Human Resources & Benefits Administration in the US - Industry Market Research Report

Safe space: A recovering economy and declining unemployment rate are expected to boost industry revenue growth

The industry provides assistance with financial planning, billing and record keeping, personnel, physical distribution and logistics. Over the past five years, the industry has benefited from growing corporate profit, strong business sentiment and rising consumer spending, encouraging companies to outsource administrative duties. But the emergence of COVID-19 in 2020 caused high unemployment, limiting demand for the industry's services. Despite pandemic-related declines, industry revenue has increased at a CAGR of 1.4% to $85.5 billion over the five years to 2023. In 2021 and 2022, revenue flourished as companies recovered from economic downturn; but rising unemployment and slow business growth will stifle demand in 2023, when revenue will grow a meager 0.1%.

This industry provides clients with a range of day-to-day office administrative services, such as assistance with financial planning, billing and record keeping, personnel, physical distribution and logistics. The industry also furnishes general and specialized management services on a day-to-day basis and a contracted or fee-for-services basis. Industry businesses do not provide clients with any actual operating staff to carry out management or operational activities.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.