+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

PRINTER FRIENDLY

Global Human Resource Outsourcing Market, By Type; By Application; By Region; Trend Analysis, Competitive Market Share & Forecast, 2020-2027

  • ID: 5012797
  • Report
  • April 2021
  • Region: Global
  • 180 pages
  • Blueweave Consulting & Research Pvt Ltd

FEATURED COMPANIES

  • Accenture PLC
  • Adecco S.A.
  • ADP LLC.
  • Aon Hewitt
  • Capita plc.
  • Ceridian HCM Inc.
  • MORE
Global Human Resource Outsourcing Market Booming: Projected to Touch USD 153.67 Billion by 2027, growing at a CAGR of6.18 % during the forecast period (2020 to 2027)



A study, recently conducted recently revealed that the Human Resource Outsourcing Market is projected to reach USD 153.67 Billion by 2027, growing at a CAGR of 6.18 % during the forecast period.

Human Resource Outsourcing is a procedure where the company takes the help of a third party for managing its HR Functions. The company may outsource a few or all HR activities to a single or many third-party service providers. Generally, HR Functions, which are less critical and less confidential, are often outsourced by businesses. Outsourcing HR functions allows in-house HR staff to focus more on business decisions instead of focusing only on routine tasks. If the HR staff of a company is relieved of managerial duties, it would be able to perform at a higher level. Additionally, HR outsourcing allows a company to save money and resources while still giving them a competitive advantage in their human resource practices and providing better service to their workforce.

Growth Drivers

Reduction in Costs

The company's real objective for outsourcing HR functions is to reduce the expense of the HR process. Few businesses minimize HR costs by their conscious efforts, while many others struggle to do so because they lack the necessary technology and skilled personnel. The organization's executives then decide to outsource HR activities to any external vendor with sufficient experience and expertise. It assists in the retention of human capital, the alignment of organizational strategies with individual goals, and the management of human resources in a way that results in organizational growth.

The one fundamental reason for outsourcing HR Function by the company is to reduce the cost of the HR Process. Few organizations reduce the HR expenses by their conscious efforts, while many companies fail to bring this change, as they do not have the right technology and skill-oriented staff to do so. Then the organizational managers decide to outsource the HR Activities to any external vendor who can provide adequate experience and expertise. It is helping hold human capital, bring into line organizational strategies with individual aims, and handling human resources in a way that outcome in organizational development.

Advancement in Technology

Many business processes are adopting Machine Learning (ML), data analytics, Artificial Intelligence (AI), and the Internet of Things (IoT)for smooth and fast application, which drives the market growth. Many HRM providers are coming with ground-breaking solutions that integrate cutting-edge technology into HR programs to improve operational efficiency. The integration of software with the user's smartphone apps allows them to view information from their smartphones. The market's success is driven by transparency and the freedom to access data at any time and from any place across the world.

Impact of COVID-19 in the Industry

The global outbreak of COVID-19 has left businesses concerned about their future prospects, as the extended lock-down has resulted in a severe economic downturn. Companies' Human Resource departments have long been concerned with the well-being of their workers. With the advent of the COVID-19 pandemic, almost every company or institute, regardless of scale, has been obligated to obey the laws and regulations governing remote working strategies. In this scenario, one feature in which the capability of the HR stands out is to function crosswise across the globe and help to bridge the gaps and safeguard the stability of the business.

Talent Acquisition occupies the largest share of the Global Human Resource Outsourcing Market

The Talent Acquisition segment is expected to increase during the forecast period. HR practitioners can benefit from talent acquisition tools to make improved business decisions. It assists them in aligning corporate priorities with talent development and succession planning practices, resulting in improved overall performance. Furthermore, it offers features such as inviting, hiring, and retaining the workforce. The creation of social media and video platforms for recruitment is the most recent trend that is propelling the segment ahead.

North America is expected to witness significant growth in the market during the forecast period

North America topped the HRM market in 2020 and is likely to maintain its dominance during the forecast period. There are many HRM Solution Providers present in the North American market, all of which are influencing the market growth. Moreover, a lot of SMEs as well as large enterprises, including the retail, healthcare, BFSI, manufacturing, government, and IT & telecom sector in the United States are focused on increasing labor efficacy and output by introducing HRM solutions for time management/attendance management. As an early adopter of new technologies, North America has shown accelerated adoption of cloud-native technologies.

Do not miss the business opportunity of the Global Human Resources OutsourcingMarket. Consult our analysts to gain crucial insights, and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Human Resource Outsourcing Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global human resource outsourcing market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.


