HR professional services Global Market Report 2024

The hr professional services market size has grown rapidly in recent years. It will grow from $6.26 billion in 2023 to $7 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The increase observed in the historical period can be ascribed to regulatory changes, economic trends, globalization, demographic shifts, talent shortages, and crisis response.

The hr professional services market size is expected to see rapid growth in the next few years. It will grow to $11.72 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The expansion anticipated in the forecast period can be linked to remote work adoption, data privacy and security, agile workforce strategies, skill gaps, and upskilling, as well as diversity, equity, and inclusion (DEI). Major trends projected for the forecast period encompass digital transformation, technological advancements, a focus on employee well-being, continuous learning and development, and agile HR practices.

The HR professional services market is expected to witness growth with the increasing implementation of information technology. Technology has significantly transformed human resource management, with many companies prioritizing digital transformation. The investment in digital transformation is projected to increase by 46% over the next 12 months, as reported by Couchbase's survey, indicating the pivotal role of information technology in driving the HR professional services market.

The HR professional services market is anticipated to witness growth due to the widespread adoption of remote working. Remote work, also known as telecommuting, has become a prevalent employment scenario, with HR professional services playing a crucial role in supporting the transition to and success of remote work. The adoption of remote work is evident in various industries, with 17% of healthcare professionals working from home, according to GoRemotely's March 2023 report. The widespread adoption of remote working is driving the HR professional services market.

Premier players are integrating advanced technologies into their products to stay competitive. Jotform, a US-based automated workflows company, introduced HR automation in January 2021 to replace manual tasks with technology, streamlining processes such as job applications and employee documentation. The shift towards digital procedures and cloud-based solutions aims to free up HR personnel from time-consuming manual duties, allowing them to focus on more critical tasks such as data analysis.

Premier companies in the HR professional services market are focusing on strategic collaboration to accelerate the implementation of skills-based talent strategies and unlock agility and potential. Strategic collaboration refers to a mutually beneficial partnership between independent entities working together to achieve shared goals aligned with their individual strategic objectives. Accenture PLC, an Ireland-based professional services company, announced a collaboration with Workday, Inc., a US-based HR professional services company, in November 2023. They are assisting organizations in understanding workforce skills and proficiencies using Workday Skills Cloud, a flexible and interconnected AI skills intelligence foundation.

In October 2021, GTM Payroll Services, a US-based payroll solutions company, acquired Pinnacle Human Resources LLC for an undisclosed amount. Through this acquisition, GTM Payroll Services gains an experienced team of human resources consultants and specialized HR support services from Pinnacle Human Resources. This strategic move is expected to provide greater benefits to clients by helping them reduce costs and streamline workflow procedures. Pinnacle Human Resources LLC is an India-based human resources services company.

Major companies operating in the hr professional services market report are International Business Machines Corporation, Oracle Corporation, Deloitte Touche Tohmatsu Limited, SAP SE, Mercer LLC, Randstad Holding N.V., Baker HR LLC, Automatic Data Processing Inc., Boston Consulting Group Inc., HAYS PLC, Workday Inc., Insperity Inc., Trinet Group Inc., Paychex Inc., PageGroup PLC, Razorpay Software Private Limited, Kronos Incorporated, Kforce Inc., Robert Walters PLC, Ultimate Software Group Inc., Cornerstone OnDemand Inc., Skillsoft Corporation, Zucchetti S.p.A., BambooHR Inc., Capterra Inc., Napier Healthcare Solutions Pte Ltd., GRM Information Management, Visier Inc., TopSource Worldwide Inc., BizEX Management Solutions Pvt Ltd., Groupe Crit S.A., Impellam Group PLC, ManpowerGroup Inc., Persol Holdings Co.Ltd., Robert Half International Inc., Willis Towers Watson Public Limited Company.

North America was the largest region in the HR professional services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hr professional services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hr professional services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of HR professional services include core HR, employee collaboration and engagement, recruiting, talent management, workforce planning, and analytics. Core HR involves centralizing and consolidating fundamental personnel information and processes. Enterprises, both large and small and medium-sized, deploy these services through hosted and on-premise models, serving various end-users such as academia, banking, financial services, and insurance (BDSI), government, healthcare, IT and telecom, manufacturing, retail, and others.

The HR professional services market research report is one of a series of new reports that provides HR professional services market statistics, including HR professional services industry global market size, regional shares, competitors with HR professional services market share, detailed HR professional services market segments, market trends, and opportunities, and any further data you may need to thrive in the HR professional services industry. This HR professional services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The HR professional services market consists of revenues earned by entities by providing various professional services that involve activities to onboarding, and training a service environment. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.