcing consumption market? – https://www.credenceresearch.com/report/hr-outsourcing-market
HR Outsourcing Market Scope in North America
The growth of the HR outsourcing market is mainly due to the increase in corporate compliance and governance requirements and the need for cost-effective HR solutions. The North American HR outsourcing market is expected to grow at a CAGR of 7.1% from 2016 to 2024. This growth is attributed to growing demand from small and medium-sized businesses (SMBs) for outsourced HR services.
Among the key players in the North American HR outsourcing market are Accenture plc, Hewlett Packard Enterprise Co., Ltd., IBM Corporation, Oracle Corporation, and SAIC Corporation.
Key players in HR Outsourcing Market
The market for HR outsourcing worldwide was estimated to be worth USD 32.1 billion in 2021 and is anticipated to grow to USD 42.2 billion by 2028. The reasons for this growth include:
- The increasing need for cost-effective HR solutions.
- The increase in mergers and acquisitions.
- The growing demand for talent across various industries.
The key players in the HR outsourcing market are Hewlett-Packard Company, Genesys, Xerox Corporation, Aon Hewitt LLC, Infosys, Accenture, BPO Ltd, International Business Machines Corporation, Dodo Point, Ultimate Software Group, Inc., Mercer, LLC, NGA Human Resources. These companies offer various services such as HR consulting, employee onboarding and training, leave management, and human resources data management. These companies have been able to capitalize on the growth of the HR outsourcing market by offering cost-effective solutions that help businesses manage their human resources better.
HR Outsourcing Market Restraints
In the current market, many companies are looking for an HR outsourcing service to help manage their employee relations. However, there are some restraints that companies face when looking for such a service:
- Many HR outsourcing services are expensive and can be time-consuming to use.
- These services often lack the expertise to handle sensitive matters, such as sexual harassment or discrimination.
- Some companies worry about the quality of the data that is provided by these services.
The global HR Outsourcing market is bifurcated into Type, End User, and Geography. Based on type, the market is categorized into payroll outsourcing, benefits administration outsourcing, multi-process human resource outsourcing, recruitment process outsourcing, and learning services outsourcing. Based on end-user, the global market is segmented into BFSI, Healthcare, IT & ITES, Hospitality, Retail, and Others. Based on geography, the market is segmented as North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global HR Outsourcing market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, base year- 2021, and forecast period 2022-2028.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
- In-depth analysis of the global market segmentation based on type and end-use.
- The global HR Outsourcing market report also includes analyzing the global, regional, and country level, along with key market trends, major players analysis, market growth strategies, and key application areas.
Table Of Content:
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
220.127.116.11. Top-Down Approach
18.104.22.168. Bottom-Up Approach
1.4. Market Segmentation
2. Executive Summary
2.1. Market Snapshot: Global HR Outsourcing Market
3. Market Dynamics & Factors Analysis
3.1.1. Global HR Outsourcing Market Value, 2016-2028, (US$ Bn)
3.2. Market Dynamics
3.2.1. Key Growth Trends
3.2.2. Major Industry Challenges
3.2.3. Key Growth Pockets
3.3. Attractive Investment Proposition,2021
3.4. Porter’s Five Forces Analysis
3.4.1. Threat of New Entrants
3.4.2. Bargaining Power of Buyers/Consumers
3.4.3. Bargaining Power of Suppliers
3.4.4. Threat of Substitute Types
3.4.5. Intensity of Competitive Rivalry
3.5. Value Chain Analysis
4. Market Positioning of Key Players, 2021
4.1. Company market share of key players, 2021
4.2. Top 6 Players
4.3. Top 3 Players
4.4. Major Strategies Adopted by Key Players
5. COVID 19 Impact Analysis
5.1. Global HR Outsourcing Market Pre Vs Post COVID 19, 2019 – 2028
5.2. Impact on Import & Export
5.3. Impact on Demand & Supply
6. North America
6.1. North America HR Outsourcing Market, by Country, 2016-2028(US$ Bn)
6.2. North America HR Outsourcing Market, by Type, 2016-2028(US$ Bn)
6.2.2. Payroll Outsourcing
6.2.3. Benefits Administration Outsourcing
6.2.4. Multi process Human Resource Outsourcing
6.2.5. Recruitment Process Outsourcing
6.2.6. Learning Services Outsourcing
6.3. North America HR Outsourcing Market, by Application, 2016-2028(US$ Bn)
6.3.4. IT & ITES
7.1. Europe HR Outsourcing Market, by Country, 2016-2028(US$ Bn)
7.1.15. Rest of Europe
7.2. Europe HR Outsourcing Market, by Type, 2016-2028(US$ Bn)
7.2.2. Payroll Outsourcing
7.2.3. Benefits Administration Outsourcing
7.2.4. Multi process Human Resource Outsourcing
7.2.5. Recruitment Process Outsourcing
7.2.6. Learning Services Outsourcing
7.3. Europe HR Outsourcing Market, by Application, 2016-2028(US$ Bn)
7.3.4. IT & ITES
8. Asia Pacific
9. Latin America
10. Middle East
12.1. Global HR Outsourcing Market, by Type, 2016-2028(US$ Bn)
12.1.2. Payroll Outsourcing
12.1.3. Benefits Administration Outsourcing
12.1.4. Multi process Human Resource Outsourcing
12.1.5. Recruitment Process Outsourcing
12.1.6. Learning Services Outsourcing
12.2. Global HR Outsourcing Market, by Application, 2016-2028(US$ Bn)
12.2.4. IT & ITES
13. Company Profiles
13.1. HP Company
13.4. Aon Hewitt LLC
13.7. BPO Ltd
13.9. Dodo Point
13.10. Ultimate Software Group, Inc.
13.11. Mercer, LLC
13.12. NGA Human Resources
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