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Human Resource Outsourcing (HRO) - Global Market Trajectory & Analytics

  • ID: 347960
  • Report
  • April 2021
  • Region: Global
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Accenture Plc
  • Aon Hewitt
  • CGI Group, Inc.
  • Equifax, Inc.
  • Infosys BPM Ltd.
  • Kronos, Inc.
Global Human Resource Outsourcing (HRO) Market to Reach $45.8 Billion by 2027

Amid the COVID-19 crisis, the global market for Human Resource Outsourcing (HRO) estimated at US$32.8 Billion in the year 2020, is projected to reach a revised size of US$45.8 Billion by 2027, growing at a CAGR of 4.9% over the analysis period 2020-2027. Payroll Services, one of the segments analyzed in the report, is projected to record a 4.1% CAGR and reach US$21.3 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Benefits Administration Services segment is readjusted to a revised 5.2% CAGR for the next 7-year period.



The U.S. Market is Estimated at $9.7 Billion, While China is Forecast to Grow at 4.7% CAGR

The Human Resource Outsourcing (HRO) market in the U.S. is estimated at US$9.7 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$8.2 Billion by the year 2027 trailing a CAGR of 4.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.4% and 4.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR.

Education & Training Services Segment to Record 4.3% CAGR

In the global Education & Training Services segment, USA, Canada, Japan, China and Europe will drive the 4.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.5 Billion in the year 2020 will reach a projected size of US$3.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$5.1 Billion by the year 2027.