This report will be delivered within 2 business days.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Accenture PLC
  • Adecco S.A.
  • ADP LLC.
  • Aon Hewitt
  • Capita plc.
  • Ceridian HCM Inc.
  • MORE
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation

2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Research
2.2. Quantitative Research
2.3. Market Breakdown & Data Triangulation
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents, By Region
2.5. Assumption & Limitation

3. Executive Summary

4. Global Human Resource Outsourcing Market Insights
4.1. DROC Analysis
4.1.1. Growth Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. Recent Development
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Intensity of Rivalry
4.4 Value Chain Analysis
4.5 Strategic Outlook
4.6 Regulatory Framework
4.7 Key Strategic Developments

5. Global Human Resource Outsourcing MarketOverview
5.1. Market Size & Forecast by Value, 2020-2027
5.1.1. By Value (USD Million)
5.2. Market Share & Forecast
5.2.1. By Type
5.2.1.1. Employee Relations and compliance
5.2.1.2. Payroll Services
5.2.1.3. Workers Compensation
5.2.1.4. Employee Benefits
5.2.1.5. Talent Acquisition
5.2.1.6. Employee Screening and Background Verification
5.2.1.7. Pre- Employment Skill Test
5.2.1.8. Sexual Harassment Training
5.2.2. By Application
5.2.2.1. BFSI
5.2.2.2. Healthcare
5.2.2.3. IT
5.2.2.4. Hospitality
5.2.2.5. Retail
5.2.2.6. Others
5.2.3.By Region
5.2.3.1. North America
5.2.3.2. Europe
5.2.3.3. Asia Pacific
5.2.3.4. Latin America
5.2.3.5. Middle East & Africa

6. North America Human Resource Outsourcing Market
6.1. Market Size & Forecast by Value, 2020-2027
6.1.1. By Value (USD Million)
6.2. Market Share & Forecast
6.2.1. By Type
6.2.2. By Application
6.2.3. By Country
6.2.3.1. United States
6.2.3.2. Canada

7. Europe Human Resource Outsourcing Market
7.1. Market Size & Forecast by Value, 2020-2027
7.1.1. By Value (USD Million)
7.1.2. By Volume (Million Unit)
7.2. Market Share & Forecast
7.2.1. By Type
7.2.2. By Application
7.2.3. By Country
7.2.3.1. Germany
7.2.3.2. Poland
7.2.3.3. Russia
7.2.3.4. Italy
7.2.3.5. France
7.2.3.6. United Kingdom
7.2.3.7. Spain
7.2.3.8. Rest of Europe

8. Asia Pacific Human Resource Outsourcing Market
8.1. Market Size & Forecast by Value, 2020-2027
8.1.1. By Value (USD Million)
8.1.2. By Volume (Million Unit)
8.2. Market Share & Forecast
8.2.1. By Type
8.2.2. By Application
8.2.3. By Country
8.2.3.1. China
8.2.3.2. India
8.2.3.3. Japan
8.2.3.4. Malaysia
8.2.3.5. Singapore
8.2.3.6. Rest of Asia Pacific

9. Latin America Human Resource Outsourcing Market
9.1. Market Size & Forecast by Value, 2020-2027
9.1.1. By Value (USD Million)
9.1.2. By Volume (Million Unit)
9.2. Market Share & Forecast
9.2.1. By Type
9.2.2. By Application
9.2.3. By Country
9.2.3.1. Brazil
9.2.3.2. Mexico
9.2.3.3. Rest of Latin America

10. Middle East &Africa Human Resource Outsourcing Market
10.1. Market Size & Forecast by Value, 2020-2027
10.1.1. By Value (USD Million)
10.1.2. By Volume (Million Unit)
10.2. Market Share & Forecast
10.2.1. By Type
10.2.2. By Application
10.2.3. By Country
10.2.3.1. Saudi Arabia
10.2.3.2. GCC
10.2.3.3. UAE
10.2.3.4. South Africa
10.2.3.5. Rest of Middle East & Africa

11. Competitive Landscape
11.1. List of Key Players and Their Offerings
11.2. Market/Ranking Share Analysis
11.3. Competitive Benchmarking, By Operating Parameters

12. COVID-19 Impact
12.1. Future Impact
12.2. Key Developments during COVID-19
12.3. Impact on Market
12.3.1. Different Scenario
12.3.2. Impact on Companies
12.4. Regional Impact

13. Key Strategic Recommendations

14. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
  • Accenture PLC
  • Capita plc.
  • Northgate Capital LLC
  • Xansa Plc.
  • Vertex Inc.
  • Ceridian HCM, Inc.
  • ADP LLC.
  • IBM
  • Aon Hewitt
  • Adecco S.A.
  • Other prominent players.
Note: Product cover images may vary from those shown
  • Accenture PLC
  • Capita plc.
  • Northgate Capital LLC
  • Xansa Plc.
  • Vertex Inc.
  • Ceridian HCM Inc.
  • ADP LLC.
  • IBM
  • Oracle
  • Aon Hewitt
  • Adecco S.A.
Note: Product cover images may vary from those shown

Loading
LOADING...

Adroll
adroll