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Human Resource Outsourcing (HRO) - Market Analysis, Trends, and Forecasts

  • ID: 347960
  • Report
  • February 2020
  • Region: Global
  • 107 Pages
  • Global Industry Analysts, Inc
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Human Resource Outsourcing (HRO) market worldwide is projected to grow by US$13.4 Billion, driven by a compounded growth of 5.2%. Payroll Services, one of the segments analyzed and sized in this study, displays the potential to grow at over 4.4%. The shifting dynamics supporting this growth makes it critical for businesses in this space to keep abreast of the changing pulse of the market. Poised to reach over US$20.9 Billion by the year 2025, Payroll Services will bring in healthy gains adding significant momentum to global growth.

Representing the developed world, the United States will maintain a 6.2% growth momentum. Within Europe, which continues to remain an important element in the world economy, Germany will add over US$694.9 Million to the region's size and clout in the next 5 to 6 years. Over US$616.3 Million worth of projected demand in the region will come from Rest of Europe markets. In Japan, Payroll Services will reach a market size of US$1.7 Billion by the close of the analysis period. As the world’s second largest economy and the new game changer in global markets, China exhibits the potential to grow at 5% over the next couple of years and add approximately US$2.3 Billion in terms of addressable opportunity for the picking by aspiring businesses and their astute leaders. Presented in visually rich graphics are these and many more need-to-know quantitative data important in ensuring quality of strategy decisions, be it entry into new markets or allocation of resources within a portfolio. Several macroeconomic factors and internal market forces will shape growth and development of demand patterns in emerging countries in Asia-Pacific. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.

Competitors identified in this market include, among others,
  • Accenture Plc
  • Adecco Group AG
  • ADP LLC
  • Aon Hewitt
  • Cielo, Inc.
  • Ceridian HCM, Inc.
  • CGI Group, Inc.
  • Equifax, Inc.
  • General Outsourcing Co., Ltd.
  • Infosys BPM Ltd.
  • International Business Machines Corp.
  • Intuit, Inc.
  • Kronos, Inc.
  • Mercer, LLC
  • NGA Human Resources
  • Paychex, Inc.
  • Randstad Holding NV
  • Ultimate Software Group, Inc.
Note: Product cover images may vary from those shown
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I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

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

Global Competitor Market Shares

Human Resource Outsourcing (HRO) Competitor Market Share Scenario Worldwide (in %): 2020 & 2029

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: Human Resource Outsourcing (HRO) Global Market Estimates and Forecasts in US$ Million by Region/Country: 2018-2025

TABLE 2: Human Resource Outsourcing (HRO) Global Retrospective Market Scenario in US$ Million by Region/Country: 2009-2017

TABLE 3: Human Resource Outsourcing (HRO) Market Share Shift across Key Geographies Worldwide: 2009 VS 2019 VS 2025

TABLE 4: Payroll Services (Service Type) World Market by Region/Country in US$ Million: 2018 to 2025

TABLE 5: Payroll Services (Service Type) Historic Market Analysis by Region/Country in US$ Million: 2009 to 2017

TABLE 6: Payroll Services (Service Type) Market Share Breakdown of Worldwide Sales by Region/Country: 2009 VS 2019 VS 2025

TABLE 7: Benefits Administration Services (Service Type) Potential Growth Markets Worldwide in US$ Million: 2018 to 2025

TABLE 8: Benefits Administration Services (Service Type) Historic Market Perspective by Region/Country in US$ Million: 2009 to 2017

TABLE 9: Benefits Administration Services (Service Type) Market Sales Breakdown by Region/Country in Percentage: 2009 VS 2019 VS 2025

TABLE 10: Education & Training Services (Service Type) Geographic Market Spread Worldwide in US$ Million: 2018 to 2025

TABLE 11: Education & Training Services (Service Type) Region Wise Breakdown of Global Historic Demand in US$ Million: 2009 to 2017

TABLE 12: Education & Training Services (Service Type) Market Share Distribution in Percentage by Region/Country: 2009 VS 2019 VS 2025

TABLE 13: Recruitment Process Outsourcing (Service Type) World Market Estimates and Forecasts by Region/Country in US$ Million: 2018 to 2025

TABLE 14: Recruitment Process Outsourcing (Service Type) Market Historic Review by Region/Country in US$ Million: 2009 to 2017

TABLE 15: Recruitment Process Outsourcing (Service Type) Market Share Breakdown by Region/Country: 2009 VS 2019 VS 2025

TABLE 16: Other Service Types (Service Type) World Market by Region/Country in US$ Million: 2018 to 2025

TABLE 17: Other Service Types (Service Type) Historic Market Analysis by Region/Country in US$ Million: 2009 to 2017

TABLE 18: Other Service Types (Service Type) Market Share Distribution in Percentage by Region/Country: 2009 VS 2019 VS 2025

III. MARKET ANALYSIS

GEOGRAPHIC MARKET ANALYSIS

UNITED STATES

Market Facts & Figures

US Human Resource Outsourcing (HRO) Market Share (in %) by Company: 2020 & 2025

Market Analytics

TABLE 19: United States Human Resource Outsourcing (HRO) Market Estimates and Projections in US$ Million by Service Type: 2018 to 2025

TABLE 20: Human Resource Outsourcing (HRO) Market in the United States by Service Type: A Historic Review in US$ Million for 2009-2017

TABLE 21: United States Human Resource Outsourcing (HRO) Market Share Breakdown by Service Type: 2009 VS 2019 VS 2025

CANADA

TABLE 22: Canadian Human Resource Outsourcing (HRO) Market Estimates and Forecasts in US$ Million by Service Type: 2018 to 2025