Select Competitors (Total 188 Featured):
  • Accenture Plc
  • ADP LLC
  • Aon Hewitt
  • Ceridian HCM, Inc.
  • CGI Group, Inc.
  • Cielo, Inc.
  • Equifax, Inc.
  • General Outsourcing Co., Ltd.
  • IBM Corp.
  • Infosys BPM Ltd.
  • Intuit, Inc.
  • Kronos, Inc.
  • Mercer, LLC
  • NGA Human Resources
  • Paychex, Inc.
  • Randstad Holding NV
  • The ADECCO Group
  • Ultimate Software Group, Inc.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Accenture Plc
  • Aon Hewitt
  • CGI Group, Inc.
  • Equifax, Inc.
  • Infosys BPM Ltd.
  • Kronos, Inc.
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Recent Market Activity
  • A Prelude
  • HRO - A Rapidly Growing BPO Segment
  • Snapshots
  • Growth Drivers
  • Growth Restraints
  • Market Outlook
  • Growth Opportunities in Service Segments
  • Emerging Markets to Drive Future Growth
  • Cost Reduction: Finding Favor Again in Difficult Times
  • Need for Regulatory Compliance Drives Adoption of HRO Services
  • Lowering Risk Levels & Simpler HRO Engagements - Key Growth Drivers
  • Multi-Process HRO (MPHRO): Favorable Prospects in the Long Run
  • Shift towards Cloud-based Platforms Drives MPHRO Market
  • More Organizations Gravitate towards HR Outsourcing
  • Factors Creating Need for HR Outsourcing
  • Future of HR Outsourcing
  • Key Considerations
  • Sourcing Strategy/Model: Means to Achieve Business Process
  • Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
  • Accenture Plc (Ireland)
  • Adecco Group AG (Switzerland)
  • ADP LLC (USA)
  • Aon Hewitt (USA)
  • Cielo, Inc. (USA)
  • Ceridian HCM, Inc. (USA)
  • CGI Group, Inc. (Canada)
  • Equifax, Inc. (USA)
  • General Outsourcing Co., Ltd. (Thailand)
  • Infosys BPM Ltd. (India)
  • International Business Machines Corporation (USA)
  • Intuit, Inc. (USA)
  • Kronos, Inc. (USA)
  • Mercer, LLC (UK)
  • NGA Human Resources (UK)
  • Paychex, Inc. (USA)
  • Randstad Holding NV (The Netherlands)
  • Ultimate Software Group, Inc. (USA)
3. MARKET TRENDS & DRIVERS
  • Noteworthy Trends Influencing the HR Outsourcing Market
  • Continuous Adoption of Services Propels HRO Industry
  • Cloud - The Preferred Platform for HRO
  • BPaaS - A Growing Trend
  • Cloud-Based Recruitment Software Rises in Popularity
  • HRO Analytics Gain Prominence in HR Management & Administration
  • Predictive Analytics - An Indispensable tool for HR
  • Robotic Automation Makes In Roads in HRO Industry
  • Trend towards Process Convergence
  • Moving to a 'Transformational-Transfer' Model
  • Focus Grows on Small and Mid-Size Companies
  • Select HR Outsourcing Trends Related to Small Businesses
  • HR BPO Redefines HR Profession
  • End-to-End Services: Rise in HRO
  • Demographic Changes Support HRO Growth
  • Selective Approach Finds Favor
  • Offshore HR BPO: Driving Cost-Effectiveness
  • Focus on Business Process Improvement Gains Momentum
  • PEO Concept Gains Strength
  • Benefits and Drawbacks of PEO
  • Recruitment Process Outsourcing - Gaining Wider Attention
  • Factors Driving Growth in the RPO Market
  • Key Recruitment Process Functions Outsourced by Order of Importance
  • RPO Sector Registers Growth in Number of Deals
  • Offshoring of RPO Services Picks Up Pace
  • Talent Acquisition - Changing Definition of RPOs
  • Digitization of Talent Acquisition Process
  • Payroll Outsourcing Services Rise in Adoption
  • Multi-Country Payroll Outsourcing - A High Growth Market
  • Benefits Administration: Offering Potential Growth Opportunities for Outsourcing
  • Trend towards Health & Welfare Services Drives Growth in BAO
  • Workforce Management Outsourcing Gains Pace
  • Learning Outsourcing Services - Fulfilling Training Requirements
  • Market Challenges
  • Challenges in HR Transformation
  • HRMS: A Competitor for HRO Market
4. GLOBAL MARKET PERSPECTIVE
  • Table 1: World Current & Future Analysis for Human Resource Outsourcing (HRO) by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 2: World Historic Review for Human Resource Outsourcing (HRO) by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 3: World 15-Year Perspective for Human Resource Outsourcing (HRO) by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2012, 2020 & 2027
  • Table 4: World Current & Future Analysis for Payroll Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 5: World Historic Review for Payroll Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 6: World 15-Year Perspective for Payroll Services by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2012, 2020 & 2027
  • Table 7: World Current & Future Analysis for Benefits Administration Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 8: World Historic Review for Benefits Administration Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 9: World 15-Year Perspective for Benefits Administration Services by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2012, 2020 & 2027
  • Table 10: World Current & Future Analysis for Education & Training Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 11: World Historic Review for Education & Training Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 12: World 15-Year Perspective for Education & Training Services by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2012, 2020 & 2027
  • Table 13: World Current & Future Analysis for Recruitment Process Outsourcing by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 14: World Historic Review for Recruitment Process Outsourcing by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 15: World 15-Year Perspective for Recruitment Process Outsourcing by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2012, 2020 & 2027
  • Table 16: World Current & Future Analysis for Other Service Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 17: World Historic Review for Other Service Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 18: World 15-Year Perspective for Other Service Types by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2012, 2020 & 2027
  • Market Outlook
III. MARKET ANALYSIS
  • UNITED STATES
  • Table 19: USA Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 20: USA Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 21: USA 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027
  • CANADA
  • Table 22: Canada Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 23: Canada Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 24: Canada 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027
  • JAPAN
  • Table 25: Japan Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 26: Japan Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 27: Japan 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027
  • CHINA
  • Table 28: China Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 29: China Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 30: China 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027
  • EUROPE
  • Table 31: Europe Current & Future Analysis for Human Resource Outsourcing (HRO) by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
  • Table 32: Europe Historic Review for Human Resource Outsourcing (HRO) by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 33: Europe 15-Year Perspective for Human Resource Outsourcing (HRO) by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK and Rest of Europe Markets for Years 2012, 2020 & 2027
  • Table 34: Europe Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 35: Europe Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 36: Europe 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027
  • FRANCE
  • Table 37: France Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 38: France Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 39: France 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027
  • GERMANY
  • Table 40: Germany Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 41: Germany Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 42: Germany 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027
  • ITALY
  • Table 43: Italy Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 44: Italy Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 45: Italy 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027
  • UNITED KINGDOM
  • Table 46: UK Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 47: UK Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 48: UK 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027
  • REST OF EUROPE
  • Table 49: Rest of Europe Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 50: Rest of Europe Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 51: Rest of Europe 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027
  • ASIA-PACIFIC
  • Table 52: Asia-Pacific Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 53: Asia-Pacific Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 54: Asia-Pacific 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027
  • REST OF WORLD
  • Table 55: Rest of World Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
  • Table 56: Rest of World Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
  • Table 57: Rest of World 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027
IV. COMPETITION
  • Total Companies Profiled: 188
Note: Product cover images may vary from those shown
  • Accenture Plc
  • ADP LLC
  • Aon Hewitt
  • Ceridian HCM, Inc.
  • CGI Group, Inc.
  • Cielo, Inc.
  • Equifax, Inc.
  • General Outsourcing Co. Ltd.
  • IBM Corp.
  • Infosys BPM Ltd.
  • Intuit, Inc.
  • Kronos, Inc.
  • Mercer, LLC
  • NGA Human Resources
  • Paychex, Inc.
  • Randstad Holding NV
  • The ADECCO Group
  • Ultimate Software Group, Inc.
Note: Product cover images may vary from those shown
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