TABLE 23: Canadian Human Resource Outsourcing (HRO) Historic Market Review by Service Type in US$ Million: 2009-2017

TABLE 24: Human Resource Outsourcing (HRO) Market in Canada: Percentage Share Breakdown of Sales by Service Type for 2009, 2019, and 2025

JAPAN

TABLE 25: Japanese Market for Human Resource Outsourcing (HRO): Annual Sales Estimates and Projections in US$ Million by Service Type for the Period 2018-2025

TABLE 26: Human Resource Outsourcing (HRO) Market in Japan: Historic Sales Analysis in US$ Million by Service Type for the Period 2009-2017

TABLE 27: Japanese Human Resource Outsourcing (HRO) Market Share Analysis by Service Type: 2009 VS 2019 VS 2025

CHINA

TABLE 28: Chinese Human Resource Outsourcing (HRO) Market Growth Prospects in US$ Million by Service Type for the Period 2018-2025

TABLE 29: Human Resource Outsourcing (HRO) Historic Market Analysis in China in US$ Million by Service Type: 2009-2017

TABLE 30: Chinese Human Resource Outsourcing (HRO) Market by Service Type: Percentage Breakdown of Sales for 2009, 2019, and 2025

EUROPE

Market Facts & Figures

European Human Resource Outsourcing (HRO) Market: Competitor Market Share Scenario (in %) for 2020 & 2025

Market Analytics

TABLE 31: European Human Resource Outsourcing (HRO) Market Demand Scenario in US$ Million by Region/Country: 2018-2025

TABLE 32: Human Resource Outsourcing (HRO) Market in Europe: A Historic Market Perspective in US$ Million by Region/Country for the Period 2009-2017

TABLE 33: European Human Resource Outsourcing (HRO) Market Share Shift by Region/Country: 2009 VS 2019 VS 2025

TABLE 34: European Human Resource Outsourcing (HRO) Market Estimates and Forecasts in US$ Million by Service Type: 2018-2025

TABLE 35: Human Resource Outsourcing (HRO) Market in Europe in US$ Million by Service Type: A Historic Review for the Period 2009-2017

TABLE 36: European Human Resource Outsourcing (HRO) Market Share Breakdown by Service Type: 2009 VS 2019 VS 2025

FRANCE

TABLE 37: Human Resource Outsourcing (HRO) Market in France by Service Type: Estimates and Projections in US$ Million for the Period 2018-2025

TABLE 38: French Human Resource Outsourcing (HRO) Historic Market Scenario in US$ Million by Service Type: 2009-2017

TABLE 39: French Human Resource Outsourcing (HRO) Market Share Analysis by Service Type: 2009 VS 2019 VS 2025

GERMANY

TABLE 40: Human Resource Outsourcing (HRO) Market in Germany: Recent Past, Current and Future Analysis in US$ Million by Service Type for the Period 2018-2025

TABLE 41: German Human Resource Outsourcing (HRO) Historic Market Analysis in US$ Million by Service Type: 2009-2017

TABLE 42: German Human Resource Outsourcing (HRO) Market Share Breakdown by Service Type: 2009 VS 2019 VS 2025

ITALY

TABLE 43: Italian Human Resource Outsourcing (HRO) Market Growth Prospects in US$ Million by Service Type for the Period 2018-2025

TABLE 44: Human Resource Outsourcing (HRO) Historic Market Analysis in Italy in US$ Million by Service Type: 2009-2017

TABLE 45: Italian Human Resource Outsourcing (HRO) Market by Service Type: Percentage Breakdown of Sales for 2009, 2019, and 2025

UNITED KINGDOM

TABLE 46: United Kingdom Market for Human Resource Outsourcing (HRO): Annual Sales Estimates and Projections in US$ Million by Service Type for the Period 2018-2025

TABLE 47: Human Resource Outsourcing (HRO) Market in the United Kingdom: Historic Sales Analysis in US$ Million by Service Type for the Period 2009-2017

TABLE 48: United Kingdom Human Resource Outsourcing (HRO) Market Share Analysis by Service Type: 2009 VS 2019 VS 2025

REST OF EUROPE

TABLE 49: Rest of Europe Human Resource Outsourcing (HRO) Market Estimates and Forecasts in US$ Million by Service Type: 2018-2025

TABLE 50: Human Resource Outsourcing (HRO) Market in Rest of Europe in US$ Million by Service Type: A Historic Review for the Period 2009-2017

TABLE 51: Rest of Europe Human Resource Outsourcing (HRO) Market Share Breakdown by Service Type: 2009 VS 2019 VS 2025

ASIA-PACIFIC

TABLE 52: Human Resource Outsourcing (HRO) Market in Asia-Pacific by Service Type: Estimates and Projections in US$ Million for the Period 2018-2025

TABLE 53: Asia-Pacific Human Resource Outsourcing (HRO) Historic Market Scenario in US$ Million by Service Type: 2009-2017

TABLE 54: Asia-Pacific Human Resource Outsourcing (HRO) Market Share Analysis by Service Type: 2009 VS 2019 VS 2025

REST OF WORLD

TABLE 55: Rest of World Human Resource Outsourcing (HRO) Market Estimates and Forecasts in US$ Million by Service Type: 2018 to 2025

TABLE 56: Rest of World Human Resource Outsourcing (HRO) Historic Market Review by Service Type in US$ Million: 2009-2017

TABLE 57: Human Resource Outsourcing (HRO) Market in Rest of World: Percentage Share Breakdown of Sales by Service Type for 2009, 2019, and 2025

IV. COMPETITION

Total Companies Profiled: 188

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